The Newtown bee. (Newtown, Conn.) 1877-current, 1891-08-14
NEWTOWN, CONN, FRIDAY, AUGUST A, 1891--SK PAGES

whom we thought was your agent in the maj
ter but received no reply. Your prompt at
tention viii oblige-T Gregory, Ballou q GO.
Psf You desire us to still carry the oil,
please remit $1,000.
communicated the contents of the let
ter of November % to Elon Booth and
wrote reply on the following day and
sent it to Gregory, Ballou & Co. did
not keep copy of the reply, nor do 1
think L told Elon what wrote. In fact,
/ know did not tell him anything about
it. When / told Elon of the letter OF
November %, he said he wouldn't put up
any more margin for Jonas, that Jonas
himself must do it. The following letter
is the reply of L. B. Booth to the letter
of Gregory, Ballou & Co. to Elon of No
vember %, 1885,:
Messrs Gregory, Ballou s. Co.-Yours of the
23d to Elon Booth, which am authorized to
open, is received and contents noted. The
previous letter of which you speak was duly
received and its contents laid before MIR Elon
Booth. He felt very badly and told me to hold
on a few days before answering, hoping oil
would go up; when spoke to him again OF 1t
said "Wait" / expected you would write
again before ILLS anu bO1u HIN oo' III SSO
Mr. Booth as soon as possible and shall tell
him to say what he will do at once. He has
money enough ON hand and can comply with
your reasonable request at once. Mr. Elon
Booth is perfectly honorable, or intends to be,
but reverses seem to affect him rather hard.
Very respecttully.-[L. B. Booth, November
a. 1885,
I called at the Office of Gregory, Ballou
& Co. after Elon's refusal to put up more
margin and told them what Elon said
and that could not persuade him to adj
vance more money for margin. This Or
der of December IA, 1886, was the result
of Elon's declining to do anything fur
Their:
Gregory, BaIlou & Co.-Upon the order of
Charles Jonas and l.. b. Booth, sell any part
of the oil held by you for said Charles Jonas
and, upon same parties order, buy back. AT
no time, however, shall they increase the
quantity now held by you for said JONAS
GElon Booth, in presence of L. B. Booth.
We sent them an order to sell in Feb
ruary, 1887, and this letter of February
Is, 1887, was in reply:
Mr. B. Booth-Yours and Mr. Jonass OF the
l4th with order to sell 1000 Oil each at "a, GA IL,
IS, 65 IL, 66 duly received. We enter same as
good until revoked. There was no chance OF
selling today, as the market has been quite
weak. We hope for a rally soon. In the mean
time can you not persuade Mr. Elon to furnish
more margin and thus put the account in a
satisfactory condition. He will get better in
terest than at the Trust company Gregory,
Ballou & Co.
August 26, we sent this order to Greg
DRY, Ballou & Co.:
Sell 10 or Is thousand oil on account OF c.
Jonas & Co., with the understanding that
have the privilege of buying back when the
market is in shape.-[C--Jonas, L. B. Booth.
This was an order sent by us in reply
to a letter received from Gregory, Ballou
& Co. of August 20, 1887, which was
shown me on the morning of August rs
by Jonas at my store. 1t was talked over
between US very hurriedly. Elon was
not present, nor do / recall that any one
else was present. 1t was about half past
or 20 minutes of 8. We decided to an
swer by mail and I hurriedly wrote the
order of August 26 and Jonas mailed it,
or at least suppose he did. The follow
ing Monday, think it was, we received
u 1CbtCI lIOlH Dnhoa ~ W. HAA
nouncing the sale:
C. Jonas: Sir-Your letter of the Goth receiv-
ed. While oil looked tolerably- steady we
waited, but finding it giving way, we conclud-
ed to sell the whole $4,000, which we did and
herewith enclose return for same. Respect
fulIy,-[Gregory, Ballou s. Co., August 27, 1887.
saw the above letter about the time
of its receipt Jonas showed it to me at
my store on the morning of August Is,
1887. / don't remember receiving state
ment with it. Elon was not there.
/ did not see Elon in the mean time and
he knew nothing about it. Elon was first
made acquainted with the letter that came
from Gregory, Ballou & Co. and the or
der wrote to sell, after the oil had been
sold and had visited the office of the
company in New York; think it was the
next Wednesday after, August n, 1887
l was in the habit of going to New York
every Wednesday.
After the oil was sold out, still KEPT
track of the oil market saw the mar
ket price in the papers, the next morning
after the sale. By the statement, it solo
at 81 So. After the oil was sold, | frs
consulted with Mr. Jonas. The order
sent of August 26 was with the under
standing that could buy back when OF
advanced. Jonas told me to say to tn
firm that they had exceeded their author
ity in selling and that they replace tn
account as before in accordance wit
their letter of August "a to Jonas. ICON
municated that to Mr. Ballou and, durin
: part of the conversation, Mr. Gateley wa
present. 1t was in their office. / sal
we thought that they had exceeded th
3 authority we gave them in selling MOI
than we instructed them to sell. tol
q them we demanded of them to buy bac
t again the oil, as they intimated the
G would in their letter of August %. Thu
: we in no wise intended to have it sold OF
0 absolutely, but gave the order to accon
: modate them temporarily. BY we,
s meant Jonas and myself. That was m
: special business at their office that da.
s did not see Gregory, that day, to ha'
Ii any conversation with him, but he was
l. the office. 70 my first demand Of the
q they replied that they did not need n
4 authority; they had right to sell al
T. time they chose. I asked why they as
ed authority from us, il they had it wit
e out asking. They said they needed
s authority and, to the other demand, tn
N declined to purchase back unless mon
II was put UP for q margin. called tht
7 attention to the state of the market; th
the market price was better than VIII
IT. they sold; that oil was steady that tn
So had sold out at time when oil was at
:, :. very lowest. Gateley said be was ava
O. They got frightened about its going do'
o. and Mr. Gregory ordered it sold. Gatel