Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-12-12
NOTES WERE NO GOOD.
Boston Men Easily SwindIed Out OF Thousands
OF Dollars.

Boston, Dec. 1.-THE Post says: one
of the best known citizens of Boston, Mlcah
Dyer, Jr, is out just $1,000, and his son,
Walter Dyer, is out $1,000, AS consequence
of investing in some worthless notes OF
the Portsmouth company OF Berwick, NE.
The persons who iloated these notes nave
had for capital n good rating IN IA ncrcah-
tile agency, secured by one of their num-
Der who unconscious, at first OF the KIM
of company he Was in, would stake ms
good reputation on their responsibility. IL
is said that capitalists and banks have lost
over $4,000 by the operations "t these
men. 1t is said tEa5 they did wholesale
business in kiting notes nj large discounts.
The Portsmouth company in former
wears did Il large business in cotton goods.
The president WAS William II. Rollins,
and samuel Hale WAS treasurer. he
company about TWO wears ago was strlG-
Cling to pay some old notes given for new
machinery, amounting To nearly s2O0DO.
Then il was the group OF note Heaters
came upon the scene.
Edward l.. Collins struck up an ac-
ouaiutanccship with Treasurer Hale. anu
Collins connection with the scheme IN
flucnced Hale, it is claimed, to consent 10
allow Collins to float some of the COM
nany's notes The Portsmouth company
authis tme was very badly off for ready
cash, which undoubtedly influenced the
treasurer to listen 10 Collins.
The notes were brought 10 Boston by
Collins and placed in tho hands of Alfred
a Marcus to negotiate. Marcus found
trouble in disposiug of the notes. One OF
the men approached WAS Walter Dyer.
DYER WAS owed considerable money by
Marcus at the sine, and to accommodate
the broker he agreed to take the notes, of
which there We're four, at $1,000 apiece.
Over 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 ana 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 5000 in cash and the
notes held rs collateral. Dyer still has
the notes.
The Portsmouth company failed last
August TOR s33o,oJo. The concern had
good rating, and 1t was believed that 1t
was induced to enter into reckless Imam
cireing, which caused its downfall. Re
cent developments show this to be n fact
The failure OF tho company was due to
the attachment OF President Rollins
property ny Waiter oyer ana Samuel
Harney ol Cimpr'oSS' ms Drought
down upon the company hoflr Oh creul
tors, andl WA, forced 10 suspend.
AT the iinr "i TIE iaii1rT, treasurer
Hall claimed tAa' IN" 'thpa'ty hau not rc-
ceiycd more lhnh ohHthifd OF the money
from the notes hoated ny collins ana his
friends.
For instance, note would DE given Tor
S5ooO ANA, Wheh IN c'ieh came bach,
there would DC "aiE SUI ms was sup
posed to be because "i tAe ruih"us rate oi
discount, but II Is now claimed ihat the
Erohers fro!'ted Largely.
Another of the iinancicr- is Chester L.
Lindlcy, an cx.prc,dcnt of Grafton, over
whom an indirtmcnt, charging embezzle-
mcnt, is pending AT the present time.
Henry j. Thornton j. said to he another
of the crowd who was Interested in form
lug companies, issuing notes and then
unfortunately failing. almost before they
began to de- any business
Edward l.. Collins seems to have been
the Boston agent OF the ilnanciering con-
Germ. He was the man who placed tho