The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-07
BASIS OF THE CHARGES
SENATOR QUAY's ALLEGED LETTERS
TO CASHIER HOPKINS.
Evidence That Is said to show State
Money Was Used In the Purchase
of FIuctuating Stocks.

PHILADELPHIA, Oct. 6.-The district at
torney's charge that state money on deposit
in the Peoples Bank here was used for
speculative purposes was based on numerous
letters and kilograms from Senator Quay
to Cashier Hopkins When the bank failed
the cashier committed suicide. One of the
letters introduced as evidence at the pre-
hminary hearing yesterday was from ex-
State Treasurer Haywood to Cashier Hop
3 kins under date of Nov. 20, 1886. 1t follows:
Yours of the 18th inst, with Enclosure.
received, which / herewith return signed.
Purchase an additional one hundred shares
of the same stock at no, one hundred shares
at lO9, one hundred shares at lOI, one hun
dred shares at lO6 OF course purchase all
Tor less II you can, so that the average will
be maintained. My information is that this
stock will go higher in the near future.
Your friend, Mr.. Elkin, is q. partner in this
transaction, as you Will see by the sigma
OF fifty from Nov l. 1896 You and he can
arrange when he can use it,"
The first Quay letter was to Hopkins un-
der date of Jan. ID. 1897. saying:
Dear John-Give George HUM SIS 600 fol
me. 1t Is for margin in some stocks
and return
The next. dated Sept p. 1887. is as fol-
lows:
II have at Huhn's 800 shares of Met.
I wish you to take Ii out for me. 1t stands
$ll0,Sl2.s0 Aug. 81, and with your $6l.625 will
make $l12 49,. so. will owe your bank.
have 100000 New Jersey bonds and 1,5Ot
shares of New Jersey stock which / will
in esseY niS e a. TPn az n top @
sell the Jersey securities and pay on the in
debtedness: The Jersey bonds ought to GO
to par within sixty days. When they are
par the stock will be at least fifty. 1t will
pay a small dividend next year. Please
write me on receipt of this.
P. ST. suppose there is some circular
to the Met. holders explaining what was
done at the meeting. If there is please send
me one.
Then followed letters from the senator to
Hopkins regarding further purchase sot
stocks and also in relation to overdrafts
These letters were dated Sept. %. 1897, Sept
rs. Oct %, Nov. q, Dec. and Dec. z. I'm
der date of Dec. 10 the senator wrote
Dear joint have a thousand shares OF
sugar that HUM bought at 142 which
wish to pay for and take over to the Peo-
pies. l have bought 1t for keep, but don't
wish the stock to be placed in my name just
yet. as / will sell if l find / can get it any
lower. Get rid of the Met scrip and Con-
soidated Jersey stock rapidly as you can
at the figures fixed"
Here was offered receipt dated Dec a.
1887, as follows: Received by the Peoples
Bank 1929 651.65 for a thousand shares OF
Sugar Trust Certificate Company to be
transferred to the name of John S. Hop
kins." etc This was signed by George A.
HUM & Sons.
The next letter, dated Dec TO- 1897, is as
follows:
Dear Hopkins-I forgot to say that the
cost of the stock at Huhns will be about
s130.0OO as he has about $11 600 or $4,000 OF
my money there, and you will have $115, 000
proceeds of Consolidated Jersey securities
square my account when the Sugar is paid
for. / want to take $4,000 of Dicks bonds.
See you about it. There are three hundred
with Montgomery, which you will SELL in
addition to your present holding 1 see the
stock ought to go up"
On Dec. 1S the senator wrote to Hopkins
as follows:
Il go TO Florida tomorrow to be absent
about two or three weeks My postoffice
address. will be San Luce my telegraph,
without my spectacles could not read the
letter and it may be you could not. / have
300 shareS or Beaver Consolidated pre-
ferred by Montgomery. Out of the pro-
cee1s will pay a note of $4,000. The bal
ance will come to you, ana, with the pro-
ceeds of the 300 Jersey stock you will have
$4,000 to my credit. look for lower prices.
and on any decided break want you to take
~ again thousand Met. and thousand
accident. and hope he is getting along all
right. Remember me kindly to him.
vrThe same day the senator wrote:
Il inclose check on Carson & Mccartney,
Washington, for $1,000, to be credited to
my account. / wired to-day to Montgomery
to send you proceeds of contract preferred,
some $21 ,0O0 which will leave my account
I'm pretty good shape The dividend on
Sugar comes in on 5th prox., $1,000. Dick
Will be at the bank on Monday, and may
need your help. IF so. see him through,
even If you have to sell some of the Sugar
certificates. but don't do that unless abso-
lutely necessary. will be at the bank
next week some day."
Under date of Jan. 81, 1898, is the follow
eing letter:
retiAccording to my account / ought TO
have about $35 600 to my credit / am huv-
ing one hundred Mergenthaler at about ii3.
and will check en- you for amount when
purchase completed, say $14000. Also 1
wish to buy and carry for me on margin
about one thousand shares U. G.. L. / want
this for squirt, say two weeks. Yours.
QUAY"
FEB Is. 1898.
81 mailed you check for 81. 100 balance of
loss on Met. AT your request l close my ac-
count. and send statement and Cancelled
check A. with cashiers check for balance.
/ feared had bitten into my $4,000. never
tried to do a generous thing that did not
get into trouble. Yours, truly.
The next was a telegram. dated San
Luce, Fla, Feb. IL. 1898. as follows:
John S. Hopkins-If you buy and carry
a thousand Met. for me l will shake the
plum tree. NJ. S. QUAY"