The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-02-14
BANK OF PORTL AND.
Another Days Proceedings Before Judge
Fox i'm the U. q. District Court.

talled information is obtained from which 6
certain rating is given to represent their COM
mercial standing. The books containing tina,
information are sent to subscribers and sup.
posed to be used by them only.
Almost every wholesale dealer in this city
is a subscriber to the agency. have here q
book which contains all the information that
l can obtain in regard to parties, which is
then put into the form of report The exact
words of parties may not be recorded, but the
substance of all the information that can be
gathered is in this book. Sometimes I might
get exactly the words of the party, and some
times only the substance.
Question-You may refresh your memory
from that book and state whether or not in
1874 you had any interview with Moses B.
Clements, relative to his connection with the
bank of Portland?
Answer-Sometime in May, 1875, I should
think from the 18th to the goth, 1 went to the
bank in consequence of an inquiry made of
me, to know if Moses Clements was a general
partner in the concern. I saw Mr.. Clements,
and in answer to my inquiry if he was gen.
eral partner, he replied that he was, and that
he was considered holden for the liabili-
ties of the concern. The previous
rating of the Bank of Portland
was in our book "Bank of Portland, See
VIM. N. Goold," which would imply he was
the individual man of the concern, and it was
rated at that time from five to ten thousand
dollars. That stood there until July, 1874,
when upon CleInents's statements to me in
regard to his own personal responsibility, the
rate was changed and it was rated over fifty
thousand dollars. We have letters in our
books indicating whether credit is fair, good
or very good, etc., and we rated the bank in
July, 1874, d 2, which would indicate over
fifty thousand dollars and good credit, while
the rating in March, 1874, was F d. indicat-
ing over ten thousand dollars and not quite
so good credit as 2.
In answer to the Court don't think that
at the first interview notified Clements of the
object and purpose for which 1 called upon
him, and that intended to print this in our
books; but he knew me and the nature of my
business. At this first interview he repre-
sented hat an advertisement should appear
by the first of July; it did not, and in No
vember he gave an explanation, that the rea-
son why he did not advertise was that he
was connected in some operations with
Twitchell, Champlin & Co., and that his
name was loaned considerably in the street,
so that it would not lend great deal of
strength to the concern if he did then be-
come partner. He then promised that it
should appear by the first Of January, but
it did not appear, at which time
notified them that unless there
was some advertisement by which I could be
fully satisfied that Clements was partner,
the rating of the concern would be
reduced or suspended. February almost
expired and nothing was done, so I wrote to
Russell, requesting him to write Clements, to
obtain some letter from him acknowledge ing
or denying the partnership with the bank of
Portland, and he obtained a reply which I
have. Witness then read the following letter !;
PORTLAND, Feb. 2, 1875.
Messrs. E. Russell & Co.:
Yours of the I'd instant came dulyito hand.
The bank of Portland was started with the
capital of $4,000, and increased the amount,
should tn ink, $4,000. I don't know that I
am at this time liable for any of its transact
sactions, although have $4,000 deposited
in the bank, in the exp ectation of joining Mr..
Goold in its business.
Respectfully yours,
Moses B. CLEMENTS.
In our weekly sheet, the bank of Portland
appeared with ratings suspended. On these
weekly sheets, we put nothing but what we
regarded as unfavorable information.
Cross examination-The ratings are made
in Boston from my detailed statements which
send to Edward Russell. In February
when I received tie letter from Russell,
I notified the First National bank
and the Casco bank that we had special in
formation, and requested them to call before
our weekly sheet came out. There is moth
ing on our published books that would show
that Mr.. Clements was partner. did not
under stand Clements to say that he contem-
plated partnership, and if he did become
partner he would advertise. I think
did have good many conversations with
Goold. I think I had conversations with
him about the rating of the bank.
QUESTIONABLE you positive that Clements
did not use the following words, "When
become partner, shall advertiser"
Answer think no such statement was
made.
Question-Didn't he tell you he should not
advertise until he made up the capital he was
to make ups
Answer-That might have been one of the
reasons. l am not sure but he did say he
had put in SO much money, and he was going
to contribute certain amount more, and as
soon as he got cleared up with certain opera
tons he was then in, he would put in the
to me that he was examining the affairs of
the bank with the idea of going in as part
ner.
Question-Can you recollect whether or
not on the Goth of May, 1874, Moses B. Glenn
ent stated to you that he had $4,000, on
deposit and was examining the affairs of the
bank with the idea of going into the bank as
partner, and if found satisfactory would ad-
yertise as suchs
Answer do not recollect that he made
any such statement.
have no recollection of telling Daniel w.
Ames that Clements was not a partner of
Goods and never was.
George Kicker was called by the petitioner.
He said, reside at Saccarappa. have been
clerk of the bank of Portland until within
few months. l went there June "a, 1872, and
rem aimed there until the suspension Of the
bank. l am nephew of Mr.. Goold. 1 kept
the books. l simply made entries as was d.
rected by Mr.. Goold. know nothing in rela-
tion to the relation of Clements to the bank,
except that Clements was in there. 1 under
stood he was to be a partner at some time; far
Their than that know nothing about their af-
fairs. Clements gave me to understand SO,
when he first came there. do not know
whether that intention was carried out or not
never had any communication from them in
that respect Was present when Jones made
enquiries. but did not hear the conversation.
L remember the fact that the credit of the
bank was increased on Russell's books, but
did not know the reason. NY salary the first
year was $500, second year $500, and the last
year $1,000. Charles Goodrich kept the books
at first. Mr.. Goold made entries on the book
very rarely, only when was away. usually
made up the cash every night 1 made up the
cash from what there was in the drawer and
slips and cash items. / recollect an item of
between thirty-three and thirty four thousand
dollars charged to the Everett Bank in 1873.
1t was made up of cash items in the drawer,
which had been accommodating from time to
time, and Mr.. Goold told me to charge it to the
Everett Bank.
Hon. j. Fl. Drummond was then called, who
testified that he had seen Mr.. Clements in pri-
vate consultation once with Mr.. Goold, between
the time of the failure of the bank and the
meeting of the creditors.
j. o. Winship counsel for Mr.. Goold, testi-
fed that Mr.. Clements had half dozen private
vate conversations with Mr.. Good in his twit-
nessD private Office during the week between
the failure and the meeting of the creditors.
The court then adjourned till Tuesday morn
ing at 10 o'clock.
SUDDEN DEATH.-Albert Merrill, esq.,, a
we'll known lawyer, died yesterday afternoon
of heart disease. He left his boarding place on
Free street little past noon and went up on
Winter street to make a call. He had not
been in the house but few minutes when he
- f.. ox1d1 in, inc