New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-06-23
DANIEL DREW'S LOSSES.

| THE EXAuINATI IN NEUTRALITY-SUSPICIOUS.
| DEALINGS IL NORTHWESTERN. WABASH, QUICK
| SILVER. AND OTHER sToCKs-CRrTICISMs UPON
| HIS BROKERS.
| In accordance with an order from Judge
Batchford Register Williams continued the examination
Of Daniel Drew, bankruptcy at his sons residence at
Brcwster's Putnam County on Tuesday Mr. Drew still
| remains in a feeble condition. bat has somewhat I'M
proved In health since leaving the city. The examination
was conducted by Simon H. Stern. attorney for the as
sgnee Mr. continued the story Of HIS losses from
the point where his first examination ended SUBSTANTIALLY
| as follows:
My first losses began in 1875 had very large loss In
1873 in Northwestern; lost in the neishborhood OF
million don't know exactly he knows better IMAM l.
! 8. What Boydi A. Boyd OF Boyd. Vincent Co.; the
next large loss IN Wabash and Canada Southern-at
least million dollars; then the next big loss was about
fifteen months ago; was very short OF NaDl-D when
| knew would be lost and they bought all IN; lost
about 81 900 900 e. that sold out way down; 1t
was in line shape was President and got the Company
| loss was irnmense then lost Lake Shore guess
lost $500 900 or 100000; lost largely in Canton
| ~ could moTy and Boyd said he would correct
it, said To him wanted thai paper sent bacK 70 ms
but H. has sent 1t yet; but know That 10 or 10
months had more than million dollars more than
thar was lett to thciu by their father owned TIA,
securities when they were AZ par and tney went way
out Of bankruptcy told hun | woud never 90 INTO
bankruptcy gave him some of this Canada stock two
| or three years ago; always expected ~ Tolia pe
good thing and 1t turned out an almighty loss these
children secured; put up some Canton so lhat |neh
their interest came due for July they would get their III
tcrest occurred them with some steamboat stock and
! the mortgage on the house aud some other things
| put M. ncoo ooo 81. .ooo ooo NJ, Cantor,
and Lake ~ho g; that ab ut The last loss a. No;
0ncksver was the Last; sold out about ID or
i6 months ago. have never been ON the street sI"ce
all those big losses were made them these bIoAefs So9
ont they had no business to- some OF them LAD
margins. ,,..., , No. mo, Union y man
@ Tucy had no business 10 A. NO. no' "'i'h Hau
o Wno we're the brokersi A. Robinson & Chase did
f... 49,. h Il 8
body else their account was enormous eau zen ahF
thing about how much was tley al Jumpea III ald
sold: they all kept selling; don't know as there was
any agreement; you know lIs" Dfukersi the custom u
.tocg II * the queriest business world that they
saould sold thos, things; they made ne loss III
| cold of $40 900 on $4,000.
! O. Dm tsry never explain that to ycui A. amt
never Robinson but once sncr lac sad the account
was al right; they SAID there was slatshenI t1F
that; amt never SCENT; the losses mlde III $50
that al! n 1t enough bGcaqss w , H
din renee; fifteen or sixteen IN nths aH-tho ar
ed more too: don't think all these brOkrgs mad mar
gins; don't think Boyd nad any; DicAers0n sold Vut;
o. lie sold sccartcsi A. or course he sold them, and
tht brought deb; 81. 900; as Tar as bis account
iuo these accounts. aud " had wouldn't have tn0 Fn
much about 1t; Robinson Chase had large amount OF
[ s,curify: 4 guess Iuld
| o. Dii' Whitley 4 Nelson act for youi A. tlink
tby are nest men; vas very largely short of Wa
\ bash on which there would have been an immense
/ profit; other okcrs acted Tor me. A.,
q. Did you order them tof n. NO, no; never; tAcy
! all Jumped In at once
Regarding his transactions with large number OF
banking houses Nj. Drew testified that they were small
! He then continued:
There was something done with Silas Hubbard long
time ago. lost money 10y him.
o. Dtl YOU do any. Aug Witn Rubinsf n. Yes; mad
transactions Win hlInd great scamp; ne an ko
nothing ,'pOse In regard Ia NahaSl, my agents dd
they bought IL when they ought 10 have let
alone The last pool WAS IN was IN Nortl western.
That when that corner was made; there WIS noptiy
SJmbo Cox paid 500, OO0-paid II right oi---lVe LIS
check Tor IT, / had Joint account with Robinson, aud
.ls considerable money, but 10 was all wiped Out lie
gave mo AN account ol our JOINT docOuht; ino
me out These debts to brokers On the stress were
caused by puts" sold They never came duo uni six
or :. ven months agu when they came due couluut
nay them. Why, Van AmbursH has 4 number ut tuoi.
tutt six seven months ago. uun'l Know
rs could lind out those accounts with the brokers'
did my business different from anybody else tpCuucd
Oh the men To be hOhtst.
Mr. Drew was examined IA to the payments { his
grandchildren, for whom he guardian, OF between
100000 and $500 900. a-d also as 10 the affairs OF the
New,Jersey steamboat Company. He said that be had
owned o. 200 shares OF stock IN the Company anu had
de sited most Of it with the Farmers Liam and Trust
COMPANY security FOR tne money Wlch ne owed lhs
children Oi his daughter, Mrs Kelly. but owns some
OF tho stock for which he has been offered 20 cents ON
/ the dollar. have never transferred HH! prop
erty 10 ANYBODY except the Loan and Trust Company
aud BIN Non" o these brokers have anYihlhy thlt''
they nave cLlsclrd me OuL oil IT, MI. Ore" was tiso
examined as to his payments TO his uglier, Mt-
kcN abunt two years ago lie SAID: 81 pild ucf UDout
| twot,lris of what owed her That Was the worst
thing about my misortlLc-tnat didn't 60 rkhJ When
crrat-I don't know what. know amt teE yJn i
amt IL seems Ike dream to me-
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TEEEEKlPHIC NOTES.