Evening journal., 1888-09-22
DE BRAAk ABANDONED.
DIR. Seth Pancoast and His Syndicate Fall
out and the Hunt for spanish DoubIoons
Is Given Up.

DIR. Seth Pancoast and His Syndicate Fall
out and the Hunt for Spanish DoubIoons
Is Given Up.
The search for the sunken sloop -of-war
Braak, which is said TO be at the bottom
Of the ocean. Just outside the Delaware
Breakwater, has been abandoned. The
exploring party returned to Philadelphia
on the steamer Long Branch yesterday al
noon. The crew OF the steamer was paid
off in the afternoon. The exploring party
left the Breakwater ON Thursday after
noon and spent the night at Delaware
City, on board the steamer. They
started for Philadelphia at
Z. 80 yesterday morning. Captain Charles
A. Adams, of the United States Navy,
who has been directing the work Of the
divers for the past two months, was in
command. The others on board were Dr.
Seth Pancoast, Of No. OF Arch street,
Philadelphia, the protector Of the expedi-
tion; Charles Kane, of the United States
Navy the president Of the Braak syndi-
cate A. J. Kane, a brother of Chaplain
Kane, member of the syndicate; George
Schreiner, son Of John H. Schreiner,
another Of the stockholders; Mr.. Pike,
chief Of the divers, together with the
wives Of Captain Adams, DIR. Pancoast
and Mr.. Pike. There were also on board
Charles Y. Pedrick. Of Phenixville. Pa,
diver.
The search for the treasure was aban-
doned on Thursday morning when Cap
tain Adams asked Dr. Pancoast for money
TO buy coal for the steamer. DR.. Pan
coast replied that he had no money to
give him; that he had expended all the
money the syndicate had furnished and
had paid money out Of his own pocket
and wasn't going to pay out any more
that he was going to Philadelphia at once
and was going to abandon the search be-
cause he had made demand on the syn
dicate for so, 500 more TO prosecute the
search, but didn't believe they would give
him the money Captain Adams refused
then to stay at the Breakwater any
longer and the anchor was weighed and
the steamer started for Philadelphia. Mr..
Pike, chief of the divers, told Chaplain
Kane and his brother that DIR. Pancoast
had sufficient money left which was fur
nished by the syndicate to keep up the
search until the 1st OF November. When
Chaplain Kane and his brother got to shore
they went to different members Of the
syndicate and told them what Mr. Pike
had said. There was an informal consul
tation held, and it was decided to hold q
meeting to investigate the expenditure
Of money by Dr. Pancoast.
DR. Pancoast admitted ls.t nipht TO a
Philadelphia Times reporter that the syn
dlcate furnished him on the 9th Of July
with 50, 600 and on the 3lst of July they
paid Dohslns Brothers, shipbuilders Of
.nyq Z bste eta aof or
Long Branch for the expedition which
sailed on that day. Chaplain Kane and
hls brother, Mr.. Pike and Diver Pedrick
all claim that DIR. Pancoast didn't expend
80. 900 in the maintenance OF the ex
petition since the 3lst of July. On the
other hand, DR.. Pancoast says he not
only spent the $4,000, but $500 besides
out Of his own pocket. Diver Pedrici
says that the expenses were not $5OO &
month, not including coal or mainten
ance. Lawyers William X. Murphy anC
Ormund Rambo, of 1l0 Walnut street
! Philadelphia, both members of the syndi
cate called on DR.. Pancoast few days
ago and demanded an accounting OF thu
expenditures of the expedition pr
! Pancoast refused to furnish them will
any statement at all He said that h'
didn't have to make any statement, tina
money was given to him to eXpend an'
that he had spent it on the expedition
The lawyers left in disgust.
few days later Chaplain Kane say
he called at DR. Pancoast's house wit
his brother and DR. Pancoast accused hin
of selling certificates of stock withou
accounting for them Chaplain Kan
got up and shook his fist in DR.. Pancoast'
fqce and called tie doctor liar. Tn
d. tor said to the chaplain;
If you don't behave yourself vii
have Is put you out.
Chaplain Kane replied. you cant d
It, ard produced the certificates tha
DIR. pancoast had charged him with sell
ing Dr. Pancoast wanted him to CIV
them up, but the chaplain refused and IA
and his brother left.
The contract under which the certih
Gates where issued expires on the 3lst o
December. The contract is msde betwee
the international Submarine Company Q
New Haven, with headquarters at Phila
delphia, and DR. Pancoast, the govern
ment being a third party to the contraC
and to receive ten per cent. of any tres
sure found
A. J. Kane claims that DIR. Pancoa'
has sold out the syndicate to the Merritt
Wreckihg Company Of New York. d
Panc0ast denies this.
THE LINES ARE FIRM.