Evening journal., 1891-10-15
JOHN HOEY HAD NO STOCK
He Sold Out Before the Deal
Was Made.
cLAPP sPooEER ALSO UNIoADED.

II Is said Both Men Held Their High
omoes and noey Drew $4,000 in
Salary AFTER Thoir Financial Interest,"
In the Adams Express Ceased.
NEW YoRR, Oct. l5.-wall street has
been astounded BY new revelations in the
Adams Express company's imbroglio, and
the hundreds Of business and social friends
Of John Hoey, the depoaed president,
were panied TO learn that he sold out
every dollars worth OF bis stock in the
corporation just before the Boston Dis.
patch and Kinsley Express negotiations.
Clapp Spooner, the then vice president,
was in the same transaction, and he, too,
disposed OF all OF his holdings in the com
pany's shares prior to the turn which
enriched him TO the extent Of tl72,a33.
The committee OF investigation was thun
derstruck when these discoveries were
made.
"Just think Of it, said one Of the man
ayers OF the company, ''the president and
vice president OF the great Adams Express
company sell all their stock and then buy
certain property for the company, paying
| for IL out OF the treasury s5O0,00O more
than it il WORTH The speaker was ex-
cited, and before he cooled of he mad
yertently dropped the remark that another
gentleman. high in the councils Of the
company, was also implicated In what he
called a very questionable transaction.
Criminal Prosecutions Probable.
1t Is said that good many suspicious
enterprises and items have been discovered
which the ex-presdent and ex-vice presi-
dent will be called upon 20 explain.
'You may say exclaimed President
Sanford as he dramatically drew up his
call form "that the officers Of this COM
pany will spare no effort TO recover the
large ssms OF money which have been un-
lawfully taken from the treasury. Suits
| will undoubtedly be brought and criminal
!, prosecutions may even follow. Mr. Hoey
= does not own dollars worth Of stock, =
said the president u regret TO say that
this statement also applies to Mr.. Spoon
err With not dollar in tho company
the old president and vice president, soou
y after they went into Office in 1888 actually
, sold out all Of their shares of stock and th'
Il same men made the trade by which th'
Il Adams Express had acquired the BostoE
Z, 11S,s.. .ch company and KinsIey Express
Y la in sNew England for the sum 0
Il es5o,O00.
81 THE new officers find that Hoey AM
II Spooner, who acknowledged in the su
"a. preme court before Judge Ingraham las
April that they divided the sum Of s700 90
AS profits on this deal, did not own a dollar
as worth OF stock at the time Of the transac
at tion nor for the past three years. Yet the.
to held Office during these years until forces
w out, and the president has actually draw
re nearly 500 900 in salary since ceasing to b
a shareholder.
Henry Q. Taft Accused. Too.
Henry G. Taft is said to be the fourth
4 man involved Ia the deal, number three
y being incOgnito at present Tho commit
e tee expects TO unearth other queer things
y today, and they are prepared for any sort
= Of a surprise.
A Most Audacious scheme.
''Is il any wonder that we wanted to get
! rid Of those two menm said manager
- yesterday with indignation. 'It is the
! most remarkable situation ever coming to
4. my knowledge he continued. How two
men, with not penny's worth OF interest
in company with capital Of s2i 900, 00o
conld pocket their shares Of a $700,00o
deal and continue in Office three years
! without discovery, passes my understand
4 ing. II was one Of the cleverest and most
4 audacious schemes OF financiering in the
] history of Wall street. And now it is said
. that the law cannot reach the president.
n The worst part Of it Is that we have dis
II covered that we cannot collect dollar
: from the two ex-ofEicers, there are so many
judgments already ahead Of u.s."
They Say Hosy win Explain.
Friends of Hoey say he will make a
statement soon and completely exonerate
!. himself from the charge Of malfeasance in
Z office Hoey has host Of friends who are
! loyal to him. Stockholders are becoming
4 a trihe nervous over the revelations in the
4 affairs Of the old rock ribbed Adams Ex-
I press company. Shares have sold Of from
I l47 to 14O since the exposure.