The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-10-15
ADAMS EXPRESS.
Investigation in Progress -Misappropria-
tlOnS Besides the SheTbOurne-T Taft Deal.

NEW YORK, Oct. 14.-Presdent Sanford
of the Adams Express Company, who was
Yesterday elected to succeed Hoey, took
formal possession of the affairs of the COM
pany this morning. He is investigating the
status of the business. No changes in the
officers or agents are contemplated at
present.
A morning paper states that ex-President
Hoey sold out all his Adams Express stock
before he entered into the deal which cost
him his position.
Vice-Presldent Lovejoy this evening said
misappropriations had been found aside
from the Sherbourne- Taft deal. He refused
to give further details at present, but added
that there was no telling what the future
would develop. and it would be some time
next week before he could tell how much
the eX-PreSident has taken from the COM
pany. He does not think it will reach
sufficient magnitude to in any way affect the
value of the stock.
The Advertiser says: Wall street was
astounded yesterday by new revelations in
the Adams Express Company's imbrOgiO,
and hundreds of business and social friends
of John Hoey, the deposed President, were
panied to learn that he sold out every dol
lars worth of his stock in the corporation
Just before the Boston Dispatch and Kins-
ley Express negotiations. Clapp Spooner,
then Vice President, was in the same
transaction, and he, too. disposed Of all his
holdings in the company's shares prior
to the turn" which enriched him
to the extent of S172,333. The COM
mittee of Investigation was thunderstruck
just think Of it," said one of the manag-
ers Of the company yesterday, " the Presi-
dent and Vice-PreSident of the great Adams
Express Company sell all their stock and
then buy certain property for the company,
paying for it out of the treasury 100000
more than it is worth"
The members OF the committee were in
clined to believe that the report could not be
prepared before October 2Sth. at which date
the Board OF Managers will meet again.
1t is said that good many susplcious.en-
tries and items have been discovered which
tile ex President and ex Vice-Pres-
ident will be called upon to ex-
plain. % You may say" exclaimed
President Sanford that the officers of this
company will spare no effort to recover the
large sums of money which have been un-
lawfully taken from the treasury" "Will
"Undoubtedly." "Will criminal prosecu-
ti0ns be attempted?" "It may come to
that" Henry C. Taft is SAID to be the
fourth man involved in the deal, No. 81
being incognito at present.
Tie cOmmitte expect to unearth other
queer things to-day and they are prepared
for any sort of surprise. The stockholders
are becoming triile nervous over the revel-
ations in the affairs OF the old rock-ribbed
Adams Express Company. Shares have
sold off from 147 to 40 since the exposures.
but the brokers do not fear that there will
be auy great decline in the price Of the
stock.
Friends Of Hoey said that the ex-Presi-
dent would make a statement soon and COM
pletely exonerate himself from the charges
of malfeaSance in office. Hoey has host
of friends who are very loyal to him. and
one of them suggested yesterday that the
public should withhold Judgment until the
ex-PreSideDt could be heard.
The World says: Hoey consulted lawyers
yesterday. He said; How l have been
wropged and who have wronged me, all that
will come out later 1 shall make state
ment, but not to-day. am still member
of the Board of Managers only stockholders
can put me out, but what shall do will
not say now" Mr. Root, his lawyer, said;
"Mr. Hoey is a heavy stakeholder in the
company. He is one of the Board of Man.
ayers. He will protect his interests and his
right in either capacity. Hoey has been
greatly, grossly misrepresented."