The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-03-20

orrxxrs 4 co. cwsRagp WITH foRoSsf VI
VIRGINIA srgcULsroR'
Especial 10 the Iss't''nofe ,,,v

(JX0I\JA ttfttthsN''
fsnec,a, 10 the Hsits,ncre Amerfsh.I
pxsf.ApELrHrA, Nsrch 10. cD,.,,., -,
..,,.,sv I,as been Glcd in the cireu. Svn,. W
- United Ststcs 10 TINS Guy y. 10"
Wnceler Hubbeik o! AppomauoN, W.
sesinst Drexci 4 Co.. ana ftanv,s . ~. cu.
n. j. Drexel personally. Tue su,.s .s u''s
4 large speculation In stock, IN wu.cn nuo,
eel lost considerable sum OF monty, suu :.
. ~ shan a drop In prices IN the stock
srsrses. Wis Gill recites thst he owned 500
shsrex Of Pennsylvania railroad stock ID
WsrcA- axTs. valued, uom!uaRy, at S4Z.oo,
mi r,hicb was really worth S62 oO per
shsca Tbcse shares were held as coiiater@
sers~lty .lor debt Of s2t5ooo by M'nger'cn
= smith. Third-street note-brokers. ADGot
80 time Mr.. Hubbel came into possession
- esO.ceo from the Unned states Govern.
Sent In ratt paymentsor The Invention OF
: awv.sbell fuse used daring the war. Nc
Tlubbeirs bill goes on 10 say toat DC kneH
- a rprsxel ultimately, aud he consulted
a., .hou, tho investment OF his money.
.rha later gentleman advised him that
psnrsvivanls stock was a good purchase,
.,d said ina. he and bis brother Anthony
n .Drexei had six thousand shares OF me
stoek, which they proposed 10 boid ior IN
Vcstment. The consequence was tnat he
nurcbased about 1,100 additional shares,
sud pIaced the $4,000 in the hands oil
Drexej & Co., as he says, ut the urgent re.
0uest OF A. j. Drexel. The firm also PAID
Mipgerich Il Smith the $4,000 owed them
by Mr.. Hupbell, and the SO3 shares were
transferred to them as collateral ior tne 'no'
uey advanced. Mr.. Hubbell claims III Ms
bill that this part OF the TRANSACTION wa.
procured through false ana 'ran1uiehi
claims and pretences on the part VI breAe,
A. Co., and that by II he has been uauiaseo
10 the amount OF 100000. After All Tue
purchases had been made. Mr.. hpDDeii says
that Drexel IL Co. entered into consplrao,
TO depress Pennsylvania STOCK, ana through
the msnipulations OF the market ny Tue alu
Of various brokers, aud Ivy sel'Ing MN sonie
ef their own shares, did put the STOCK
down. He further charges that in making
an ALLEGED settlement on July is, 1916
Messrs Drexel e. Co. so altered note
which he gave them as 10 Constitute Tue
crime OF forgery. 49,, :,
Drexel AZ Co, In their answer, deny IN
fofo the allegations Of Mir. Hubbell, ana say
that the transaction was simply ana pureY
a matter OF business. All the loans, pur'
cbases. and sales were made 10 OF Tor Mr.
Hubbell upon his express order, anu he
acted throughout on his own Judgment
They also deny explicitly that the note al,
legged to be forged was filled up or altered
BIZ them, and say that the note was written
in his presence, and signed in the presence
OF Mr.. Dulfee, their note.clerk, a1Ier having
been filed up. Mr.. HubbelPs STOCK they
sold at auciion-after repeated demahos
which they were not required to make &c.
cordng to their contract-becanse he iai'eu
TO put up additional collateral, as they
had perfect right to do, in accord
anee with the agreement between them
and the usage IN such cases. DreXei 90.
claim that there is balance OF 81 ,64O.1o
still due them, which they admit is partially
secured, and which security they are ready
10 deliver rs soon as that amount Is paid.
They deny the charge OF stock'lobDlng
conspiracy or combination, and say they
sold their own stock in open market and al
loss while the transaction with Mr.. Hub
bell was pending. II will be remembered
that the riots Of 1877 occurred at about the
time this speculation eliminated, which
caused the stock Of the Pennsylvania Com
pany to fall to less than S25 per share, ana
this seems TO have been the real cause OF
all Mr.. Hubbelfs trouble, for which DreXei
A. M are in no way RESPONSIBLE.