New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-04


As all outstanding loans due by the COMPANY
were solely for the purpose Of discontinue ne
FEBRUARY 1879 the above account Will explain inc elh
I$lOO40 81 given in the eesets OF treasnfers state
sent annexed.
The sudden and heavy decline in the price of Panama
and Pacific Mail stocks caused the suspension during the
say of John Pondir, old and well-known broker at
no. AZ Exchangcplace AT the office OF MI. fohdir II
Mas stated that suspension only temporary, ana
That business would be resumed again in few
Tays The trouble had been caused by the
failure OF a certain person TO meet his
engagements with Mr. POndir, but the name OF the
person referred to and the amount OF the liabilities OF
MIR Pondr were refused. 1t generally understood
however that the failure was caused by Mr.. Parks
inability his engagements Mr. Pondr being one
OF Mr. Parks prominent brokers.
vICE-PRFsIDENT M'CULLoUGH's STATEMENT.
John G.. Mccullough. VicePrCsdcnt Of the Panama
Railroad said last evening to TRIBUNE reporter that
te raports concerning MI PARK true TO certain
extent though ne not able to state that the failure
10 meet his engagements world result III bankruptcy
Mr.. Parks embaJrassments were due to no WEAKNESS
Of tie railroad; indeed that was in better condition
than ever before and had not usct all the earnings by
onequartcr per cent in paying its regular guar
terIy three per cent dividend declared yesterday The
cause of Mr. Parks troubles, Nj. Mccullough asserted
was some smart trick, yet unknown t. him, Of the
overland and other opponents Of Panama and Pacific
Mail
Mf.
Park tad in Pacific Mail, but he one 0; tie largest
stockholders Of The Panama, and with his friends owned
enough TO control it, The greatest part OF the business
done b. the Panama Ralr0ad-as Tor instance
the coffee transportation from Cent al America
did not come over the Mail line. but by other lines OF
steamers and sailing vessels went 70 England Mr. Mo
Cuough wished correct what he said was mistaken
report that Mr. PARA failure due TO his manpula
tons OF puts" That very afternoon lie spoke to MI
Parks secretary upon the subject and the latter declared
very cnp,sticaly tia. Mr. Park never dealt in puts
IL proceeding which would be disonorabe in the lead
ing officer of a company.
STATEMENTS OF BROKERS AND OTHERS.
Tic senior member OF prominent Wast. financial
house said he had been expecting FOR some time TO
see the ruins OF Panama scattered at the foot OF that
broken pillar Of the Emma Mine aircastlc, Trcnor W.
Park lie had been amazed that Mr. Park should be
able long up the weak condition OF thc CON
Germ and borrow money at par on his Panama stocks
The house OF which he was member had avoided h1v-
ing any transactions with Mr. Park or ms
Immediate associates. TO Aim it ncredi
bic that banking houses of fair conservative policy
ono III, insurance company in particular, and tIust
Companies shold have deemed Panama good security
and readily made loans at par lie thought the collapse
complete and that Mr. Park was TOO deeply involved to
extiicate himself. When Park issued his statement
showing a most beautiful condition OF the Panama Com
pany, the gentleman said he was immediately led to dis
trust the strict yeracity OF the report There were some
shrewd men IN Wal-St, however, who gave Mr.. PARK
their confidence and dsbcrycd the exposition OF Parks
true character by THE TRIBUNE. He thought the conse
qucnces Of the failure might be serions fe"
concerns had loaned heavily on the Panama
stock and IN these times 1t did not take much
q shaking up to create dstrnst in houses which had
bgen drawn such bubble had been inflated out
OF Panama Out Of the seven millions ot Panama secur
ties he supposed that Mr.. Park had received loans
amounting to four millions at par In his recent opera
lions DC had been holding the stock up to 100 at great
sacrifice himself hoping to sell at good fsure The
true value of the property TOO well known. The
times when Panama hourished on its $50 on each
sencer crossing the Istimis and the Pacific freight
u. nic OF the past. The Overland Route had
absoved almost everything, and the business Of the
Panama Railway had dwlnded TO comparative insig
piacance II was absurd that line only "a miles long
md With decay ing business should long have been
considered a good investment. During yesterday
had VISITED his firm twice endeavOring 10 get bid for
5000 shares of Panama, and seemed very much excited
over the poor of sale. 1t would he OF little
Immediate use have 5000 shares money could
not be borrowed them. Nobody could tell II they
wore worth aything the real value OF the stocks might
range between 80 and s. He knew Of several brokers
whom Mr. Park had drawn into the crash ana thohsht
number Of worthy men would suffer.
welllnOrmed broker said last evening that Mr. Park
had been struggling for three weeks TO keep Panama up
10 100 m the suppostion that the Union Pacific was
anxious 10 get control Of the company He thought that
Mr. Park had some property and might be able Ia maze
soue sort of settlement II generally acknowledged
Thai he was 50 far embarrassed that he would be com
pelled 10 make an assignment, He had heard OF no
.xpresions OF sympathy for Mr. Park Tie general i'm
prsson was that he had been playing reckless and
unscrupulous game and had been raised by ms own
peiard.
tsa.c n N.ycombe WalLst broker WHO has been
empoyed by Mr Park, said lie was taken completely by
surprise by the collapse in Panama He had not seen
MI PARK since noon. and could not how great his
anaucia embarrassment would be. lie Knew 'ba' sew