The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-10-16
NEW CHARGES MADE
Against John Hoey, tho Ex-Prosl.
dent OF Adams Express.
SOME SUITS WILL Be INSTITUTED
Against Him to Recover tho Amount
lie Cheated the Company Out or
There May BE n Criminal Prosccu.
tion--.iIocy Claims lIo Has I,ccn
Wrongcu.

Adams Express Company affair. The
hundreds OF business and social friends
OF John Ilocy, tho deposed president,
are panied to learn that he sold out
every dollars worth OF stock in the Bos-
ton Dispatch and Kinslcy Express ne
gotiations.
Clapp spooner, the her vice prcsi-
dent, was in the same transaction, and
he also. it ia said, disposed OF all his
holdings in the company's shares prior
TO tho turn" which enriched him TO
the extent OF $l72,S33.
Tho committee OF investigation was
tlitndcrstruck when these discoveries
were made. Just think OF it." said one
OF the managers OF the company, "the
President aud Vice President OF the
great Adams Express Company sell all
their stock and then buy certain prop
crty Tor the company, paying for it out
OF the treasury 5000 0 more than i. is
worth"
The spcake. was excited, and before
he cooled Off he inadvertently dropped
the remark that another gentleman,
high in the councils OF the company,
was also implicated in what nc called 4
very questionable transaction. "'rhc
corporation has been cheated out OF n
large sum OF money" added tho irate
manager.
president Sanford, Vice-Prcsidcnt
Iovcjoy and Manager w. Il. Dinsnorc,
the committee appointed Tuesday toin-
vestlgatc the financial affairs OF the
company, were in session ut the GONNA.
ny's main Office, No. 80 Broadway, for
four hours yesterday, and accomplished
much OF importance. 4 reporter pass
cd through the gate where two watchful
clerks have stood guard for the past
three days, and was escorted into the
directors room. Nico-Prcsidcnt Love
JOY and Committeeman Dinsmorc were
seated at the big mahogany table and
were dc!ving into books and papers to
find out just how the company stands
financially. II is Il bi; task to 90 over
nil the accounts OF millions OF dollars
worth OF business. extending over the
past three ycars-since MIR. %lloey's in
cumbency-andthemembcrs OF the COM.
mlttee were inclined to believe that 4
report could not be prepared before o.
tober 2S, at which date the board OF
managers meet again. 1t is said that n
good many suspicious entries and items
have been discovered, which the OK
president and cx-vice president will be
called upon to explain.
You may say" explained President
Sanford, as he dramatically drew up his
tall form, that the officers OF this COM
pany will spare no effort to recover the
large sums Of money which have been
unlawiully taken from the treasury"
"Will suits at law be instituted?" was
asked.
Undoubtedly"
"Will q criminal prosecution be at
tcmpted?'
at may come to that. Mr.. Hocv does
not own 4 dollars, worth OF stock" con-
tinucd the President, land l regro. to
Say that this statement also applies to
Mr.. %SDooner."
This was what the investigation re-
vealed yesterday. The old president
and vice president, soon after they went
into office, i'll 1873, actually sold out all
OF their shares OF stock. and the same
men made the trade by which the
Adams Express acquired the Boston
Dispatch Company, and the Kinslcy
Express Company in New England for
the sum OF $S50,000. The new officers
find that Hoey and Spooncr, who ac-
knowlcdged in the Supreme Court before
Judge lngra!iain. last April, that they
divided the sum OF 100000 profits on
this deal, didnot own Il dollars worth of
stock Mt the time OF the transaction nor
for the past three years, yet they held
office during these years, until forced
ont, and the president has actually
drawn nearly $4,000 in salary since
ceasing to be n shareholder. Henry C.
Taft is said to be the fourth man in
volvcd in the deal, number three" be-
ing incognito ut present. The commit
tee expects to uncarth other queer
things, and they are prepared Tor any
sort OF 4 surprise.
SIS it any wonder hat we wanted to
get rid OF those two men ?" said n man.
ager. with Indignation. at is tho most
remarkable situation cvcr coming to my
knowledge" he continued, GLOW two
mon, with not 4 penny's worth OF inter-
est in 4 company with 4 capital of S2l,-
O0O, GOO deal and continue in office three
years without discovery, passes my un-
Outstanding. 1t was one OF the clcverest
and most audaCious schemes %oiiinancicr-
ing nthc history OF Wall street. And
now it is said that the law cannot reach
the cx-prcsident. The worst part OF it
is that we have discovered that We can.
not collect Z dollar from the two cX.oni-
GERS, there are SO many judgments
already ahead OF US"
\ local paper states that Mr.. Hocy
was with his lawyers, Root and Clark,
yesterday. When lie came out on the
street he looked c;rcworn, and his
voice was husky. His son Frederick
was with him. They were quite un-
willing TO talk. 'tiow l have been
wrongcd and who have wrongcd me-"
said Mr., llocy, will come out later. l
shall make q statement, but not to-day"
will You make u fight to remain in
the directorate?"
II am still a member OF the Board OF
Managers. Only the stockholders of
tho company can put me out. But
what l shall do l will not say now"
All that Mr.. Root would give out was
this: "Mr., Hoey is n heavy stockhold.
or and n oil the board Of managers.
He will protect his interests and his
rights in either capacity. l understand
that some legal action may DO taken by
those opposed to Mr.. Hoey, and in that
case ii is maniiestly improper that We
should say anything now. Mr.. Hoey
has been greatly, grossly misreprcscnt-
cd. None OF his side of the story has
been told, but VIC are not in q position
to toll Il Mr. Hnnv mnr In fnn. l,.l.