St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-22

@. What was the occasion Of your
making her this loan, and at what
time was it for the purpose of her
going into business, and when did you
converse with her about it? A. 1t
was about September.
@. Describe that Who started the
conversation? A. Well, she started
it. She told me she was at one time
thinking of going into business with
Mrs Murray. They nearly went in,
and she came pretty near being Mrs.
Murrays partner. Mrs. Murray had
millinery store across the street. but
at the last Miss Cling thought she
would not go in. After this she
thought she would go into business
and have a millinery store and dress
making, and that is what this $1,000
| was for. She calculated it would cost
| $4,000, and she had $1,000 and her cap
| ital stock was to be worth Slo'ooo. 1Ills
| $500 was not in that.
@. What was the agreement be-
| tween YOU and her as to this $1,000?
A. Well, was not to have any inter-
est in the business. l knew L was to
get per cent interest on the money
! and have a chattel mortgage on the
| stock and goods, and at first this lie
insurance was never preached because
| did not consider the life insurance
| on q stranger would be worth So, but
she had been talking about life IN
surance and getting her life insured,
and [ told her I thought it was good
| thing | knew if she went into buS-
mess she would make success OF 1t.
Q. Why? A. Because she was
smart She always ran her business
in a business way, and had been there
a number of years. She was a thor
ough business woman, and knew how
to attend to her business.
@. She was more of business than
sentiment? A. Yes, she had more
sense about business than most men;
they say that 95 people out of every
100 fail when they go into business, but
l looked upon her as one of the sue
| cesses.
| @. Where did you go to assist her
in ascertaining how to insure her life
so you could use it as collateral for
your loan? A. At first I did not want
to loan it to her, and l put her off quite
a while. / talked to Mr.. Waterman
about it, and he advised me not to. He
was in the lumber business and adj
vised me to put the money into that,
but I told him I was not much of a
hand in business-I never liked it and
could not stick to 1t.
@. After that what? A. Well, it went
on that way for some time, and then
she said she was going to get her life
insured and give me that as security.
The first time I heard about it 1 think
7 lon of q I thought
policy would not be worth more than
half the premium Another way 1
looked at it was as long as she was
running the business and lived it
would be a success, and on the other
hand if she died I did not consider the
$1,000 mortgage on the millinery stock
would be much good. If she lived and
paid the interest on the insurance it
would be all right, but on the other
hand if she died 1 thought the chattel
mortgage would not be much good.
@. What did you agree to do? A. L
told her 1 would not do it, and talked
with Waterman about it.
Q. What did you ultimately do in
reference to getting the insurance. A.
The first talk l think was in the North
western office, but l did not have
| much talk with the man-he talked so
| much 1 did not even have time to say
| that it was not for me. Then 1 went
to Titles, and in another place the
girl told me that the New York Life
took policies on women, and I went
around there and had a talk with
Pierce.
@. Did you talk with these people as
they have testified? A. Yes, 1 think
they are all straight.
@. Who did you report to? A. Miss
Cling.
O. Who else did you talk to? A. Mr..
Pierce, of the New York Life He
told me the policy was to be $1,000, but
somehow or other he gave her policy
for $4,000. The premium of the policy
he gave her amounted to the same as
on the $1,000 policy he had told me
about The policy he told me about
was different to the one she got. The
policy she got was a twenty-year en-
| doWment, but the one he told me
about was for twenty years, and at
| the end of that time the payments
! dropped. I went over with her once to
the New York Life and had talk with
Pierce, and she told him the loan was
| to be $1,000, and there was talk there
about the accident policy She told
| him about some friend of hers on Mic
col1et avenue who had taken out a pol
! icy for accident insurance and had af-
| forwards slipped and sprained her an
kle and was always happening with
accidents, so that at last no company
would insure her.
Q. When you talked about the loan
you contemplated that the policy was
to be $1,000? A. Yes.
Q. She then herself, with the in
| quiries and assistance you gave her.
| procured this policy in the manner you
have described? A Yes, sir
| @. Did you know anything about
her renting a store or trying to? A.
| Well, to the best of my knowledge and
| belief she started in and tried to rent
| one.
Q. What did she say to you about
renting a store?
Mr.. Nye objected, and the objection
was sustained.
! @. Did you talk to any persons as
| to the feasibility of loaning this
amount of money? A. talked with
Albert Johnson, although not for adj
vice.
@. Did you talk with him substan-
TALLY as was stated? A. I don't
think 1 told him 1 was going into bus
mess.
@. Did you tell anything about
your going to have a share in the
| profits? A. I don't think 1 did;
talked with Miss Cling about that first.
l was going to have an interest, but
then it was arranged l was to have 9
per cent interest.
@. Who else did you talk to? A.
Warren and Waterman. 1 never told
Miss Vedder directly 1 was furnishing
the money, and the same way with
Miss Ireland. I never told her directly
I was furnishing the money.
| @. Now, as to the loan itself? A.
Well, 1 went and asked about the as
signment 1 had heard about them
| being good one way and not another
and when I went and asked Brewster