The Newtown bee. (Newtown, Conn.) 1877-current, 1891-08-14
The Gregory, Ballou & Co. Case.
L. B. Booths testimony.

Il. b. BOOTHS testimony
/ had business relations with Elon
Booth covering period of years. Be
tween 1885 and 1887, I had possession
more or less of Elon's securities and, until
the last of September, 1889, they were
kept in my safe. First knew of the Jo-
mas account, think, in the Fall of 1885 +;
possibly not until January, 1886. Con-
versed with Elon Booth frequently about
his matters, but not particularly about
the Jonas account at that time. Did not
know of the advances Elon made on the
account at the time they were made, but
afterward. =. No money. was passed in
Newtown in regard to them, but in New
York. Exhibit II, December Ia, 1856,
signed by Elon Booth, is in my hand writ
ing. 1t was drawn after the knowledge
came to me that Elon had signed an
agreement to keep margin OF . per
cent. had several letters from Gregory,
Ballou & Co., asking that margin be put
up. l had interviews with the firm also
and Elon talked to me almost daily about
it. [ suggested that, as the market adj
vanced, to sell portion of the oil; when
it declined, to buy back again and my
suggestions resulted in the drawing OF
that paper. / was interested in Elon's
affairs and, when he had anything that
troubled him, he came to me to have me
help him out. Elon was then 70 years
old and infirm and lived half mile from
my store. Had frequent conversations
with him in regard to this Oil account
down to 1887 and until this salt was
brought. The suit was brought January
%, 1880. There were verbal orders given.
| am not certain of but one. / gave that
and it was complied with. 1t was after
a consultation with Mr. Jonas. The Or
ders were given at my own suggestion
and Jonas always cencurred. kept my
self posted, from that time on, in regard
to the condition of the oil market, through
the newspapers principally and the Or
ders were, given in consequence of the
state of the market. Elon said, when
asked to put up margin, that he did not
want to do it any more and said he was
told, if he signed paper, it would be
sufficient. Told Gregory, Ballou & Co.
this before the order of December IA,
1856, was given. They were then carry
ing 10000 barrels of oil. Knew of this
matter in detail in the Spring of 1856,
from letters that came to Elon Booth to
my care, which opened, as l did all of
his letters they called upon him to make
good margins according to an agreement
which he had made. They wrote letters
to me asking that would see Elon and
ask him to transfer from his account to
that of Jonas. asked Elon what agree
ment he had made and he said he did not
know. When 1 visited New York, was
showed this agreement of February 8.
Mr. Gately showed it to me. | do not re-
call any conversation | had with Mr.
Gateley about it, nor was my attention
called to any previous writing. l knew
first of the order of January l6, 1856, af-
ter the suit was brought. Elon's letters
came sometimes to himself and sometimes
to him through me. He gave me author
ity to open all his correspondence. had
entire charge of his correspondence until
August, 1888 and, partially, after that
time. So far as | knew down to August,
1888, Gregory, Ballou & Co. never sent
Elon statement of this account. Janu-
airy IA, 1861 asked them to send state
ment of his personal account to me. |
had heard that money had been trans
ferred to the Jonas account from his own
and [ wanted to know how much, that
my account and that of Gregory, Ballou
6 Co. agree. They furnished me state.
ment of Elon's Individual account. From
August, 1888, down to the time the suit
was brought, no statement was sent by
Gregory, Ballou & Co., to my knowl
edge, to Elon Booth. From my first
knowledge of this Jonas account, dowr
to the time of Elon's death, Elon never
claimed to me any interest in this &C
count. He said Jonas came to him anC
asked him to lend him money and he die
so. That statement applied to the $500
transferred from his account to that o
Jonas. Elon asked me to find out iron
Gregory, Ballou Sc Co. how much none,
had been transferred and asked me t.
compute the interest for him to certain
date l did so and Mr. Jonas came in lat
er and paid the interest. The rate wa
. per cent. | deposited the money t
Elon's credit. do not know of any fui
thur transaction in interest. Jonas pal
it without any objections. know iona
.. once offered Elon life insurance polio
as security. Elon did not care to take il
/ did not see the policy. l do not kno'
: of any other security being suggested
Elon made other demands on Jonas fG
interest Could not give dates. 1t wa
in my store, he asked him for interest.
could not tell how often, but more tina
J, once. Jonas told Elon he had to get
out of the oil first. Elon told Jonas
wanted it then. Irecall no other conye
= sation with Elon and Jonas in regard |
= interest, but Elon talked with me fir
quently about it. Said he wanted Jon;
to pay his interest and went, kno,
many times direct from my store to h
house to talk with him. I do not reca
any conversation about the principa
~ more than that Elon knew Jonas cou
not pay it, unless he could get it out
the oil account. Jonas's place was MOI
Or gagged and Elon did not care to hold
second mortgage upon it, nor to held /
life insurance policy. These matte
!, were subjects of frequent conversati
:, between Elon and myself. This letter
= November %, 1886, was put in as e
dence:
2 Elon Booth: Dear Sir--For some time pa
~ the oil accounts which yon guarantee agail
loss to MS have been in rather a bad way, me
of so, we might say, than any other accounts
er. our books In looking over the account,
III day, we find tina by closing out the oil at