The New York herald., 1876-09-02
DANIEL DREW'S BANKRUPTCY.
THE ApJoUEEKD EXAMINATION OF MR. Ru0xNE
n. ROBINSON.

n. ROBINSON.
The adjourned examination OF Mr.. Eugene n Robin
son. Daniel Drews chief broker continued yester-
day at the office OF Register Williams Of No Warren
street Mr.. Robinson appeared with his counsel, Mr..
Calvin c. Frost OF Pceksk, and Mr.. Simon II. Stern,
the for the assignee OF the Drew estate did
examining before The following interrogations and
replies formed the important part OF the proceedings
In which o. the accounts OF your transactions with
Mr.. Drew which you have prepared were Mr. Russell,
Sage Mr.. Drew ana yourself ntcrestcds
In no joint account; the account of Mr. Sage, who
bought 81, ooo, ooO gold. with Mr. Drew and myself,
is By Itself; ii could throw light these accounts
which have prepared
Please relate the circumstances OF that transaction.
air. sage Mr Drew and agreed TO buy So 600 UOo
gold about March D. 1875; we purchased 1t and Mr.
Sage paid Tor his share 81, 900 900. and took up
himself with the understanding that he was 10 act
concert with us aitcrward; subsequently, Mr. Drew
and myself bought moro gulu but sage would
20 in aud bought 81 600 600 from him; this
before the .5h o. March, Sage closed out his account
at a profit, think
In makng up accounts, generally do you calcu-
late interest Item by itcmf
We do aud charge by The gross amount; such calcu-
ations msdc book they are usually made
slips OF paper which arc thrown away; interest
books arrange Interest in detail in the ledger IN
gross; have understood that to be the OF keeping
interest accounts Tor the past ten years. he customer
nsurc the interest hiself ascertain its
ness
wha, arrangement did you have with Mr. Drew in
regard TO charges
We charged hlm commission 1oF buying and selling
stocks there special amount charged unless IL
some special transaction; there was no previous
arrangement made about conmis isson, the usual rates
beng well understood; the charges vary from one
sixteenth io one-eshih per cent; when customer
did an active business only onesixleenih per cent
was charged until rule PASSED by The Stock Ey-
change making onccishth per cent "A compulsory
charge.
What arraugcmen, was made 10 iuterest?
do not know OF any; IL there was one 1t was prob
ably committed To wiring, tAc rate was seven per
cent per annum and never more.
Il H.. A4a .nnhnr hpf is thn
following i,cm;-"lour proportion ol expense during
recent iusency. ~, o.s 57." What is insts
Commissions paid oy Us Tor borrowing for Mr..
nrcw's account; apnot tell how much We borrowed
or from whom; II probably IRON 800 different
parties paid different rates OF interest AT different
timcs; recall neither the minimum nor the max
imum; TO ascertain | should ask my partner. Mr..
Thomas H. Atkins who attended 10 that part oil the
busncss this answer VIII apply to all similar charges
IN the accounts v
| .Iow would customer know if these charges we're
couecty'
His observation oi The market during the strin-
geney would be his only mode. we could produce no
vouchers. nor could prove IN any way the amount
was paid; the customer would know, however that
carry in. much money iof him, and would,
of course, watch the stringcucy."
''ln these cases ala you loan Mr.. Drew the money
and charge him the commission or did YOU borrow 1t
We borrowed II.
Wucn you rendered an account to Mr. Drew did IL
not show the condton oi any stock he was interested
your boukSy
itmignt in pencil marks-ani seldom. II ever, then.
| Can you say whether there appear to be any aacn
accounts ci stock on your ledger IN pencil at tue cate
| oil the respective balanccsf
Probably not; we kept the fluctuations OF stocks on
| a card which was marked every day.
Did you In every enter your ledger the par
ticuars OF each aud every amount received from Mr.
/ Drew
We gave him credit for all cash and stocks and
/ CENTS for ali bouus received from him.
Question by Mr.. frost--Wers the dinner account y
referred 10 by ia previous cNaniu,on, and tho
Lake shore account with Robinson, Chase a Co, dur
ing the timc you we're interested Jointly with MI.
Drew, dcutcalH
They were.
The examination was then adjourned until the 2lst
inst