New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-01
TIL AUToCRAT OF THE COMPANY.
rRsrIMONY on CHARLEs J. OsBORN.

TESTIMONY OF CHARLES j. OSBORN
Mr.. Kasson-Be good enough to state your
connection with the Pacific Mail Company-coverng
what period of tlmef A. 1 nave been director since
1911 with the exception OF one year was Out VI IL loI
seven or eight months.
O. State the date OF your first term. A. could not
give you the first month; went in with the S.ockweh
Board only served that term; was there the first
part OF the year 1872
O. You we're a member OF the Executive Committee 7
Yes, Sir.
O. DO you recolect the presentation of a resolution to
that Committee authorizing the President to employ
counsel &c. with the obtaining OF the adj
diuonal subsidy A. was not at that meeting.
O. Did the President state to you, either as member
Of the Committee the Board, what he desired or
wished for A. No, Sir
O. W re YOU present at the meeting Of the Board OF
Directors when this minute o; the Executive Committee
WAS presented 2 A. No, Sir.
. Did YOU hear statements made by Stockwell as
to no object OF Obtaining To- money! A. No, Sir; he
and bad frer Is at the me, ana hardly spoke
=. You had 10 knowledge or Mr. irwin as an agent al
Washlngtoni A. No, Sir not until sol, some ume after:
O. Did you know prior 90 June, lS72 what was going
IN Washington from statements made TO You Oy any
having it stated to you A. No, ana not know what
means they were using or who were their agents.
O. State what You became acquainted with about this
subsidy during 1872 A. l had knowledge whatever
Of H. Mr.. Stockwo!l was rather an autocrat In his
position, and think very few did kno" about his
q Had he authority to issue checks whenever he
Y. n
O. And did yOu as a member Of the Executive Com
mItee any other capacity examine the check or
cash-bOOk journal OF the Company A NO, SIR that
would have been loves labor lost. don't think man
could make anything out OF IT, That Is the reason we
bad friends-beoause tried but could get no In
O. It is delightful to this Committee ind that there
was one member OF that Board who wanted to know
what was going A. asked several questions OF Mr.
stockwel which he didn't think i worth his while to
and was fact Pacific Mail himself; and as was not
large stockhoier in the concern hardly thought my
place TO force issue with him but didn't care 10
give my vote to any Of his measures, consequently
never was there and know very little about IT,
O. Then Mr.. StOckwel was In the habit OF managing
win unusual excusvenessi A. Entirely exclusive OF
any bOdgs opinion or judgment He asked no one any
to carry just he wanted. Those who did
care ANYTHING about tue Company, u made little differ
ence what they said or did. lie had 1ull swing and
None OF the correspondence respecting this subsidy
at Washington between the President and the agent fell
Under your observation ut the tmei A. No, Sir
O. ifthere was any you knew not oiiti A. No, Sir.
sSt M Of the company large
O. Have you any means Of knowing the extent of bis
a enormous gamer. and the latter part OF the time he
was, think, q very heavy loser
Mr. Beck-YOu have referred TO the unlimited au
thority OF Mr.. stockwel. Was that authority
ierred upon him By the bylaws aud constitution Of the
Company, y assumed authority A. 1t was rather
an assumed authority. He had enough power In the
Board to carry ANYTHING that he might wish " Carry
o. II the Board had wished 1t had legal authority TO
llnt his control, of Goursei A. Well scarcely think
II hau.
O. II the directors had been looking to the good OF
Company and not been under sockwelfs influence the
constitution and bylaws OF the Company gave them
control 70 limit him, OF course A Yes, Sir.
@ Then there seems to be safe way TO manage the
affairs o. corporation when only half OF the leading
officers control the stock TO vote their directors
A. Yes, Sir.
O. That proved 30 be the experience Of this Company
A. 1t did sadly 80.
O. Tue furnished by private subscription the
Government were really the mercy OF the few men
who controlled the sfsrsi A. Those that had the
trolling In the stock had the controlling
in he Comuany, and this Mr. StOckwell
Mr. NIbIaek-Was M ckwell's control of Com
many more autocratic than usual with presidents OF
companies A. / think more than any one ever
heard of.
successors A. Yes, Sir.