The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-11-30
THE BANK OF PORTLAND.
Examination of william N. Goold.

The examination of William N Goold, late
before Register Fessenden at 8 p. m. yesterday.
Mr.. M, M. Butler appeared for the assignee,
and Mr.. j. o. Winship for Mr.. Goold.
Q.-When did you commence business under
the name of the Bank of Portland?
A.-June Oath, 1872
Q.-What had been your previous occupa-
ton and what experience had you had in bank
ing?
Any immediate previous occupation had
been cashier of the Second National Bank OF
Portland. L had been cashier almost three
years. Before that was general clerk in the
Second National Bank, commencing in the
spring of 1866 1 had no experience in banking
before that.
Q.-What amount of capital did you put into
the business of the Bank of Portland in the
first instance?
A.-Ten thousand dollars.
Odd you, in the year 1873, obtain a loan
of $1,000 from A b. Stephenson, and put that
into the business?
Al did.
Q.-The amount coming from Moses B. Gle
ment was IN round numbers 49,, 600, and re-
ceived from December 1873 to December 1874
inclusive. Waving for the present the question
whether it was deposit or capital, did that 60
into the business?
Alt did.
Q.-Aside from Mr. Clements deposit, or
capital, how much in round numbers were you
owing to your depositors at the time you stop
ped payment?
Alt was about $4,000. I will give the
exact figures in the course of the examination.
Q.-What had been your average deposit for
the last two years?
Alt will average about $40, 900.
Q-At the time you stopped payment how
much were you owing the banks above the col
laterals they held?
A.-About SIS, 800, over and above collater-
as.
Q.-On the Saturday before you stopped pay
ment did you receive any sum in cash for your
brick business; if so, how much?
Al did. 1t was $4,000
Q.-Were there any other sums received or
put into the business besides those already stat
Al do not recollect any other
Odd you pay your drpositors interest on
their deposits?
A.-Only in few special cases. l cannot
recoL.ect the sums, but not to very large
amount
Odd you ever pay Mr.. Clement any inter-
est for any of his money that was 10 the bank?
Al did not
Estate whether or not your losses on pa
per discounted by you while in business were
unusually small?
A-They were.
Estate whether or not, while you were in
business, you were engaged in speculations in
stocks, gold or of any kind. or lost money there
by.
A-The only speculation that 1 was engaged
in during that time was this: L was one of fif-
teen who purchased tract of land in New
buryport, paying for my share thereof $1,000.
This was in the spring of 1875, 1 think.
Q-Were your rent, clerk hire and living ex-
penses moderate during this time?
A.-They were.
Q.-Did you spend any money during this
time in drink, gaming or other kindred vices?
A--No. Neither then nor at any time.
Q.-State whether or not during the first
year you were in business under the name of
the Bank of Portland, you purchased all the
assets of the Second National Bank of Port.
land then remaining; if yea, for what sum?
Al did. For $4,000
Q--N as this purchase good one. Did you
make money by it, or otherwise?
Alt was good purchase. did make
money by it.
Q-Were the Munjoy lots which you mort
gagged to A. B. Stephenson to secure the above
mentioned seven thousand dollars part of this
purchase?
A-They were. think at that time they
were in the form of mortgage security.
Odd you ever estimate and state to any
one your estimate of what you made by the
purchase of the assets of the Second National
Bank?
Al do not recollect in regard to that.
Q-What do you estimate it now at?
Al should say in the neghborhoodlof sew
en- thousand dollars. The result depends upon
the value of real estate.
Q-What was the principal then of YOUR as.
sets at the time of your failure?
Alt was margins on collateral loans,
amounting in round numbers to about twenty
thousand dollars. L will give the exact figures.
Q-Whether Or not the other assets are COM
paratively small?
A-They are.
Q-Throwing out what you made by the pur-
chase of the assets Of the Second National
Bank, the sums above enumerated which have
gone into your business amount to more than
one hundred thousand dollars while the assets
in your hands at the time you failed cannot at
the utmost amount to more than twenty-five
thousand dollars, showing deficiency Of be.
tween sixty and seventy thousand dollars, and
an independent examination of money that
went into your hands shows deficiency full as
large. Will you give fully an explanation of
how it occurred within less than three years?
A-About forty-two thousand dollars of this
amount was paid out to Mr.. Moses B. Clement
at various times between May l. 1874, and the
time of my failure. 1t was paid out on checks
of the following amounts for which 1 had checks
signed "Moses B. Clement, special