New-York tribune., 1905-02-19

1e q = y ~
Erie, and more recently have married the daughter
of Elias Howe the sewing machine inventor and manu-
facturer of Bridgeport, Connecticut, and thus he
quired wealth. and became the president OF the Howe
Sewing Machine Company and the Wilcox 6 Gibbs
Company.
Stocken had come to Wall Street see what could
do and finding Pacific Mail stock down the fo-tes In
1871 he began bull it with vgor that excited some
wonder and the wonder grew when It was found that
he had secured stock and proxies enough TO elect his
own board of directors He elected them and himself
bv vote of hundred and eighteen thousand shares
and became Commodore StocI1wel a bound His
wish was law his co-directors, and the irreyrent
called it a dummy board.
With the assets of the Pacific Mail ComPany under
his control and acting for 1t, he MANAGE get
control and became president OF the Panama Katav
Company On this acquisition OF the Pacidc Mail
Company he began to bull Pacific Mail stock anew by
making splendid promises In October 1872, while
the company's steamers were fOunderng and burning
with alarming frequency, he claimed that II had
creased its property by large purchases, and
ing than eleven per cent year IN excess Of the
Government subsidy. This, he said. would enable %
pay twelve per its capital stock from January
I, 1872 Then he asked for authority from The
Legislature Albany to reduce its capital stock
from twenty millions to ten, which was granted.
but the company avaIed itself OF this author
ity, and this day its capital remains at twenty
millions.
The stock that had been as low as TO- responded 10
his bull statements and manipulation, for Wall Street
1t rose after good deal of see-sawing, about I57
and Commodore Stockwen the sensation Of the
time in Wall Street. He became, like Leonard ~.
Jerome what was called big swell He had Of
the largest houses on MadisOn-ave and of the
showiest turnouts in the city and vet he had been
Commodore for less than a year.
He did confne himself to Pacific Mail and the
other interests mentioned but took hold of that rail-
way cripple, Boston, Hartford & Erie. and bought
thirty thousand shares of Atlantic & Pacific Railway
preferred at 25 a stock of uncertain legal status
although the certificates had been printed by the
company, because there legal authority
issue But this did prevent the stock from being
made active for short time in Wall Street at prices
a good deal above cost.
Before long, however 1t became diSCreCited. and
also did Boston, Hartford & Erie stock while Pacific
Mail suffered under fresh losses and reduced earnings
The stocks of the three companies We're vigorously
attacked by the bears, and they all went down
gether, StOCkweu being unable support them. and
all that he had made was lost This of things
voved him snarl about the twenty-seven thousand
shares of the Pacific Mail Companys treasury stock
and compromise the result by which he Is
said to have given his note 10 the Pacific Nail
Company for million. hundred and forty -ho-
sand dollars indorsed by the Howe Sewing Machine
Company.
Then the election he ceased 10 be It's rrasi-
dent, and a board of directors was elected He
also dropped from the Panama Railroad dt--c-
torate and the Atlantic & Pacific Board He had lost
his money and his prestige and there none DOOR
as TO do him reverence. He led precarOUs existence
as small sPeculator afterward. and in recent years
failed for a small amount a member of the Cons IL
dated Exchange.
He was man of popular manners, and IN describing
his change of fortune he hunorous1v remarked
When l first came into Wall Street It was assei-
Who IS that man Stockwell? But l was respectfully