New-York tribune., 1873-07-02
PACIFIC MAIRS FLANK MOVENEy1

COUNTER SUITS TO BIZ INSTITUTED AGAINST EX-
PRESIDENT sToCKwKIL-ALLEGKD FRAUDULENT
OPKRAuoYs-OyER S1,6O0,0O0 CLAIMED.
THE TRIBUNE's revelations concerning the
opening OF the legal between the late and present
administrations Of the Pacific Mail Steamship Com
pany, excited general interest in Wsll-st, yes
terhay, where the operations Of the Company
and those who compose are mstters OF continued dis
cusslon. Various opinions were expressed as to ex-
President stockweIls object in bringing the snit The
general opinion that IL was nothing but another
phase OF stock obbing which has character
Eed the Company and brought IL into disrepute and
that plaintiff and defendant understood each other
thoroughly
At late hour last evening il reported that the
company about to institute oountersuts against
e1President stockwe for acts alleged 10 have been
committed By him while President Of the Company.
Efforts were immediately made 10 Obtain the facts.
EKJudge Edwards Pierrepont counsel TO the Company.
sought at his residence in Ffthsve nut the atten-
dant stated the Judge had left the oty for me
evening and perhaps would not return.
Application was made to Russell Sage vicePresdent
OF the Milwaukee ana ST. Paul BaIlr0ad, who vac re-
Gently elected director in the Pacific Mail Steamship
Company. Mr Sage said that Mr. stockwel was in
debted 10 the Pacific Mail Steamship Company for
nearly s2ooaooo IN response 10 an inquiry for the
details ne sald that Mr. Stockwel owed $4,000 on
the notes which would be paid. These notes we're
gwen 10 the Pacific Mail Company and secured by the
Howe Sewing Machine mortgage. The design
was TO secure the Company from loss
from Br stoekwel's temporary appropriation OF
securities aud cash for hIs Mr. Sage further
SAID that these notes Woud be paid, aud that the
next 70 mature would be- for sooO due on the tth
inst Iu addition 20 for $4,000 there was also
another claim FOR tsOOOOO which President stockwel
alleged have illegally paid for the four steamers
Of webbs Australian Sew-z saland. and san Francisco
line known AZ the Moses Taylor, Dakota, Me-
braska and another. Mr.. sage alleges that
no this transaction e President stockwe learning that
william H. WebD had been sorely disappointed At not
receiving a Subsidy from Congress- TO enable hIn 70
manage his line successfully, engaged f. & Markham.
who wiz Mr. stockwe's broker and partner
70 purchase the four ve-sos referred 20
aud rssen them at higher figure 20 the
Pacific Mail Steamship Company. Mr. Sage states that
the price paid Webb was NO0OoO reprksented Ia shares
Of the Pacific Mail Steamship Company at 100. The
price at which the steamers turDed INTO the
panv he alleges was $4,000 cash, which went 70
Mr. stockwen through NJ. MARKHAM. These tSansac-
tons are alleged De illega and Artionsbe Nj sage
says that the steamers not worth tlOO ana IA at
II an oer we're them at that figure ne would vii
iingy vote 70 sell them He SAYS that these facts are
known 70 the sookhoders and that " the heaviest
OF them informed him on Monday that he would make
An application 10 the Board OF Directors 70 begin SUIT
againsf ar stockwen for the amounts claimed anu
that Il the Directors refused. be would bring the suits
and have the Company made party TO them. These
suits, he alleged, viii be brought soon.
The Directors Of the Pacific Mail steamship Company
are supposed 20 be largely short of the stock OF their
con,nany and there 10 much stock iobbing foot
mar THE TRIBUNE gves these ana all other statements
il rel.tiob the company for what they are worth