New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-17
ssory,s ESTATE ATTACHED.
,rppcr CHARGE OF EMBEzzLEMENT.
,rsuN BY AN ATTACHMENT FOR s712,eOo 81
M Els PROPERTY IN THIS STATE.

80 shown not TO have held for three years
-. share Of stock in the company he managed aho
sc ~.s.rday assailed with the new charge OF having
"s.,,l,d and appropriated to his own uses iunds
es,A Ne had collected for the company from the es
:, ,,s late treasurer Isaiah c. Bsbcock. The suit
- hrourht before Justice Patterson, in the supreme
-, N This state aid was in the nature OF an a.
.1"sr.p, against any property that Mr.. Hoey may
-. n the state. similar suit viii be brought ID
x.x.Jsrsey where Mr.. Hoey resides ana "he'e mus
:, his property is supposed TO be- Another SUIT VT"
:. x..r, At once in Connecticut 20 secure an st'Soh
ar, srssnst the property Of Clapp spooner "ho 10
100 from the vice presidency and direc'orsuP Vi o
..npany after voting for Mr.. Hoeys deposiuoh' ine
s-napy is also considering the advisablty OF or1hs
co., -. ars,rs+ Edward A. Taft the associate and
r,per Of Hoey and spooner in the deals ey WHICH 4"
vas de<rsuded. Ill.,
IN. charge of ernhezzlement made against MI hoey
. - the eject that in 1855 he collected SloV4o %
,onn TIE admnstratrix Of Mr.. Babeock anu lhsVeA"
=, having il into the treasury OF the ADAMS Express
comnauy. for which he was acting, applied II 70 MS
.v, personl use. Isaiah C. Babcock was for many
v-srs the treasurer of the company He oorro~eS
tou II the sum Of $4,000, security for wncn 'he
.cmnapy held 200 shares Of its own stock "heh
Nn Bsbcock died in 1885 the debt was stin unpaid
with interest Il then amounted TO s1o'V4o o. Inv
.iI.tratrix Of Mr. Babcocks estate desired to dis
,h,rr. the Indebtedness, and Mr.. Hoey, VINO was u'
v,oe president reported that he could sell tne sO.
for $4,000 1t was turned over to him. ana nc uN
al, n .or that sum- He took payment In two cneoAs'
m. for s16o45 81, the amount Of the DEBT anu Vns
o., s1ae54 A. The latter he handed over 10 tNe
.s+at4 where it belonged. The former he heP' ~.
himself instead Of applying it TO the olsch@ise 80
paboocks Indebtedness, and 1t has SINCE .-n
wholly lost TO the Adams Express Company 80,
forms a part Of the s712,s5o 81 involved ii ''
suit. -, l., oaurt YES
NOro uitT
,.ra,x ~, the company and asked for the sV '.
ro.ut on the ground that Mr. Hoey is not foS1s
pt this State. Justice Patterson g. antee @ baDds
and the papers in the case were plAoeu - -, con6
Of Deputy sheriff stevens for service NJ - hr+
nos be found to receive the papers &C. rYrress
couss NJ them were served on the AaaHiS -
Company. the Southern Express NF
Fsrmcrs' Loan and Trust Company. -, -..A
The attachment was secured mainly upon VHe Ssiens'"
a, an snday1t Of Frederick Love1oy, the ne" wee
oresSent of the company. He relates uhe IAcUS 'N'
Nr Hoev was made vice president Of the company on
March 90 1852 was appointed trustee on November
G 1889 and became president on May 9. 1850
~ his various Offices as trustee, vloe-piesi-
dent president and manager Mr. hoey occupied
aduciay relation 10 the company and had cohtroI oa us
fnds and assets Prior 10 March 70 1887 MI. LoNc
iov SAYS Mr. HOey, either individually or IN cehnecuoh
with other persons acquired an interest IN the ous
mes. Of the New-York and Boston Dispatch COMPANY
m. Kinsley Express Company and the Union Express
Company for the sum of s73o95. This sum rep
resented the ful value OF Mr.. Hoeys interest IN these
companies on that day. Mr.. Loveioy declares
ON that day however he sold and transferred this
interest TO the Adams Express Company for the sum
q. $4,000. And as an officer" continues the
AFFIDAVIT Of the said Adams Express Company under
the said articles he caused said Of $4,000 OF
the property Of said Adams Express Company to be
paid 10 himself and Others out OF the funds OF the
said Adams Express Company then In his hands ana
under bic control under said articles as an officer Is
aforesaid and while he holding the same III
1duciary capacity. and by doing appropriated e-'o
so5 Of the said sum Of s35OO0o to his own use and
that Of others in fraud Of the rights Of the said Adams
Fxp-ess Company and In violation Of his duties as an
orcer thereof trustee therefor, and thereafter
kept and retained the either severay or jointly
with other persons and thereupon the s%7e905 Of the
same became and and has dnce remained wholly
LOST TO the said Adams Express Company
The affidavit says that PRIOR 10 March L.
1sss Mr. Hoey, in connection with other
persons acquired the remaining interest in the com
papies before named for $4,000. on that day ne
transferred MS interest 10 the Adams Express COMPANY
and charged the latter 100000 for it. OF this
sum the affidavit says Mr.. Hoey received S4Zo,Oo"
for his own use in violation Of his duties as an omcer
Of the company and in fraud upon the company
None of these transactions, Mr. LoVeloy says were
lnou, IN the present managers Of the Adams Express
Conpanv until they were brought to light in the trial
OF the suit OF Henry {. Sherburne against bd"@n a
Taft Clapp Spooner and john Hoey in April last
Then q serious charge is made against Mr.. Hoey IN
the afeavit MIR. Lovejoy declares that Isaiah u
Baboock formerly the treasurer OF the ADAMS Ia
press Company and that when he died, in January,
1855 h. was indebted 70 the company In the sum OF
ohor+ $4,000 The administrator OF Mr.. BSbcocKs
.sate Mr. Loveioy declares, paid the sum OF SIo'o4o %
70 Mr. Hoey in satisfaction Of this Indebtedness MI
Hoev. Mr. Lovejoy declares, did not apply this sum
nor any part Of il 10 the discharge OF MI. b~DooA
Indebtedness but appropriated II TO his own use III
fraud OF the rights Of the Adams Express company
All these sums amount 10 S712,05O 81 and the com
pa6v demands the same with interest on S21o9oo rom
March o5 1882: on $4,000 from March L. looo'
snd on s16,O45 81 from February I, leco.
Mr. Lovejoy makes the affidavit, he SAYS, because
=. sanford The plaintiff named in the papers. Is not
y the city and all the facts in the affidavit are wlthh
the personal knowledge of Mr.. Loveioy
At the Office of the express company yesterday
, Tribune reporter was informed that Mr. LoVeloy'
the yicepresldent was the only Ofhcer in town ana
that he declined 10 be seen He volunteered the IN
tornation however, through messenger, that there
was no new developments in the case ana hoIinnE
70 be said When asked If Mr.. Taft was stu retained me.
80 lar as he knew Mr. Taft had Yet been removed
There be no doubt however IhaI Ie ynsp he
Is considering Mr.. Tafts case and his removal may "
Another matter that Is occupying the attention OF
basrd. Nj, Hoey refuses 10 resign and under the
constitution and bylaws Of the company
manager VI director can be removed I'll. oni5
by vote Of three fOurths OF the stoch-
holders. The stock OF the Adams Express Gem ON
pany, amounting 10000 shares Is held py - -
stockholders. distributed all the country, ana 70
action BY threeQuarers Of those holders w9uia
be almost impossible. None OF the stock is held III
large blocks the average being only forty four shares
"a each individual estate Hundreds OF shares are
held IN blocks Of from two 10 fifty, while many IN
vestors hold but one share. II therefore becomes
tecessary for the managers 70 hnd practicable
gfockhoders. -
II should be said also that the board Of managers
sell perpetnaung body, filing vacancies that may
occur oy Us own vote There is, however, in the by
laws OF the company provision authorizing the board
U Ill vacancies caused by death resignation or dis
ability Inder that provision II is thought that Mr..
Hoey can DC removed and suit may soon be brought
alleging his moral and legal disability IA retain seaf
IN the board Of managers.