The Newtown bee., 1891-06-05
ELON BOOTHS ESTATE Still Devoured by the Lawyers. Gregory, Ballou & Co.'S Oil Margins.

ouAAA DONSAAOu " pAAS A@"W S& 5s Gregory, Ballou & Co.'S Oil Margins.
 Rest of Curtis F. Gately's testimony ::
 We did not sell Jonas out, but trans ferred the account to Jonas and Booth. I did not recollect his getting in debt, but he did not keep his margin up to the mark. The transfer made was cash transfer; l mean there was credit bal ance in favor of Jonas and the account was transferred to Jonas < Booth. The account started March 25, 1885, and ran until November 25, 1885, and the transfer of cash was $1OO S7. The account of Jonas was a subject of previous conver- sation between Jonas and myself. I told him we were willing to do his business for him, but realized that he was not a man of much meBns and an oil account was more hazardous than some other dealings. l explained to him about mar gin and he seemed to understand it. I told him how we could get communica- tions back and forth and, if it became necessary, he could get guarantor for his account. I had general knowledge of his financial condition. He had a small account with us April 23, 1884, and the account ran until March 25, 1885. The largest amount carried at any one time was 5000 oil. The account was never guaranteed by anybody. l have hunted mn and nnt into tha hon1c of ooupcA1 all communications in connection with these oil transactions that l know of. I never knew of our company ever receiving any letter wholly in Elon Booths handwrit- ing. Never received one, any portion of which was written by him, except his signature.
 The transfer of 5000 of March 9, 1886 was made in pursuance of a telegram from Elon, "Transfer bladder to ac- count of Charles Jonas." That was the last cash credit on the account. Elon's individual account, as brought down on our ledger to April 20, 1889, is $35S2 97. There was no charge against Elon from September 2G, 1887, to April 20, 1889. Our firm did not hold ElOn's guarantee for two other accounts. 1 wrote the let ter of November 23, 1886, in which refer ence is made to the bad condition of the accounts. The letter was written to Elon and in it said, ''If you still wish to carry the oil, please remit $l200.' De cember 14, 1886, l.. B. Booth came into our office and wanted to know about the I to1 I; ;,, tS do anything with tine account, it would be necessary to have an order from Flor Booth; but we had no correspondence about the matter. The letter of Novem Der 23, in which reference is made to the bad condition of the accounts, I wrote myself; but don't think 1 ever received any reply to the letter. l cannot give the price of oil at that time, but tho amount called TOT was nXed at $l2OO, tC keep good the margin. We sold anC bought in n few instances under the ac count of l.. B. Booth and Charles Jonas Generally, when sales or purchases were made, we gave notice to Charles Jonas From November p, 1885, to August P 1887, our firm purchased and sold on tha account g ,000 barrels of oil. The com mission was $l on a thousand barrels each way, so that our total commission on the whole transaction was $66. Tha represents the entire profit to our firm Several telegrams from the firm to c Jonas were introduced:
 Market may go lower, but we think it sate1 to buy than to sell l-4now; has beenS w, believe market will gradually improve; Il per cent. margin sufficient, if kept good. No vember g, 1885.
 You are now long l5,OOO and margin will no admit of further transactions. February 8 1886.
 Last sale was IA. Your margin is exhaust ed. Please remit funds to the amount of IOOt barrels Of oil. March 20, 1886.
 The telegram was sent prior to Elon's letter of March 26.
 Last sale was zl. Your margin is nearly ex hausted. Remit 1000. March 31, 1886.
 The oil was sold August 27, 1887, and credited up on our account August 29 Mir Gregory took no special charge in the detail work of the account. was off on my vacation when the sale was made and knew nothing about it until returned. MT Ballou took the greater part of the charge after the sale. The bookkeeper who kept this account is dead. Don't know whether the oil certificates were in the office prior to the day of sale. Do not recall any letter received since Au. gust 27, 1887, signed by Elon. L. B. Booth visited us in the Summer of 1888. He brought to us the certificate of 100 shares of Western Union stock and said he was directed by Elon to bring it to us as security for the balance of this oil ac- count. l saw him hand it to MT Ballou. l remember just where l.. B. Booth stood, what part of the office and every part of the transaction. The certificate was not endorsed. MT Ballou asked him why it was not endorsed and told Booth it was of no avail unless properly endorsed. l.. B. Booth told us he wanted us to hold the certificate as security for Elon until such time as Elon had available cash at hand. AS it was not endorsed, we could not use it and, when l.. B. returned, he took the certificate of stock away with him, giving us to understand it was to get it endorsed and then return it to us. The certificate was never returned. Don't know from my personal knowledge that Elon knew l.. B. brought those certifi- cates to us. They were registered certif- icates, presume. I think it was in one certificate. IL required Elon's endorse ment to be available. I never knew that the firm ever acquainted Elon of this vis- it of +. B. think l.. B. said it was an oversight, not getting the Western Union certificate endorsed. Ballou and have