The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-04-11
SHIPS IN wan STREET.
The Wrecks OF Navigation COmpanics-Pa-
cinc Mail on the shoals.

To THE EDITOR OF THE SUN-Sir In
Wall street matters history seems to repeat IT,
self with unerring accuracy The only sea-
faring corporations whose securities have Gg-
urcd in the Stock Exchange have been the
Union Navigation, the Atlantic Mail, and the
Paciac Mail companies. What the first was few
ever really knew. Its head and front was Mr.
TrAsk, remarkable chiefly for the gorgeous tlnts
OF Ills crayats, and the appalling plaid Of his
pantaloons. The property OF the corporation
was supposed TO be sundry sailing craft plying.
with much irregular,ty, between some port In
this country aud some port in some other coun-
try. The stock Of the Union Navigation Com
pany was quoted daily for a while at the Ex-
change. during the year 1867, at over par. But
one morning, without the slightest warming, and
for no apparent reason, unless perhaps because
somebody tried to sell hundred shares, the
stock yielded about ninety points, and In "A
week II faded out Of sight like a dssolving view.
lis memory fingers only with those hspless
wghts who still keep certificates OF Navigation
stock IN their pocket books.
The Atlantic Mail was thing Of reality. Its
capital stock represented four million OF dol
lars. Its property consisted II several good
steamers, plying between New York and Havana,
together with several thousand shares OF Pacific
Mail stock, NJ that time worth more than par
The corporation bad President ana a Board
OF directors, aud at one time earned and paid
handsome dividends. Borne upon the uncer.
tain currents Of Wall street, the management Of
Atlantic Mail drilted into the control u Joslyn,
Inc outside public in nowise shared the serene
confidence which JOsyn mad In himself md
were disposed to let Atlantic Mail stock alone.
Through recourse, however 10 pecullar urn-
cesses the Exchange hsts presented daily rec
ords OF dealings 50 enormous ~ to excite sur
prise. About this time occurred what IN wall
street l. known ~ contest between Atlantic
Maii and Pacific Mail, in which the object OF
the former was 10 absorb the latter a clear case
OF Jonah trying to swallow the Whale. The re
sun naturally was that unah got badly hurt.
JOilyn, fell sick, ana the Atlantic Mail Company
WIS IN the same condition. Then DimOck made
nlmsoif apparent lie was sort OF financial
Al .ddin. lie took hold Of Atlantic Mail, but
after months Of struggling, like Juslyn, he SICK
cned. Atlantic Mail stock on one day dropped
Ia an hour from par or thereabouts to ten, and
at the lower ngure fingered ieeby for year or
So. Then the steamers were SOLD under fore
closure of u mortgage. The price Of the stock
went down until at last II WAS entirely out Of
signt. Atlantic Mail became thing of tue past.
Pacific Mail was then left the only shipping
corporation mentioned IN the stock list. It's
capital represents twenty millions. lts stock
and WIS quoted al over JUd lts properly con-
ssts of steamers which sail nail round the
globe. Under competent and honest manage
ment no one can DOUBT that IL would nave con
timed a vast corporation, increasing IN wealth.
But alasl II dntted into Wall street, Nuu It's end
was sure. The English bankers cared for It
awhile, then the great Irish Amercsn ship
builder "sweated " IL. then the sowing machine
party trimmed u. then the lobby took a slice
from II, then Hatch sat upon II. aud, lastly,
q nuld leered AZ u, ana promi@ed ITO
see II through" Well, he has seen Il through.
lie mas NdStN inc SUBSTANCE OF the great cor
puration, and has loaded IL with deUt. In this
emergency comes competition. Tue cOntr. ct
with the Panama Railroad Is lost, the steamers
are seized, ana the company IA near It's death
Though the Wall street doctors, whose keen
knives have let out It's pOud, may stimulate IL
into moments II seeming Checrfulnees and hone,
the end Is not far on. the AOrta OF the corpora,
ton Is severed "a; Panama, and 10 skin can Join
together the ragged edges. Death ~ certiin, and
upon the slaO which marks its resting place will
be Inscribed, "Gone 10 meet The Atlantic Mai,
ana tue Union Navigation" B ROKER