New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-12
PACIFIC MAIL REVOLUTION.

RUSSELL SAGE AGAIN A DIRECTOR.
HIS ELECTION AS PRESIDENT CERTAIN-REsIGNArIoN
OF MEssRs. ALEXANDRA, GuIoN, AND TALcOrI-
RUFUS HATCH wTTHDRAws HIS CHARGES
Astonishing "a have been the revelations growing
of the investigation of the affairs CT the racine
Mail Company, the events which occurred at the
meeting of the Board of Directors yesterday GER
tainly cap the climax. When Russell Sage retired
from the Presidency of the Company about SIX
weeks ago. 1t was generally supposed that the very
last possible event under present circumstances
would be his return to participation in the affairs
of the Company, much less assume control of its
business Yesterday, however, he was re-
elected a director, and to-day will probably
be reelected President of the Company.
At the meeting of the Board of Directors yesterday
there was exciting session, which resulted III
complete revolution in the organization OF the
Board The results were not made public until late
in the afternoon, and then there the utmost
curiosity on the street to learn the cause OF the
change. IL will be remembered that some days ago
William II. FogQ, who was elected to Ill the vacancy
caused by the resignation of Russell Sage resigned
on the plea that he had business to attend to in
China. For some days the question of filling
this vacancy has been before the Board
for consideration. and yesterday the matter
names were proposed, amcng them being that Of
Albert L. Hatch, brother of Rufus Hatch and F. A.
Alexandra, jr., son of President Alexandra. The
latter names were the principal ones discussed
there being division in the sentiments of the
Board Rufus Hatch CHARLES T. Osborn, George
Scott and James D. Smith supported Albert Hatch,
and Messrs. Alexandra, GuiOn and Tacott sustained
young Mr.. Alexandra. The discussion waxed hotter
and hotter until finally. the matter being put to
vote, Albert Hatch was declared elected. Hatch
outside in the Office, and upon being called IN,
Immediately entered upon his duties.
TrenOr W. Park, the present President Of the Pan
anna Railroad having written his resignation as
director of the Pacific Mail Company, and it being
accepted it was proposed by Rufns Hatch that RUS
sell Sage should be elected tn fill the vacancy Al
may be imagined, this great surprise to the
Alexandra portion Of the Board, and there was an
immediate dissent The other and Wall-st. MEN,
bers of the Board cOncurred in the nomination. and
Rufus Hatch, explaining that the charges brought
against Mr.. Sage were unfounded, withdrew
them. The Alexandra wing suggested that this
retractlon should be made publicly and submitted
to the newspapers TO make the action of the
Board consistent with the previous course IN rela-
ton to Mr. Sage. This Hatch refused to do, declar-
ing that he was willing to have his retracton en-
tered upon the minutes but not to go before the peo
pie. The matter was then pressed to vote and
Russell Sage was duly elected director vice Park
resigned Scott Smith, Osborn and the two Matches
voting in the affirmative ard Alexandra Guon, and
Tallcott in the negative The Board then adjourned,
and Mr.. Alexandra resigned as President and all
three as directors, in great indignation. Rufus
Hatch is now in charge of the Company. as the re-
sgnatOn Of the above were immediate.
The following documents were then transmitted
to Mr.. Sage:
PACIFIC MAIL STEAMSHIP COMPANY
NEw-YOHK, Jan. IL. 1875.
The Hon. RUSSELL sAGE-Dedr Sir: At an election
to I'LL vacancy, geld on me I'm nst you were eece
respectfully. THoS 7. GAMBLE, Srcrrtarv.
''''U OFFICE OF PACIFIC MAIL STEAMSHIP CoMPASr}
The Hon. RUSSELL SAGE. % W,iiiam-sL
DEAR SIR: b. direction Of Board Of Directors OF
! this Company, have the pleasure "a hand you the n-
closed Of resolutions passed UNANIMOUSLY at
unanimous election as a director ~ the Company
| Yours very truly. THOs. 7. CAMILLE, Secretary.
OFFICE OF PACIFIC MAIL STEAMSHIP COMPANY. !
Nos % AND 6l WALLsr, NEW YORK, Jan. II, 1875
of Directors o. the Pacific Mail steamship Company,
held at COmpany's office on Monday, the lIth VI
| on motion OF Mr.. Smith. the following preamble and
| resolution unanimously adOped:
whereas Mr. Rufus batch has upon full investigation
OF charges made bY MIN against MI KuSsell sage
Late President OF the Company, ascetaned that ne wac
uisaken and has stated TO the Board that he takes
! pleasure in Withdrawing the same; nov, therefore,,
Resotred That the charges made ny MI. Rulus Hatch
l re "
I and resolution be sent 10 Mr.. Russell sage
hereby certify that the above Il true extract from
the minutes OF the meeting held rs above stated
! IH0s. T. GAMBLE, Secretary.
What caused this extraordinary change in the
sentiment regarding Mr.. Sage was matter of con-
lecture TO all who not in the secret There has
been no real union of the respective wings of the
Board The commercial members have thought
that the brokerage members were not trustworthy
and the brokers felt indignant that they should be
looked down upon by their associates. There has
been much personal feeling aud this much as the
secret motives which have not been brought to
light was the cause of the revolution. In
addition to this the Company has been
seriously in want of money. After much
effort two of the directors offered $4,000 each, less
than half the sum required. As a last resort, Rus
sell Sage was applied TO Saturday, and he loaned
the Company $4,000, taking note as security.
This was not without its weight with Hatch, who
began 10 believe that Sage was not as black as he
had been painted. AT the meeting of directors Rus
sell Sage will be elected President, and probably
three Wall-st men will be elected to fill the
vacancies of Alexandra, Guion. and Talcott.
VIEWS OF THE MINORITY,