Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1891-10-14

They had declared vacant the positions OF
president and trustee held by Mr. Hoey,
but they had overlooked the fact that he
was also one Of the managers Of the cor
poration. After consultation II was agreed
that Mr.. Hoey should be allowed to re-
main. His vote was only one OF eight, and
the opposing seven represented a large
majority Of the stock. There are nine
members OF the board Of managers. but
ex-Vice President Spooner remained in
Bridgeport, Conn.
Sanford and Loyejoy Chosen.
It was p. m before the meeting to elect
president and vice president was called
70 order. There were present then Clar
ence A. Seward, who presided; Henry San
ford, Of bridgeport, Conn; William b.
Dinemore, Of New York; l.. G. Weir, OF
Cincinnati; William II. Damsel, Of St.
Louis; Waldo Adams, Of Boston; J. Q. A.
Herring, Of Baltimore and John Hoey, OF
Long Branch. Mr.. Seward said that the
first business was the election Of a presi-
dent aud trustee to fill the vacancy caused
by the removal OF John Hoey. Two nom
nations were made-Henry Sanford, OF
Bridgeport, and L. G. Weir Of Cincinnati.
Sanford received six votes and Weir two
Frederick Lovejoy was then elected vice
president to succeed Clapp Spooner IRE.
signed" President Sanford assumes the
position Of trustee previously held by Mr..
Hoey
with Tears In His Eyes.
Mr.. Seward resigned the chair to the
newly elected president, and almost i'm.
mediately after assuming the chair, Presi-
dent Sanford called upon Mr.. Hoey to re
sign his position as manager. This pre-
cipitated a scene
Mr. Hoey rose and declared in emphatic
language that he proposed to retain his
membership on the board Of managers.
He spoke for several minutes. His voice
was husky, and tears trickled down his
cheeks. Mr.. Hoey is sixty-six years old.
When the old man stood in the presence OF
men who had been his co-workers for years
and upbraided them for the dishonor they
had put upon him there was only one face
in the group that did not show how his
words told. That was the smooth shaven.
impassive countenance Of Henry Sanford.
Mr. Hoey recalled his early days in the
service OF the company; he spoke Of his
gradual rise; he referred to the fathers OF
two men present-Messrs. Sanford and
Dinsmore--who with him had built the
splendid fortunes they all now enjoy.
The Fiat Had Gone Forth.
It was no use. The fiat had gone forth.
The world already knew Of the dishonol
and retraction was impossible. So, broken
in spirit, the one-time autocrat Of one ol
the most immense business enterprises ii
the country took up his hat and bowed hi.
way ont. He did not leave by the genera,
exit. No one saw him leave the building
The members Of the board were too much
affected TO proceed with other business foi
some moments.
The metallic voice Of President Sanfort
called attention to the fact that other i'm
portant matters required attention. Thl
publication Of the suit, which brought
about the investigation into Mr.. Hoey',
methods, and the fact that the public weri
made aware OF the alleged wrong doing
Of President Hoey, Mr.. Sanford said, ne
cessitated a further investigation. The
stockholders must be protected and a
the finances Of the company had been mis-
applied by its fiduciary officers the ac
counts should be examined.
On motion the president was instructet
to appoint committee Of two TO examinl
the assets Of the company. He appointed
Messrs. Dinsmore and Lovejoy Aftel
some more business of no public impor
tance the meeting adjourned.
Previous to adjournment, however, /