The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-17

Desperate Efforts to Unload Pacific Mail
The Minnesota Commission.

10 TIE fDlIOR OF THE NlN-iNtfs fbI
some time back Jay could has been advising his
intimate friends to buy Pacific Mail lie has
done this beceuse he Ia loaded with the stock,
and sees no way to get rid Of 1t except 10y cir'u-
lating points t. the effect that something will
trlnsnire which will advance the price. since
the stock has sold in the neishb9rhool Of forty.
hundreds of people have bought IT, only TO see
the quotations dwin1e, until now their ten per
cent. martins are sadly imrair"d.
Gould, by reason Of his bull movements In
Union Pacific and Pacific Mail, has been drawn
into such dangerous position that he Is
obliged to resort to the most humllia,ing *
pedents TO prevent an immediate liquidation.
His most prominent brokers have become
alarmed and instead OF executing his orders
with their former alacrity arc now in the field
on their own account, seemingly unwilling to
involve themselves in the desperate schemes Of
their former patron.
People who are familiar with Wall street will
appreciate the fact that leader OF the street
must be In most singular position when his
brokers rebel. IL Ia their custom to cling to
him with the greatest tcnacity 81 long as his
orders are backed with margins, and they never
give up the honor OF his acquaintance aud busi-
ness until every shadow Of his fortune has van
ished While any hope Of commissions remnin.,
they stick TO him like leech, aud neither cold
ness nor suubbing will drive them away.
Pacinc Mail has always been favorite specu-
lativc stock In Wall street. Were IL not for this
circum lance Could would have been uuat L. to
sustain the price M TO this time, after the con-
tinuous plundering OF the treasury Tor the past
1--WE years. His various eXredients nave been
successful. however since ho obtained the N
troll, ~ lifting the stock to forty every time 1t
fell away under a growing distrust, to thirty.
The Tribune, ny powerful articles upon Aus
tr'lian suDsules and with Other romantic
stories, has been Of great assistance In the
bulling process. and has prevented the thorou- h
exposures which several times were immine'i.
| II j. doubtful now whether this fraud upon IN
Nestors can he carried on mu'n lohse,, W. H. N'sW
| of facts (which are developing daily IN re-
| gard 10 the Vaccinations OF Goull, which are
/ and give II n fictitious appearance II prosperity.
| Since he has plead tue gambling act ~ tn9
! courts upon the Black Friday 9uerati pn-' 1nd
| di-hunoroi a large CALI upon linton Iacinr
| he has been unuble to sustain Pacific Mll ~
| selling puts which guarantee parties buying
! itnr,inst loss.
Spccuiators want neither his stocks nor his
| privileges" and willie they have taken hold
Of other stocks during the past thirty w, ihcy
! rave given G1ulhs slccialtie5 a VIDE Olrih.
! Even mon Pacific bonds are looked upon with
suspicion. because he IL known TO b. loaded
| VITA them. and the variations Ia their price are
believed to be lrgcB produced by matched
iho latest movement Of Gouli's to give
strength 80 Pacific " IL anil induce a huNing
| which will cuaole him to sell OFT the remand,
| Of hls large holdings ana leave him with only
| Union Pacific on hand IS most ingeniou. one.
| 1t will have been noticed that comniSslon
! has lately been engaged in taking testimony
| here from parties who are supposed 20 be e IN!
Stockwell Ia obtaining the Pacific Mail subsidy
Parties in Wall street who executed Stock.
wells orders while he was bulhns Pacific Nail
| In is12 were summoned before tuls commi SION
AMI we're requested to give eNd Y,nceo wRWl H.
| would show where the money 81 Facihc MHll
was lost and who lost u. several hrokcgs. oper-
ators, and also ogi!ciis IN the Pacihc Mail steam
ship Company appeared before tac q, mm!s~ion,
| aud narrated to tho best of their ability what
ever they knew about stockwell's operations in
| obtaining the subsidy and In sustaining tho
price of the stock In the ENChan1f.
The suit upon which this commission was
authorized, was stated to have been begun by
the Pacific Mail Steamship Company In Minne-
apolls. Minnesota. against Wm :. King. former
Postmaster ia Congress, and to recover Sll5O)),
when he Is ailere i to have obtained for lobby
ing to In ure the Pacific Jail COMPANY It's SUB.
sidy Upon the result Of this suit numbers Of
others were represented to depend, which
would, I'm the event Of their success restore a
large amount Of money 70 the steamship COM
pnny. The suits were originally begun In Wash.
ington against King, schumacher, Irwin. ana
others, and we're during las. year discontinued
Nonotlce had been given OF any other pro-
| cecdDgs until recently, when the commission
| from Minnesota appeared In New York md
| proceeded To take testimony In this new SUIT
| which IL was alleged had been transferred "a
attached to the proceedings Of the commission
| mere for some time, ana evidence was taken o.
| the most important nature.
Meyers, brokers of Wall street, who hid Ger
Identified with stockwell's operations. was
snbr1naed and attended ugon the com
mission, that any question "a to tht
| Cenuincness Of the auit or commission was raised
Then tine irrclcv-ncy OF the questions pro
pounded were remarked by certain of the inter
| ested parties. Ii WIS known that Gould wa'
engaged In a desperate attempt to save his for
| tunes hy involving the Panama people introubl,
OF all kinds. ana the questions propoundcd b,
his stock biting scAamcs in that direction thar
IA ans attempt To discover facts about the c.n
uoctun # N M with the P.cihc Mail subsidy.
| Upon the inquiry being raised ga To the power
OF the c1mmis sion TO compel witnesses 10 at
tend and testify, 1t was discovered that the az
ga.fw fNr.aN tool. Hlt.aHF0 N
Gould's; that the sO-cAled "Commissioncr'
had uo other authority tnln That arising from
the request 81 Minnesota lawyer for him e
take deposltions II people In New York, In III,
capacity II notary public; that no auth riil
Of the courts lay behind the proceeding, and
That instead Of being clothed with the power OF
the law. and in this way compelling the attend
auce and respect Of witnesses, he had no m lr,
right - OF ige Unyon di 10 say Word or move
step than tac most insignificant person In The
metry uol,. In short, the whole thing was
In the fertile brain ~ Jay Gouli.
Ihe Intention Of this adruit manipul itor, as
nearly A. can be disc vered, was to obtain pos
session OF the sworn statements Of broker. wn,
kent the accounts Of parties dealing in pacla,
Mail. and with them in his possession, d gin
plumber OF suits to recover Pacific Mail funds
and at the same time force the Panama KailrOat
directory into a compromise.
In this way Pacific Mail could be supported by
the pros pcct Of the recovery of large amounts u
money and Panama depressed until he coull
either nuy in enough to secure the con rHl ul
force the directors 10 renew tralic arrange
meat on ms own terms.
II VIII he seen 10y reference 10 THE SvN tha
on rue day MIR u r!iutt was released from civ
Ing hi- testimony by the Commissioner, AID 10,
portion winch he had already -iYenwAs stricken
uuf.
Inc party who supports Pacific Mail must b,
In dc-pGr,te position when he resorts 10 sucl
questionable aud udic ulous cXprditnts to- kcci
! MP the price Of hi, stock. Specnlat as and IN
Vcstor- who dahhle IN tuiOu Pacific and pacin,
Mail will, how yer, have the SAT- fac % o
know iu- thai "a ala w.ll ieaye 40 Stone unturu d
10 keen no the price Of noth securti '- I'D a.
Ions he can. eil That when they finally J.
lai SEE they will uaye an iliustrious conpaDi n Ia
misery.
The nillgc has reported the proceedings u
! this Minnesota Commit a-iru fuliN,anl cl.lIucut-
have been admirably adapted 10 prepare Ia,
pubic f,r full sensation IA PaciA ~ 90.
SItkABOUr.
MCSENENIS.