Evening journal., 1891-10-13
JOHN AoEY RELIEVED.
He Is No Longer President of the Adams
Express Company.

Express Company.
NEW YORK, Oct 1S.-The World says
that John Hoey is no longer president Of
she Adams Express company, as a result
| Of the action OF the directors taken yester-
| day. Mr. Hoeyhas been prominent man
before the public for a long time. His po-
| sition as prssdent Of the big express COM
pany gave him standing and fame from
one end Of tho land TO the other.
Hoey was drawing ESQ, 600 year as presi.
tent Of the Adams Express company. Mr.
lloey did not resign. 1t was not matter
nf choice with him.
Another gentleman, intimately connect
ed with the ex-president, and with the
company ae vice president, is also without
comfortable salary. Mr.. Clapp Spooner
| OF Bridgeport, Conn, was not treaAsd as
snmmarily as his chief was, but he met
with very frlgid reception from the
board Of directors Of the company yester-
day morning. Like Mr.. Hoey, he Is at
present out OF job.
Mr.. Hoey had been discharged; Mr..
Spooner resigned. But Mr.. Spooner's ao.
tion was one OF those involuntary things
man is sometimes Obliged 20 do
The World says IL is whispered that
President Hoey andVice President Spooner
had used their positions to make $llE, ,0O0
or so. II was alleged in the suit OF Sher-
burne against Taft, still pending, that
lloey and Spooner had sold TO the Adams
Express company New York and Boston
Dispatch stock and stock Of the Union Ex-
press company az such figures that they
cleared a cool $4,000
When the shareholders read this story
they decided that MI Hoey was not the
proper man to look after their interests
The leading Wan IN the investigation
started at that Time was Henry Sanford,
of bridgeport, Conn. II was very soon
after this that Mr. Hoey decided that the
time was auspicious for trip TO Europe
And he didinot return until last Wednes.
dny, when the City of Paris brought hifn
back. In the mean time the board Of
directors had not been idle. Mr.. Sanford
and his colleagues held frequent confer
ences and decided that II would be in
iudicious to retain Mr.. Hoey as executive
officer Of the company. SO after thirty
years Of official connection with the
Adams Express company John Hoey
finds himself out Of a Job
The Times says that in 1882 the directors
OF the Adams Express company, under the
advice Of Mr.. Hoey, went into invest
menis IN New England express companies.
Their acquired half interest IN the New
York and Boston Dispatch company, the
Union company aud the Klnsley company.
all lines operating from Boston.
Ia 1885, when John Hoeybecame presi.
dent, these companies passed entirely into
the hands Of the Adams Express company
by the purchase of all their stock Not
long ago the directors found that it had
cost the Adams Express company $3.50 00g
to acquire the properties.
They looked over the testimony that had
been given by Hoey, Spooner, Taft and
Sherbarne In the suit Of the latter against
| the first three. According to the evidencl
Hoey made $4,000 ON the deal an,
| Spooner Si12,000. The evidence shove,
that they had entered in the dea
with Taft and Sherbune on basis (
dividing the profits into quarter parts, til
directors then figured that about 500. OC
had been made by the transaction. d
this reckoning the properties for which tn
| Adams Express company had paid $3.50, %
i were worth about 1900