The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-01-30
PARK AND PACIFIC MAIL.
FURTHER DEVELOPMENTs OF THE
STOCK WELL MdNdGEMENT


A Few Points In Bx-SecretRry Jobnsen's Ac- |
count Dented-A Confirmation Of Very In
terertina Testimony In the Hing suit.
Mr.. Trenor w. Park appeared before
Notary Wight, yesterday, as a witness In the
suit Of the Pacific Mail Company's suit against
William s. King, and testified in contradiction
Of ex-Secretary Johnson's account Of corrupt
management Mr.. johnson had sworn on Fri
day that Mr. Park helped ex-President stock
well 70 get the hest Of the company in money
matters to tho amount OF about s1,0O0,000. Mr..
Park accompanied by two lawyers, and had
In his pocket paper upon which was noted the
dates to be used In his narrative. He is a white
haired, white-whiskered, undersized man, with
a pale, grave face and his way Of telling had the
scmblance OF great frankness. Mr.. Rufus Hatch,
Mr.. Johnson, and others who have had to do
with Pacific Mail, dropped in, and the little
room crowded. The lawyers interrupted the
witness often, but he was determined 20 tell all
he wanted TO. and did.
Mr.. Parks narrative was, In substance, rs fol-
lows 81 am President Of the Panama Railroad
Company, and was elected a director In May,
1879. In the same month was elected drec-
tor Of the Pacific Mail Company, but resigned
at once. MY reasons were that the interests ot
two companies might conflict, and that owned
no Pacific Mail stock. | was introduced to
Allen u. Stockwell early IN that year and we,
subsequently, with Rufus Hatch. bought B0Ul
shares Of Pacific Mail stock, Jointly, for pool"
Mr.. Hatch told me that the stock we had bought
us. In the language uf the street went to
Stockwell and asked him about II. lie said II
was not true. but that he had sold stock while
we were holding lie paid me the loss on the
pool I alao bought 2.2uO shares OF Panama. he
promising to make good the loss, II there were
any; and | to carry the stock. The loss was
SieD End he Paid II. ] took a place IL the
Pacific NAL board later and Announced that !
| which might arise between the Pacific Mall Com
pany and the Panama Railroad ! was not in;
Rtrumental in causing the board to make the final
settlement with Mr.. Stockwell, and did not take
| part In any discussion ON the subject. Somebody
| unknown To me had transferred To me 100 shares
| Of stock to make me eligible. | acted as director
| from Jan II To Dec. II, 1874 when ! left for
| California, and announced TO the board my
| intention Of resigning. / finally agreed to leave
| my resignation in the hands Of Mr.. Hatch, to be
| acted upon by the directors when they thought
proper During the period of my term Of ONCE
| the dcfalcations Of Stockwell were not the sub
| ed from California my attention called 10y
| Mr. Houston to a check for Sl;p,On Of the Pan
anna Railroad Company to A. u. Stockwell, and
| which had been charged on the books Of the
| Pacific Mall Company as loan. some time be-
| fore the month 81 May negotiations had been
| listing between MIR. Stockwell and the Pa
cihc Mail Company. The Company had 4
| bridgeport property, and that they also claimed
| from him a sum of money for putting in repair
the Webb ships purchased from Mr. St9ckwell
| 10y the company | remember hearing that the
| Pacific Mail Company at that time, when the
| stock 81 the company was az or above par. au-
| thOrLed Mr. StpckWCl to sell gtuh shares pt the
| stock. Mr. stockwcll reported 70 the board that
| he had sold the stock. though he had not done
So. The stock fell, and MIR St"ckwell borrowed
from Mr.. Bellows, of the Panama Railroad COM
pany stock Of that company TO put up a. mar
gin for the Pacific Mail stock he was carving.
/ Mr.. StOckwcll claimed that lac should not lose
on the deprecated stock which lac had reported
sold though he had not done So, Previous To-
my election rs director convcrsed with several
directors Of the Pacific Mail Company in regard
to the question ~ the deprecated stock and
the suit against Mr. StoCkwcll followed. adj
| y.
without the taking ~ a retainer; Ni~ed Mr
Stockweli i'm the Interest If ali parties and told
the board what advice had IiNen. In all my
transactions with Mr. Stu'kwell he never
made or lost penny, above interest on
loans. IL was after left for california that the
release was delivered TO Stockwcl | did not
actually own share of stool I'm the Pacific Mail
steamship Company while was director. The
recover the amount of the Slplu1 check from
MIR Stockwcll. ~ they consider the Pacific Mail
Company owe II To them. was matter 81 eA,
change ~ checks between the companies, and
the Paginc Mail Company must look to VII; S;ocl.
well. The transaction was irregular on the part
of both companies. never saw the release
granted to Mr.. Stockwell nor took part In form
statement made 10y MIR. johnson. ms rcportc
that met the directors and talked with them
| In regard tn StockwcllS matters j. "A drhit upul
a very vivid Imagination. The question whirl
occupied my attention chiefly Ia the board No
the conflict ~ interest between the nol PACING
| and Pacific Mail and the Panama Railroad.
IL did not resign m der threat II exposure
az represented 10y johnson. because there VIA
Irwin by Stpchwcli. for the subsidy, the talk IL
the board was that Irwin was responsible. ]
was said that the money WAS not really spent. !
was said that -onc of II had been traced ~ tn
| purchase Of property by Twins sister. Their
was no accusation against Stuckwcll. cNccp
that he ought to have protected the COMPANY
II il utterly false that / opposed the pro~ccu
tion ~ a claim against Stockwcll on account -
the Declaration. never heard of any directu
receiving $1,000, nor was told by stockwcl
that his release had cost him large sum u
. money. johnson II an unreliable historian.
| de- now believe that stock well = transaction
| with the company were Irregular.
, The taxing of testimony IN this city viii clos
a | tomorrow. The suit Is In Minnesota.