Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-08-19
THE CLOSING CHAPTER.
Gray, the Defaulter, Shoots Himself in
Blue Hiiis-His Dead Body Found on
Wednesday Morning-A Failure in
Boston by His Defalcation.
BosToS, Aug. is.

BosToS, Aug Is.
VIM. Gray, Jr., who as treasurer of Indian
Orchard and Atlantic Mills became default
ter for nearly half million, and who dsap-
peared on Monday, was found on Blue Hills,
Wednesday morning. He had shot himself
The search for Gray's body be gan at three
o'clock, Wednesday morning, by detectives
Wiggin and Wood. accompanied BY Boston
reporters and others, and the woods were
secured for mile in the region where the
team was found. About IL o'clock al effort
was made to drag Houghton's Pond but was
given up as the necessary apparatus could not
be procured. The search has been continued
many hours when Tommy" young man
employed by the detectives, drove up in a
team with two ladies who had given him 8
ride from the other side of the HILL
He was greatly excited and told Wood he
had found Grays body and would show it to
him if he would follow up the path. Tommy
detailed how he found the body, beside which
he says, he found revolver. This he put
into his pocket and hurriedly left the body to
report the discovery to the remainder of the
party. While the young man was talking,
the searching party was making a rapid as
cent of the hill The path was tortuous and
before the top was reached the party was well
nigh exhausted. The place where the body
was found was about mile from the road.
The body was lying on huge fiat boulder
In cleared space, the sun shining full on the
lace giving it a CHASTITY appearance. The
position was easy and looked life like, and
only for the ghastly palor of the face, there
were no indications of death. His tongue
was clenched between his teeth, and the
mouth was partly open. A stream of blood
flowed from a wound in the heart. The vest
was unbuttoned and blood stain was visible
on the outer shirt. The revolver with which
the suicide was committed, is q silver seven
barrelled thrty-two calbre, with one cham
ber empty.
From the appearance of the body Gray
had apparently been dead several hours. Be
hind the body at the head of the rock was q
partly smoked cigar. The revolver was put
back in the position originally found and a
medical examiner sent for who will make an
examination this afternoon. 1t Is not known
yet whether or not GRAY left any notes or
letters to the family.
Samuel K. Payson, to day made an assign
ment to Samuel johnson of Hovey & Co.
The announcement of this assignment caused
great surprise as Payson has been considered
one 0fthe wealthiest men in Boston. His f.
nancial difficulty, it is stated, has been caused
by the endorsement of paper for the Indian
Orchard Mills which are virtually owned by
himself and family. VIM. Gray. Jr., whose
dead body was found, this morning, was
treasurer of this mill and Payson's assign
ment is the natural sequel of Gray's heavy
detalcation. Mr.. Payson is a man of the
highest standing and his difficulties elici:
sympathy from every quarter. 1t is thought
by many that they will prove of temporary
nature.
Samuel R. Psyson is 73 years old and is
now proprietor of the Derry woolen mills at
Goff's Falls, N. H., and president of the City
National Bank of Boston, He started in
business with A. G. Peck & Co, importers
and jobbers of dry goods, and subsequently
became connected with the firm of j. c.
Howe & Co., commission merchants. He
amassed fortune and retired from business
some time ago The assignee, Samuel
johnson, IS not in town and Mr.. Payson 10
also out of the city, and neither can be seen
at present. Payson has submitted his resig-
nation as president of the City National
Bank, and it will be acted upon by the direc-
tors at meeting tomorrow. His liabilities
are estimated at about S35 200. Payson
stated this morning that he thought he had
ample fnnds to pay every item of indebted
ness in full, but his affairs are in such condi-
ton that the property could not be realized
upon at decent value at forced sale, so it
is believed for the best interests of every one
to make an assignment. The failure is due
to the shrinkage of shares of the Indian
Orchard Mill. Payson is large owner of
the Hallowell Mfg. Co., at Hallowell, Me.
Payson retired from active business in
1874, but has since looked after the various
manufacturing interests with which he is
connected. He has been director in a Ma
tional city bank for many years, and about
two years ago was elected its president
Payson was president of the Manchester cotton
milla, Manchester. N. H., which had cspi-
tai of S2,000,000. He is president and owns
all the stock in the Derry mills of Goffs Falls,
Manchester, N. H., which has a capital of
$4,000 has ten sets of cards, 32 looms aud
81 ,08S spindles, and is assessed at S64, 700.
The Hallowell Cotton Manufacturing Co. i,
Ballowell, Me-, was organized in ls45, and
has a capital of $500, 900 Payson is presi-
dent; f. G.. Irving, treasurer; the directors
being Jacob Wendsll, G. K. Psyson, Geo. S.
Buffers and Henry S. Hovey. Payson is
said to own most of the stock of this COM
pany, and it is stated on the authority of one
of the directors that Payson had borrowed
money on his notes for that company. He
has also borrowed for the Derry mills.
He was a director in the Atlantic mills.
also in the Indian Orchard mills, in which he
owned $3.50, 900 of the stock. The immedi-
ate cause of the assignment is said to be the
fact that the banks called for more collateral
for the money he borrowed. The stock he
put up was largely of the companies of which
the late VIM. Gray. Jr., was treasurer. 1t is
said that he owes about $3.50, 900, about one
half being covered by collateral. An official
of the city bahk states they are amply
secured. The president of the Boston bank
says that Payson has not endorsed any paper
for the Manchester mills nor for the Indian
Orchard mills for one year. If any is in ex-
stence it is forged, and he thinks Payson
can pay in full.
Samuel johnson to whom it was reported
Payson had assigned was seen tonight at his
Nahant residence. When asked if such were
the facts he replied, mo, sir. Richard Olney,
counsel for Payson, saw me today just before
l left Boston and acquainted me with Pay
sons condition. He wanted me to be his as
signee and consented to it but no definite
figures were mentioned, and when left Bos-
ton it was decided that Olney was to bring
the papers down here tonight and we would
then consumate an assignment. One thing /
can assuresyou of, Pavson has acted in a per-
fectly honorable manner aud in my mind
there is not the slightest doubt that he will
come out of his difficulty with colors flying"
While the interview was in progress q dis
patch was received from Olney saying it was
impossible to bring the papers down tonight
and asking for an appointment for tomorrow
noon in Boston, which was agreed to.
Medical Examiner Sturtevant arrived on