New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-20
NEWPACIFIC MAIL DIRECTORS
,,v corup HIS SON AND RUSSELL SAGE.

n.,o,c, corr.D PRESIDENT OF THE BOARD
ur EXPRESSES HIS CONFIDENCE IN
THE VALUE OF THE PROPERTY.
..;,u ~ the directors of the Pacific Mail
Steamship Company was hein yes'elu's' o'' =,
nresent being J. b. Houston, CalVin D. brice' " y"
McGbee. Henry Hart and l. Il. Oa'es' "sis"'-
tions were received from Eu"aro Iau'o' ''o"
Oliver n PAYNE and c. VI. McGhee. Their places
nro suod nv the election of Jay Gould, George
7 Gould and Russell Sage. The board then chose
60 7. Could as president and Mr.. Houston
.Lo rotiring president was elected vice-presldent
and general manager.
These changes were interpreted diHerenuy III
WILL Street The official side is picture OF har-
mopv The other side tells the story OF VIC
,orv achieved by the Gould interests over stock
hollers who sought al independent management
but who were forced by the late furry IN STOCKS
to accent terms Mr.. Houston for years was presi-
dent of the company, but the control was wres'eu
from him and George j. Gould became president
At the last election Mr.. Gould retired ana MI
Houston resumed his former office, the support
Of Henry Hart and c. p Huntington backing him
Not until the recent monetary strlngency 1orceu
holders of Pacific Mail stock 10 sacrifice their STOCK
mr. seek relief was any change in the constitution
of the mana cement possible. IT is even SAID thai
the change would not have been accomplished II
good faith" had not been violated or strained
by the sales in the stock market Of some oil the
influential directors.
There has been no notable alteration OF the APP
parent holdings of Pacific Mail stock. It's price
suffered in the depression of last week, but young
Mr.. Gonld denied that he was responsible Tor H.
On Tuesday John Bloodgood of the Stock En-
change. came to Mr.. Houston and urged that his
resignation of the presidency would result In bet
terment of the company's affairs. Mr. Houston was
willing to do anything in that direction ana al
meeting of the controlling stockholders held Tues
day evening the change effected yesterday was ar
ranged.
Tue new president, George ]. Gould, qualified
Yesterday and formally took the Office laiRlhg
to Tribune reporter he said
"Yes. have been elected president OF Paclhc
Mail I would not have taken the place except
for the fact that want to do everything in my
power to help prices, and to show that the
rumors of discussions in the board are not true
Mr.. Houston is an old friend, and we VIII WORK
together well in anything that VIII conduce 10
The value of the property. There are Otner
directors in the board who are aSsocllteu WIN
me i'm other enterprises and there is entire mar
mony. | examined the affairs OF the company
and was pleased 10 lind them even petler man
and has earned money at the rate of 3 per cent
q wear on its stock since last June. Inc man
ayers are putting new boilers and pleeApan-
sion engines into two ola steamships an mhf IN
excellent condition The company has over $780,
900 in bank. 80 49,
Mr.. Gould said in regard to the project OF new
lines in connection with the racine Soast Ilau {
satisfactory stage. lie also said that the changes
in the board were satisfactory to L. +. Huntington