The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-23
DANIEL DREw's BANKRUPTCY.
SECOND DAY OF HIS ACKNOWLEDGEMENTS
BEFORE REGISTER WILLIAMS.


The second day Of the examination Of Daniel Drew
wa Tuesday last, Register L. Williams, Of No
Warren street, and Mr.. simon Stern counsel for Mr.
Isaac H. Bailey, assignee visited the bankrupt At the
house Of his son, William Drew at Brewssers, Putnam
county. Below VIII be found synopsis OF Uncle
Daniels testimony. An adjournment was had for the
present. in order 1t il said TO give counsel opportu
nifty to attempt some record Of Mr.. Drews
transactions with his brokers from them.
my FIRST losses' said Mr. Drew TO M Stern. ''were
in 1873 the colner in Northwestern amounted to
nearly 1000 600; Boyd Of Boyd Vincent Co knows
the amount better than The next large loss was 10
Wabash and Canada Southern. cannot tell how much
lost there, but il was an immense sum--at least
million. The next big loss about nfteen or sixteen
months ago. was very short OF Wabash, which
knew would be lost and they bought IL all in lost
there 200, 600; was president OF the company and
got i. in fine shape. sold good many puts" on II,
and tho loss very large guess lost over $500
$500 900 Lake Shore, and lost largely on Canton
There great many little things cannot remem.
Der"
Mr. Stern-I know tnat
Fifteen or sixteen months ago had 1000, 900
more money than owed. after secured for
my grandchildren the money left them BY their
father l had on hand Lake Shore and Canton
way up ut par and it went down. You know where II
KNOW
sold 10 pay debts with. Tho bulk OF IL paid out
two three years ago to pay debts. Billy tmeaning
his soul kept paying these things to keep me out OF
bankruptcy said never would 90 into bankruptcy,
and expected TO until twenty days before did
These Fellows were pursuing me.
rnx oulcKsLvga MINING STOCK
sold out rs low as 1875. always expected tho
Canada investment would be good thing, but turned
out 10 be an almighty loss always knew pretty near
how much was worth, although did my business
different from anybody else don't know whether
Bill has borrowed on the Canada stock-he couldn't
borrow it, good deal OF It went for interest, and
there was no income"
HAS Bill got this Canad Southern vessn
ayes. do not know whether De has any other or
not. don't think he has any Canton left ~
.Were the $500 QUO or $500, 900 lost on Canton and
Lake Shore the last lossesf 2"
"No; the Quicksilver was the last That was sold
about fifteen sixteen months ago, ana IN the neigh
borhood OF that time all those big losses wers made
Those brokers sold out wnen they mad business TO-
They had margins Robinson. Chase Co. did con-
siderable vi It, They had more securities than any
body else think they had no right TO sell as long as
they had a margin. You know these brokers. The
custom is If they have margin they shouldn't have
sold They made loso IN gold 900 or $50 OO0
"Did they never explain that 70 your
~ think have never Robinson but once since.
They said the account WAS all right They aiterward
SAID there statement, but never have seen IT,"
do you question the transactions 30 Tar a. some Of
the brokers are concerned ~
Il do not know. cannot tell whether they all had
|
sold out; there was quite loss made. ] didn't ex-
anime his account. II had would not have known
much about It. did not examine any OF those &C
In the later losses did Chase Atkins act Tor your"
"rhey with Robinson"
.sDiu Whitcley j. Nelson ="
IL think they are honest men. was very largely
short OF Wabash, which would have been an immense
profit but they jumped right IN and bought IN when
knew IT would 90 down."
sNo, NO, nevcrl"
~ for
~ was short OF the stock"
sDd whitley 4 Nelson buy Wabash for you and
II don't think gave any orders never gave any
orders in writing Boyd, Vincent Co. also acted Tor
me. Boyd was the particular man always thought
he honest man there was one He sold out Tho
Quicksilver stock when It was going down and down,
but don't knowt that ! ever blamed him much for II
Classon Il Hays did not act for me- know Mr.. Bah
cock but think he mover acted for me- Nor did Falls
. Teston :" u,,,
.He never acted for me. He partner Of Ken
yon, Cox 4 Co. There large transaction there
before they broke but not within The last fifteen or SIX
manuel owes you moneyfn
kenyon Co. and he were partners There was
and made the settlement These men ali owe pro
rata. never demanded this share from him. He
release, but said could give it. He has never
offered TO pay me. He said he wanted 10 60
into business, and believe he is In business now.
Specializing In Wabash alone broke Kenyon, Cox Co.
None of the other members OF that rm have paid
me dollar. They have had nothing to pay with
Manuel had small interest in the hrm. | always
thought him honest little fellow. am he
knew not OF tho failure until the day before u took
place. and did not either"
$40; yes, los! money by him = good while ago. l
had some transactions with Walter Townsend, great
some accounts with II. K. Enos, Musgrave Co.. Web
De Mott, X /. Cutting Co., W. G. Dornin, but
had let Wabash aone, instead OF buying 1t ~, there
would have been an immense profit on IL have no
doubt they are honest mon. Wabash was the biggest
did you receive notices from your brokers Of salos
and purchases made by lhems'
II think they sent IN memoranda but always tore
them up trusted TO the honor OF the men Robin
sons account IS the biggest Of ALL
lis there no way in which you could account for the
sales and purchasesy'
Il suppose the brokers' books ought to show"
'sDid you so into any poolsy"
That three years ago The last pool IN North
western That was when that corner was made
'.who in the Northwestern pool with your"
''Therc was no pool ! sold the stock short. There
os m pa $500 @ N
broker. | don't think ever was in any other pool
since 1874"
IL don't remember that did can't remember
No, never was in any pool but that There was
Joint account between Robinson and me, as we made
considerable money, but IL was all wiped out That
IN 1874
Yes he made II out don't think he ever rem
dered any account OF tho joint transac-
tons. don't know whether what he said
not thought had made good deal Of money, but
had lost good deal Robinson put up nothing IN
the joint account suppose Chase. his partner. had
m interest IN the profits Ny arrangement ex-
cusiv,ly with him, however I don't think ever had
any other JOINT account"
'sAre you able 10 say whether Mr. Robinson con-
irbuted his share Of the losses that JOINT operation
OF not ~
al cant tell"
s'Dld you give discretionary orders TO your
brokcrsf"
mo, SIR, don't think could ind any Of my ac-
counts with brokers | did business differently from
anybody else. depended upon mems honesty.n
'How did you become liable to your grandchildren"
~ Their executor anu settled with them 1862
owed them 500. 900 or Ss00,000.
Who made up that accodntf"
81 made the settlement. didn't think at the time
owed much, but NJ that time owned great deal Of
property, and was determined TO nave 1t right II
ran along Ia this careless way. and finally made u
settlement This man Robinson, OF Cramm n RoDin-
son, had good deal 10 do with that There was
settlement made with them, and gave them my obli-
bonds believe. one OF the children has been
paid Since That was Catherine The rest Of them,