The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-19
PACIFIC MAIL OPERATIONS.
The Newest Excitement Among the Bulls and
bears In Wall Street.

The annual election of Pacific Mail di-
rectors ought to take place on the 3lst inst. No
advertisement for the election has been pub
nshed even the usual notice OF the closing Of
the transfer books ten days before the election
has been omitted, and these facts are the fruit
full sources OF theorizing by SPECTATORS. One
result was n hurry in the stock thai sent IL up
IN per cent, aud afterward sent 1t down IN per
cent below the starting point in the hour fol-
lowing. During those three hours the street
put on something of its ante panic appearance.
As far as could be gathered, tue bulls Of the
morning took their cue from W. J. O'Brien and
Whitohouse Il Co. Those firms are credited
with REPRESENTING the " out interest In Pacific
Nail management and are, II Is said, doing the
manipulation that 1t Is hoped will result In the
choice Of board OF which Jay Gould will not
be one. IL seems that the firms named have for
some time past been having transferred to their
own names ali shares that PASS through their
hand. On Wednesday, however, the Union
Trust Comp tny. uuaueiai agents oil Pacific Mail.
ran out OF blank certificates Of transfer. sidney
Dillon, President. was In ashinRtoD, and Mr..
HO stou. Second Vice-President, and the only
other Officer authorized To sign the transfer GER
tincaies- was III az home 50 that persons VINO
took their stock to tie Union Trust Company
for transfer we're baked.
1; has been wcll-receiyed theory that Jaw
Gould had about tiIeI OF Pacific NAIL ana in
tended to throw IL Uverooard. But this diff
Guilty Of transferring shares was taken as evi.
upon It again. PROBABLY with view WORK ing
the market for rtse. Inc following circular
confirmed many IN this opinion:
OFFICE PACIFIC MIL STEAMSHIP cosrANY.l
GESrLrxsS At the request Of Illny 81 lhc largest
stocs hod,rs ana creaior. assumed the Presidency
company Was involved IN rJnous competition VITA
Inc S,sr ran ~ ta e ana ms wee u
seeon!t. wers N suca coafusea state that upon a
he than lad been LED W suppose.
fhe following j. con 9arAtive statement Of The Ma.
bala.ec Ou MsIvh 81. 1870
Total anillties Fec ~ 1873; sos so5 %
Reduction thirteen months. ~. 3e7 sos 50
The unexpected action of the PsnaIs Ralrosa Com.
sy a%rs a aS PIT ieG Sa Sa sd lace ths
uon. has seriously injured he credit sG earning c.pa-
city OF IN cohipshics, and has mode II uncut TO
reluce a. ~ gpgesrr by the above nsur,s at Dut
~, ' o,er } "a "a. Tp 70 %
the funds nccossart 70 sustain Tue COMPANY ani 10 pro
ect % sgHnst pr-sing rcOrs, II woud ere this hsNe
b-cntn- seriously In, oiyrd.
whcn nave performed wi,nVat saarv or ecuallry re-.
ward that II YOU clnnot Dc personally present n.
mat board i, scec' Ell tnat vi have Inc confidence II
tn rrefifer. ,nd w. rrs'vr. ais win M N, in, Ia A..
these lab ues ami pleGge themselves 10 pro-
AlI proxy nrusied to tue gnd, rsisned WIN be u.ed
SIDNEY plLLoS, lrcsident
This testimony was convincing that tho
short Interest FASTENED to cover ~usn The EX.
change opened Yesterday morning. lh7 long
IN crest was jublaut. Inc stock went no, a.
already related, ana as late as tue Second Board
IL continued To rise. Then Charley Osborne
tnre~ a heavy block upon the market, and re-
pealed the dose until he MAD sold loo shares.
Iboso VINO were IA such hurry 10 Duy were IN
just as great hurry to sell when II became ev-
ident tn Il JAY Gould was unloading upon them.
In less than an hour tue work Of three was I'M
cone.
Ii has since been ascertained that the specu-
lators were entirely wrong ia their Cuesses al tho
PERSONNEL OF the pulling agency. The purchaser
Of the STOCK unloaded was Gillespie. VINO boug 1
for pool Of which Commodore CARR ,On. W
L. CLYDE, and Francklyn, Of tue Cunard line, are
said 10 be members. Ii Is now believed that
troll Of Paciao Mail aud place Commodore
Garrison at the head OF II. As two of those
named are largely interested in the Panama
X ilroa ID. II Is suggested that the pool has for
furnish the Pacific Railroad with an active COM
pctitVr.
Gould has still several methods by which he
may defeat this project, one Of them being to
force Pacific Mai into the hands OF receiver.
AT all events stirring hxht Is prophesied The
opposition have been sndeavoTing TO get hold Of
tue books OF the company, hoping To SHOW by
them that tue managers are unworthy Of conf
dence. The efforts to hold tue blay monthly d-
rectOrs' meeting b.se prove unsuccessful for
meeting Yesterday morning, Messrs. Dillon,
Gould, and Osborne being among tho aDseutoes.
Mr. Hatcn demanded To see the books, which
lac saws will disclose loose management. rho
treasurer being absent ana no quorum OF the
directors present, the Secretary at first refused
to produce them. Mr. Hatch, however, howed
HIM a supreme Court mandamus commanding
him To produce tho books, statements, and ac-
Journed until v this morning without going
tDt tue books.