The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-23
their gstrng the loan and my purchase from them

u
January l. 1879 but cannot ten the amount; but
II WIS, tnink. less than 81, QUO, Co., cannot tell
no" Tue .,ne wnen tue United states bonds were
SOFA corresponued with the time when Osborn
Camock purchased the stock Tor me, but DC not
tlihk IL was the same day. Icaanot say whether
we bonds were not sold and the loan maze TO
Ostorn X CamocK, ana the stock purchased Tor me
ny that hrm on the same day or u day intervening.
Inc sale OF the bonds and the realization OF the
money bad nothing to do with the loan ~ the firm
OF osborn CamocK did not promise to loan
them any money from any source when they
bought this stock Tor me: out | cannot say | did
not promise TO loan any money on the stock, Tor
time.
BUYING on MARGINS
me stock which | purchased prior to January
Tor ~. i DO not know what that margin was
had an arrangement wlih OSBORN 4
was put up on margin which was sometimes
larger anu some times less do not know II the loan
10 them was prior 10 this purchase Of the stock
q lew days afterward, but the purchase was not
made against the loan. Osborn Was director OF
the Pacinc Mail Company at the time has firm was
borrowing money. ne held tnat position when |
was elected. ana he sin holds It. Camock
ceased to be member oil the nrm on the LIST OF
January. 1t Is now Osborn ~ CnippIn. | think
tley nave borrowed money from the company. [
Cannot tell what they nave put up Tor security or
now frequently they make loans. do not recolect
their buying $1,000 shares OF stock Tor me. cam
not say what number IL was, but they did not buy
large quantities.
do not know vi pool being formed in the
STOCK do not understand the definition vi the
WuTu, out nave HcdTu Oi Tie worn Dtluy ustu III
Wall street. l believe it means the combination or
"a numper OF men TO Guy or sell stock. as one, with
certain management. There was saea p1 POO"
Steamship Company. Inis was III the spring or
summer or 1871. II dissolved IN November or
Whereabouts. | DO not know or any pool Tor the
purchase or sale OF stock subsequent 10 the 18th OF
November 1871 and prior 10 the 5tn OF March, 1872
nad an interest with Others in the purchase of
the companys stock. | decline TO answer as to
whether have lent the money OF the Pacific Mall
Company, between tle days above referred 10. to
STOCK or the company cannot rell VINO nave
moneys now from the Pacific Mail steamship Com
pany from the 5th OF March. 1872 cannot name
any one who had money loaned 10 them Oh March
.. tninK our surplus was nearly loaned on that
day; 1t amounted To about $l.500OOo. cannot
tell IN how many loans TINS was put OUT, whether
II was IN more tnan one or IN several but think
rowers Oh that day were. do not know single
man who owed the company 81. l never, III any
one Instance, loaned the funds OF the Pacific Mail
Steamship Company TO the persons holding my
contracts OF guarantee.
ExEcuTIvE COMMITTEE DoINGs.
The Executive Committee OF the company was
composed vi Grand Lockwood. James d. Smith, ..
Z. o. Billings, Alexander Maicneson and myself.
Section is OF the bylaws provides AS Iolows:-
special deposits OF the compauy's lunds may be
made In the New FORK Insurance Company, United
States Trust Company or the Union Trust Com
pany, as the Board may direct. aud Withdrawn
only Oh the Joint signature Ol tue secretary ana
Treasurer and specia. investment ordered ny the
Board shall be made under the advice OF the
Executive Committee, and shall stand in the
names OF tue President and Secretary OF the com.
pany, SO that The JOINT signature snan be required
TO draw The same No loans were made 10 any
OF the members OF the Executive committee inter-
mediate OF the days previously mentioned III their
individual Capacity. MIR. smith is one OF the trm
q. Jameson, smith * Co. Inc irm had money.
Mr.. Smith never had money. Lockwood & Co. had
loans; not Mr.. Lockwood.
AN INTERESTING QUESTION.
decline to say whether Was interested In the
purchase OF stock made by LOCKWOOD Co. de-
purchases vi stock made by jameson smith ~ 90.
mere Is resolution On the book passed by tae
stock OF the Pacific MAIL but 1t was never acted
on. The reason IL was not acted on Is because l.
AS the person who would have to carry It into
enect, did not care TO carry IL through Perhaps
voted Tor the resolution. AS lar as ! was con-
cerned that resolution was not passed Tor the
purpose glviny IL out Oh the street that the
company was gong to purchase stock 10 inclte
others 10 purchase. ] Know nothing ABOUT the
motives Of others nave never loaned any money
belonging t0 tue company to sewing machine CON-
pany. nave loaned money belonging to the COM
pany taking nole OF sewing machine company
Il Camock. The NOES amounted to some.
thing ike s75.ooo believe. IL was
Company winch were brought to US, out some OF
then bills receivable put In with stocks COL
lateral security. cannot say what tue other col.
laterals were. gave tue bills relerred to OSBORN
Il Camock, and tod them would put IN $4,000
OF our paper u make II secure. am President or
the howe sewing Machine Company. l proposed
to puJ III the paper OI the Howe Sewing Machine
Company as security for the loan made by Osborn
offered by them was not sufficient according TO
our rules. IL should be rom ten to twenty per
cent margin.
Osborn q CamocK were dong business for
me. Inc amount OF the loan to them at THIS time
understanding between US that they were to pur-
chase STOCK with the money.
silon:~"Were they tosSorn 0amocE, 10
make any purchases IN which you were inter.
ested 7" He replied. "rney were ouyng possibly
At that time the Pacific Mail steamship Company's
stock. | had Az account with them. They were
buying others at the tine."
z. Was there any contract OF indemnity exist
Ing A. No; presume the reason was that my
margin was small that t3ey ed more
margin, and IT was done IL that way 10 make the
ma gin.
q. Inc loanS A. Yes. done in that way to make
the margin; could give them the STOCK and they
could put 1t collateral security, and they could
borrow money on It.
q. Give them stock-whatY A. The notes OF the
sewing machine company; l nave before given
Osborn CamocK notes OF tue Howe Sewing
Machine Com pany Tor stock purchased by me.
z. But IN this case you gave the notes to Osborn
* CaInucx to make up coilateras, and the loan
was made on these notes aud others TO The extent
OF s400, 900 A. There ioans made
such cOiaterals. but the collAterals ware given
he AS my margin.
z. Did you put these notes In as collaterals Tor
loans for the Pacific Mal steamship Company, or
dld you give these notes to Osborn q ComacK as
margins IOr your purchase A. That was the In
tent OF The TRANSACTION.
Y. ask you which 1t was A. That was the
Intent OF IL. l gave them the notes OF the Howe
Sewing Machine COMPANY 10 use. and they put
lnem Win Otutfs 10 DOfIOW Vi Tue fdCluC Mall
Steamship company. This Is the only transactiUn
OF the Klud, aud was margned to Osborn Co.
mack on my individual business The loan was
closed In three days. rnIs TRANSACTION was had
between the 15th vi November aud the 6th oI
March.
THE SUBSIDY BILL.
z. Is there o bill pending Deiore Congress re.
laI.ng to the Pacific Mail steamship Company
witness, by advice OF counsel, refused to answer.
Y. Is there any Dill pending III Albany Relating TO
the Pacific Nail steam shlp COMPANY
witness declined TO answer this question also.
Y. Is there any person, or are there any re sons
at Albany, or III Washington representing the Pa
cine Mail steamship company or Its anairs IN
reference to any SUCH blY A. Mr.. IRWIN, the
Agent OF .ne Company Is IN Washington at this
time looking out Tor the interests OF the company.
That is the only person IN Washington. Albany or
New YORK outside OF The regular Officers OF the
company on business OF the Paclnc Mail Steam
ship Company. There never has been any one IN
Albany or in New York on that business. Mr..
IRWIN is our agent and has been with the CON-
pany six OF eight years At san Francisco.
Z. How can ne represent the interests OF the
company In Washington A. That Is best known
to ourselves.
a Well. 4 AJAX Won 10 make IL known TO ia.