The Portland daily press., 1895-09-23
GRANITE STATES SIDE.
Continued From First Page.

Continued From First Page.
does guarantee the limitation of the ex-
penses of the Association. and the
GOOD FAITH OF THE MANAGE
MENT.
The $780, 600 in question was paid in
by me in cash and hold the whole
800, 900 of shares issued therefor. This
stock was offered to the members pres
emit at that time and is now offered to the
members, or anybody else, whether a
Imember or not. If any one desires any
part of this 500, 900 of shares l will sell
the same to him at par and interest.
| This fact was published at the time, Mir.
Whitten knew it, and therefore l can
not be accused of wanting to control this
| fund.
| Mr.. Written states it was found that
the a. association ASS furnlshedIsao, IVY OF -. the
| 500, 900 paid. Let us examine TINS state
men6 At the present time have nearly
one-fourth of million dollars invested
in the Granite State Provident Associa-
ton, as 1 believe in it and know that it
| is solid. If needed some money, what
else might I be expected to. dc. than sur
render those of my shares that could be
them? (This 500. 0o0tin question cannot
be withdrawn.) At the time decided
| to take these shares owned about $40, QUO
| in mortgages which I had purchased of
| the Association. also owned a So, 900
certificate of stock which had one day
longer to rim before could demand pay
ment on it. I also had 500 certificate
which had been issued to me as tempo
rary thing for money loaned to the A $50
citation. The
MORTGAGES WHICH HAD PUR-
CHASED
| from the Association I had had long
| time and most of them were due and
payable but as the property upon which
| they were given was excellent security
and as knew the Associations standing
to be unquestioned, l had no desire to
have them paid off and therefore kept
them. When decided, however, to take
| this $780, 900 of stock. asked the Associ-
alton. at a Emeeting of the Board of
! Directors, to pay me the money due me
| on my mortgages and also to pay me the
par value of the certificate of shares
which had one day longer to run-and
which Mr.. Written calls violation of
the contract-and also to take up the GER
tificate which was issued to me for money
loaned several months previous. This the
Board of Directors agreed to do, especial
| " as rebates were made on the stock and
mortgages so that the Association gained
some S1200-these rebates being made by
met because did not want to give the
opportunity to any one to say that i
profted by the transaction to the extent
of one dollar After these matters were
arranged I told the Board of Directors
that should probably have to
BORROW 5000
somewhere or else call for some of my
other investments in the Association as
had between $50, 600 and $780, 600 besides in
other stock Whereupon it was proposed
that the Association should loan me
$40, 900 upon my stock in it, rather than
have me withdraw any more, as this
would be temporary loan at 6 per cent
and especially as the Association would
have surplus Of funds on hand when I
paid in the 500, 600 and it would be better
for it to be drawing per cent until it
| could be invested than to have it III
| banks. Therefore. with the consent of
| the Board of Directors, rather than with
draw any more of my shares, l borrowed
| from the Association $40, 600 and gave
my note on demand with the shares as
collateral, which shares were valued at
| considerable more than $40, 600. After the
| Commissioners had been examining the
Association for some time some one
| raised the question as to whether or not
these shares were sufficient security for
my note. If the position taken by Mr..
| Written was correct, that losses were a
liability, the shares might not be
sufficient If the position taken by the
| Association was correct that losses must
be Immediately charged off, then the
shares would be sufficient asked the
Commissioners to allow me to give
ADDITIONAL SECURITY
ON this note if they had any doubt about
it, This was agreed to, and thereupon
placed back of it $40. 900 more collateral
in securities in which the Association had
no interest
Mr.. Written continues and says that
I borrowed money at 6 per cent for the
purpose of loaning it at 8 per cent. He
fails to state to the public the fact that
under the agreement made with the
Association the use Of this 500, 600 was
and half for nothing. That is, the
general members will not have to pay
one cent for the use Of this 500, 900 for
| one year and half. 1t am borrowing
money at per cent or any per cent, and
giving the Association the use of the
money Tor nOthlng, L cannon pe SuppoSeu
to be getting rich very fast out of it.
knowing that Mr.. Written was to ex-
anime the Association and knowing his
prejudice, did this also in order that
he could not find even the slightest oppor-
tunity to honestly criticize.
| We now come to the common stock in
this guaranty fund. Mr.. Written states
that this was issued for the purchase of
the Guaranty Agency Company and that
1 was President of both companies. This
is not true had no official relation
with the Agency Company, although
| was large stock holder.
THE GUARANTY AGENCY COM
PANY
and it's predecessors had built up the
Granite State Proyident Association from
nothing to corporation with assets of
over 50, Co., 600. 1t had large sums of
money, employed numerous agents and
the Association owed it large sums OF
money, and the issuing to 1t of common
stock Of the above mentioned fund with,
out liability, was compromise agreed
|