The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1894-12-14
NOTES WERE BAD.
Boston Men Swindled Out of
Thousands of Dollars.

" A"Aes"Ao hAiIihB OF Notes aU Dig LIS
counts Alleged-serious Sequel to TIL.
Failure of the Portsmouth Company.
BOSTON, Dec 1.-THE Post says: One
Of the best known citizens Of Boston, Micaf
Dyer, Jr, is out just $4,000, and his son
Walter Dyer, is out $4,000, as q consequence
OF investing in some worthless notes Of
the Portsmouth company of Berwick, Me
The persons who hoated these notes have
had for capital good rating in mercan-
tile agency, secured by one of their mum
Der, who unconscious, at first, of the kind
or company he was in, would stake his
good reputation on their responsibility. 1t
Is said that capitalists and banks have lost
over 100000 by the operations Of these
men. 1t is SID that they did wholesale
business in kiting notes at large discounts.
The Portsmouth company in former
years did large business In cotton goods.
The president was William H. Rollins,
and Samuel Hale was treasurer. The
company about two years ago was strug-
n Cling to pay some old notes given for new
machinery, amounting to nearly 5000, 200.
Then it was the group of note foaters
same upon the scene
4Hf IINLNdAU IL SOll1uS bpIuOh up OH az
Qnaintanceship with Treasurer Hale, and
Collins connection with the scheme in
1uenced Hale, it is claimed, to consent to
Show Collins to float some of the COM
pany's notes The Portsmouth company
- this time was very badly off for ready
sash, which undoubtedly influenced the
treasurer to listen to Collins
The notes were brought to Boston by
collins and placed in the hands Of Alfred
"A. Marcus to negotiate. Marcus found
trouble in disposing of the notes. One of
sthe men approached was Walter Dyer.
#Dyer was owed considerable money by
u Marcus at the time, and to accommodate
the broker he agreed to take the notes, Of
which there were four, at $1,000 apiece.
Dyer questioned Marcus about the Ports
mouth company, and learned that Rollins
was the president. Rollins and Dyer
were old friends, and Dyer knew that his
friend was considered an honest man.
This decided him to take the notes, with
the proviso that Rollins should endorse
them. This was done and the deal was
completed, Mr.. Dyer relying entirely
On the Endorsement of Rollins.
Some time after Marcus flashed up notes
from the same company for $4,000, and
presenting them to Micah Dyer, Jr., was
accommodated with $4,000 in cash and the
notes held as collateral. Dyer still has
the notes.
The Portsmouth company failed last
August for $780, 900. The concern had
good rating, and it was believed that it
was induced to enter into reckless 1nan-
cireing, which caused it's downfall. Re
cont developments show this to be a fact.
The failure of the company was due to
the attachment of President Rollins
property by Walter Dyer and Samuel
Harvey of Cambridge. This brought
down upon the company horde of credi-
tors and it was forced to suspend.
At the time of the failure, Treasurer
Hall claimed that the company had not re-
ceived more than one-third of the money
from the notes hoated by Collins and his
friends.
For instance note would be given for
5000, and, when the Gosh came back,
there would be only $500. This was sup
posed to be because of the ruinous rate of
discount, but it is now claimed that the
Brokers Proflted Largely.
Another of the financiers is Chester L.
Lindley, an ex-president of Grafton, over
whom an Indictment, charging embezZle-
ment, is pending at the present time.
Henry j. Thornton is said to be another
of the crowd who was interested in form
ing companies issuing notes and then
unfortunately failing, almost before they
began to do any business.
Edward L. Collins seems to have been
the Boston agent of the financiering con-
Germ. He was the man who placed the
notes in Marcus hands to dispose of to
Boston's blue bloods.
Alfred A. Marcus is we'll known here.
John G. Hathaway was one of the most
active, he placing the paper. 1t cannot
be shown that he shared any of the pro-
eeeds of the notes. Hathaway has been
also concerned in placing notes of the
Richardson Lumber company and John
+. Davidson & Co., both companies fail
ing before the notes came due.
Marcus did not confine his operations to
the Portsmouth company's paper, but is
said to have sold a note of Charles A.
Smith q Co., the School street tailors,
only the day before their failure.
Walter Dyer was seen by a Post reporter
last night. He could not understand, he
said how President Rollins could have
endorsed the notes, as he had always
known him as an honest man, whose
word was as good as his bond in Maine
and New Hampshire.
Mr.. Dyer says Rollins has admitted to
him since the failure that when he signed
the notes he knew they were worthless,
and that the concern was worthless. He
couldn't tell what made him sign them,
and told Mr.. Dyer that the brokers had
ruined him.