New-York tribune., 1891-10-21
HOEY,S SIDE OF THE CASE.
HE SAYS HE WAS NOT TRYING TO TRANSFER
HIS PROPERTY.
THE LEASE ON HOLLYWOOD WAS GIVEN TO PRO
TEcT HIS soN-THE CHARGE OF EMBEz-
ELEMENT, Mr.. HoEY SAYS, HID
WILL ANSWER IN COURT.

WILL ANSWER IN COURT.
John Hoey, the deposed president Of the Adams
Express Company who is charged with having wrong
fully taken nearly 100000 of money belonging to the
company, evidently intends to make the company
fight for every cent which It gets ont Of him. Under
advice OF his counsel, Messrs. Rect g. Clark, he re-
fuses TO make any general statement concerning his
transactions while an officer OF the company. He
does not propose to show his hand to his opponents
until the comes before judicial tribunal ana
then he says he will have something to say about all
the charges made against him.
Concerning the report that there was possibility
of a compromise being reached by Mr.. Hoey and the
Adams Express Company, Mr.. Hoey said to Tribune
reporter last night that he had heard nothing
about such compromise. Mr. Hcey was
in his room at Delmonico's last night
He characterized "bosh" the rumor that his eounsei
had statement of his affairs which they would sell
Then Mr. Hoey had something to say about those
mortgages which were fled at Freehold, the county
seat of Monmouth County, N. j., on Monday.
Mr. Hoey declared that the property known as
Hollywood had not been mortgaged recently, and that
the only encumbrances on it were mortgage for
500 OoO held by the Adams Express Company, and
another small mortgage for $4,000 81 5000 on the
hotel. OF the mortgages fled Monday one was
for S4s 900 and the other for $4,000. The former
was in favor OF Frederick c. Hoey and Michael ourk as
trustees. Concerning this mortgage Mr.. HOey said
that as his property liable to be tied up in ltga
ton for some tme he wished to protect people to whom
he owed money in Long Branch. The mort
gage was not on Hollywood. he said. but on
valuable strip OF land at Monmouth Beach
This land had frontage Of 300 feet the water
and was worth 500 running foot which made 1t
worth s13o,ooo
The mortgage for $50 900 in favor OF William F.
Fless valuable tract OF land across the lake
from Hollywood, and part Of the latter place.
u1n Onn ha1d
by tho Adams Express Company, Mr.. Hoey said that
five years or more ago he borrowed 100000 from the
Guarantee Trust and Safe Deposit Company of Phila-
dephia giving as security mortgage on Hollywood
When the mortgage became due the Adams Express
Company took IL up 1t had been done at his request
but the Finance Committee Of the company had looked
the property over and reported that it was ample
security for the loan.
This mortgage did not cover all OF Hollywood, but
1t included the most valuable portions OF 1t. Mr.
Hoey said that he owned 400 OF lind there. Upon
being ssked what he thought 1t WORTH he said mat
he had bought IL thirty years ago. when property was
cheap in that vicinity and he could not tell Just what
II was worth now He was already making arrange
ments 10 take up the 100000 mortgage, he said.
Concerning the story that the 500 shares Of Southern
Express Company stock which Mr.. Hoey had deposited
with the company as security for a loan of $4,000
was not sufficient to the loan Mr. Hoey said that
the trustees Of the company had renorted it ample
About the lease OF the Hollywood Hotel to his Fred
erck c.. Mr. HOey said that his son bad had full
charge OF the hotel for the last six years
and that he held a verbal contract with
him for IT, TO secure his he had had
a formal lease drawn up and recorded The Hollywood
property he said, was absolutely free and In his own
name with the exception Of the oncumbrances men,
toned Mr.. HOeys son, Frederick O.. added TO what
his father had sad that any judgment which the Adams
Express Company secured against his father would be
promptly paid HIS father had not been prompted by
any desire 10 place the property out OF the reach OF the
company by transferring IT, he declared. The son was
asked If his father had anything TO say about the
$4,000 which Mr. Hoey is charged with having
ceped from the estate Of the former treasurer OF the
company, Isaac c. Babcock, and having retained for
his own use.
The reply was that he undoubtedly had something
to say about IT, but not now. When the proper time
came he would say what he had 10 say in court Henry
Sanford the president OF the Adams Express Company,
yesterday Investigated the main Office Of the Pen1syl
vania division in Philadelphia He said last night that
ne had found all the accounts right at that Office there
being discrepancy Of only S11 In business
of $2O0oO00, and that discrepancy easily accounted
sonal Investigation of every important Office of the
company throughout the country. Besides this, all
the smaller Offices numbering about 1000, will be
examined by travelling inspectors.
No steps have been taken against Edward A. Taft
of Boston, who one OF the defendants In the suit
instituted by Henry c. Sherburne for division Of
profits from the sale of the New England express
companies 70 the Adems Express Company Taft is
tho manager Of the New England division. He was
the president Of the companies the purchase of which
led to the deposition Of Hoey and the attendant com
plcations. He still retains his place manager OF
those companies.