Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-04-06
The Suspension Oft, ". Park.

by telegraph Yesterday, appears to have
been In consequence of furry in the New
York stock market, especially affecting the
which Mr.. Park had heavy investments. 1t
was heralded by the failure OF John Pondir.
who had been known as Mr.. Parks broker,
to meet his engagements. Pondirs liabili-
ties are set ut 100000 to $j00,000, but he
says he will pay dollar for dollar, and as he
has once before fulfilled a similar promise
and stands high, it is expected that he will
meet his engagement. Parks sales OF
puts were variously reported at 5000 to
10000 shares. and the loss on them about
10 per cent. In addition, it is reported
that he held Panama and Pacific Mail on
margin. Pacific Mail fell from l81 to I2s
1.-THE lowest point in its history, while Pan
anna dropped from 100 to so, under circum-
stances of the greatest confusion and ex-
citement. The tumble in the latter stock was
in the face of the election of a new and capa-
bic board of direction, and of the three per
cent quarterly dividend announced Wednes-
day. The decline was helped on by vague
report that the Columbian Government had
ordered the Panama Company to extend
their docks at Aspinwall at cost of ST.
500 900 on penalty of forfeiture of char
ter. Jaw Gould is reported to have been
bearing these stocks A New York des-
patch says;
Jay Gould is now getting his satisfaction
| for the s 800 600 he lost last year in his
struggle to get control Of Pacific Mail. It.
is said the friends OF Keene, who is now
in league with Gould, have been for some
time on intimate terms with Park, and had
possession Of many of his secrets before this
affair began. When keene went over to
Gould, his friends went over. too, and Park
was lett To fight his battles alone.
The New York World says:
The week had opened with quite break
in stocks. and soon after business began
| Tue day it was noticed that there was some
thing wrong with Pacific Mail and Panama.
The former, which opened at Isl, soon
crept down to Is. and then men began to
| whisper through the streets: Pacific
Mail 3as lost steamer" But when at
last it fell to l2s. they said; 1.-The loss of
a steamer would not break it down like
that. Somebody's bustedI" Now it was
rumored that Trenor W. Park had 'gone
back on his puts"
In the Stock Exchange, the stir and hub
hub over fall OF some i've points in Pacific
| Mail was of course very great, but only
about 500 shares of Panama changed hands
1t is said that Rufus Hatch. having his wits
about him, bought 200 at 80 The most of
| 81, hot hoI
been carried on margins by brokers for Mr..
Park. When he failed to respond to the
call for more margin they let the stock go
at whatever it would bring. lt is confident
| ly predicted that Panama will be back at
least to par to- day.
At noon, just before the break in prices
occurred, tho annual election of directors
WAS held at the office OF the Panama Rail-
road, Messrs. John X. Marshal, I. w. Park,
Frederick Butterteld. Charles Il. Frankiyn,
John P. Jones, Joseph Ogden, Samuel q.
Thompson, Andrew Boardman, Ii. Ii.
Baxter, George A. Hoyt, j. G. McCul-
Tough, William z. Clyde and John NJ
Bunker, being chosen. The Executive Com
mittec presented report for the last six
months. showing net profits of Sl55 1868, on
receipts of Ss46, 1868. being about 81 per
cent. on the s. 1000, 900 capital stock of the
company.
Immediately after this election and the
rendering of the report, Mr.. Park went
home sick. Then began the raid on the
stocks by the bears. The banks would no
lonper advance literally upon the two
stocks as collateral. 1t is said that Jay
Gould had endoavored for some time, as
one means toward bayging or depressing
Pacific Mail or Panama, to induce the banks
to cease loaning upon them. A large
amount OF Panama that had been loaned at
par for good while was, in consequence of
this refusal OF the banks, thrown upon the
market. Ii was reported that a large block
OF the stock, while it was selling early in
the morning in the open market at 100, was
offered at 100 to Il leading operator, who
declined it.
Mr.. Park was at his house on Brooklyn
Heights last evening, but was sick and
could not see any one. His secretary, Mr.
Lincoln, and his son-in-law, Mr.. j. G.
Mccullough. received visitors. They said
that Mr.. Park had. it was true. been
unable to fulfil his contracts with re-
gard to stock in the two companies.
lie had invested in them, and been a main
support to them when few other heavy
capitalists had sustained them. lie had
heid On 10 them because no believed impli-
city. as he yet does, in their value. Still,
il holders OF the stocks would sacrifice them
at p per cent. below their known value,
there was no telling what would happen.
The wreckers had taken advantage of tho
general dIstrust resulting from the downfall
OF 50 many corporations, to make sudden
bear raid upon those stocks. Ii those who
know the real value of these properties will
sustain the stock where it belongs, Mr. Park
will be all right; if they do not, he will not
be able to pull through.
g 1t is true, said Mr.. Mccullough, that
Mr.. Park has not been sustained by the
banks as he expected to be. 1t is not true
that he is overloaded with any stocks but
the above. As to puts he has not over
500 shares out in that way. 1t is not true
that the two companies are in an embar-
raised condition, OF that the official reports
presented TO tho stockholders were falsited
to cover weaknesses"