New-York tribune., 1891-10-14

the property and dispose OF tne amoun0 Il"
ceived for it as he pleased, and that ne h"u no
right to pay any money TO Mr.. Hoey' OF such d
large proportion to Mr. SpoOner, and asKed i'lii'
why he did So he said these gentlemen , wele
going TO give him chance of making large
amount OF money" :, J..
The published account of the suit brought Dy
Sherburne drew the attention OF Henry SehrytuJ
one of the directors. to the deal. He investigated
the case and found. he has SAID, IhaC ~
cost the Adams Express Company $3.50 900 70 ac-
ouir the New England properties. Reckoning
on the basis of the evidence brought out before
| Judge Ingraham. Mr.. Sanford estimated that the
entire profits TO the principals III the TRANSACTION
had been about 500. 900. Of which Mr: hoev a naa
that the Adams Express Company had paid about
$3.50 900 for properties worth perhaps $4,000
UNANIMOUS VOTE FOR REMOVAL.
| The facts in the case were sifted out by Mr..
Sanford during last summer and communicated
| to all the other directors. including Messrs
| Hoey and Spooner. When Mr.. Hoey returned
| from Europe few davs ago call
was issued for meeting of the directors, indi-
eating in precise terms the important nature OF
| the business on hand or course every director
was on hand Mr. Hoey opened the meeting, then
left the chair and retired from the room. vice.
President Spooner then took the chairmans seat
and put the question of Mr. Hoey's removal from
| Office on the charge of malfeasance There was
| no discussion The vote removing the president
was unanimous Mr. Spooner, however, was nc
less implicated by the charges than was Mr.. Hoey
| lie at once rendered his resignation. fellow
director put the question to the Board the resigna
| ton was accepted, and Mr. Spooner fastened away
| TO his home at Bridgeport.
| Henry Sanford VINO succeeds Mr. ioey az preei
| dent of this great corporation has Deen connecteo
| with the company for forty-hve years, ana wac
| at one time its general superintendent: lie has aSc
| been connected with the Twenty-th Street Kali
| I -, = Liu aif LraI sOV
the new president, was for long uI,s ,hs
superintendent of the Pennsylvania Division OF the
Adams Express Company. , He = gned IL to Pi, &C.
he H,''' retired from that place and has
not since been actively in business.
SOME OF Mr. HoEY's TESTIMONY.
Mr. Hoey was of cOurse, one Of the witnesses
| Of greatest importance In the Sherburne suit
| In answer to the question, Did you receive III
| 1882 any payments from Mr. Sherburne on account
of the sale of stock to Mr.. Dinsmore?" Mr.. Hoey
said
Il received something in the vicinity Of
Sl34 900 or S135 000.'
This amount was the proceeds from the sale o o.
New-York and Boston Express Company stock
| Half of it he paid over 10 Mr.. Spooner. In March
1893, Mr.. Hoey received $4,000 more on Later
sales making Sl77 600 in all.
Had you purchased any Of the stock OF thest
three companies previous to March "a, 1882 p
Il never purchased any,
Explain how you understood that. having &
quarter interest, you did not get One-quarter o.
$3.50 900, instead of quarter of SCOOP"
Because was satisfied to take what they gave
me-
=" And was it all clean profit to yOu?"
| Very"
Did You and Mr. Spooner account to the Adam
Express Company for this Sl3s,OO0 that you go
for nothing"
did Sherburne and Taft agree to give you {
! quarter interest in the stock ?"
They agreed to hold quarter interest for M
if they made the sale"
| ITO DnSmOre ~
ANY one: his name was rever mentioned. moi
And on what consideration did you understand
they gave YOU this interest. if they should sell 1t
what was it to you if they should sell 1t ?"
| VERY much as | have often mentioned before
| probably on account Of my Christian principles
What has that got TO do with it p'
| THAT ] don't believe entered into the case a
ALL hut simply say it,"
Now. / want to know what YOU understood
the consideration you gave, or were to give for TIN
quarter interest which was to bring you $4,000
| or SS0.000?'
NV interest as an expressman would be cana
BILE of helping them In every way possible in tn
management. and the conduct and interchange
business o,
And help to sell it, wasn't it?'
81 might"
| That was It t?D
Did YOU help them sell this stock to Dins
II objected, and, if he were alive; he woulc
| tell you the same thing to-day. But was over
!" Did you help them to sell it to DinsmoreP'
| 81 did not" ~
Did Dinsmorc object to buying itP"
"On the contrary, he was anxious"
And he bought it in the interest of the Adam
Express COmpanv?"
Not at that time; not at that time He neve
WHO negotiated the sale to Dinsmore?"
He did it himself with Mr.. Sherburne AM
"You were not present."
Did YOU account to the Adams Express Com
pany for the $4,000 you received out OF tn
No Why should -"
did you disclose TO your associates in tn
Adams Express Company other tha1 tnS DinSn0p n%e
90 the company at profit of S425, 600 with a.
agreement that half OF the profit was to come :
you two members of the executive committee ]?
HOW THE NEWS WAS RECEIVED.
Mr. Ifoey is not what is known as Wall Stree
man.. but there were many expressions Of re
rret around the Stock Exchange yesterday. whe
the news Of the action of the Adams Express Com
pany directors became known. His misfortun
was more deeply deplored in the club circles wher
no is known and among theatrical people. III
friends were grieved that he and his counsel de
cliued to make any reply to the charges upo
which he was removed from the presidency OF tn
evnress company. At the Office OF Root & CLARK
the counsel for Mr. Hoey in the Sherburne suit
which formed the basis for the action of the Adam
directors no statement was made Yesterday. w
IIoey left the meeting Of the Adams director
secretly. and is believed to have gone to 1ollywoo
Park At Delmonicos in Broadway: where MI
Iocy has rooms, repeated inquiries for hlm las
night elected the reply that ne was not III an
the manager declared that he had not heen there
|
A SKETCH OF JOHN HOEY'S CAREER.
HE ONCE SOLD PAPERS ON THE STREET AN