The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-09-01

Will uio cAcoptioi VI ouao VI ouo VOrumu w
company ara all straight and that being
over such long period OF time that the
concern which does $1,000, 600 worth of
business annually did not feel it and can
in no way be further affected as that
was all discounted some time ago.
AS yet there has been no step taken
toward criminal prosecution, for 1t is said
that the Worumbo directors have not even
discussed the matter officially.
The report was circulated today that
Mr.. Twitchell had made an assignment.
He stated in an interview with the
PRESS correspondent tonight that the
report was incorrect; that he had made.
no assignment to Herbert M. Heath of
Augusta, or anyone else. Beyond that he
did not care to talk.
Mr.Iwitchell is in very poor health and
is staying at his Popham Beach cottage.
BE has fallen away nearly one half in
weight under the fearful strain which has
recognized he is so worn, thin and wan.
lie has been grand commander of the
Grand Comp,andery of Maine knights
Templar and past grand chancellor of the
knights of Pythias.
The First National bank of Bath, of
which Galen G. Moses was president, ac
oepted his resignation at meeting today,
and Capt. John R. Kelley was elected in
his stead. All of the national banks
here claim that they will not be affected
by the failure of Mr.. Moses, and that al
though they may hold some of his paper,
thatsit is well endorsed.
z Tits said that Mr.. Moses had been car
rying On the business of the Richards
Paper company which had fallen behind;
that the war sent te price of paper up and
that Ii the war had continued the COM
lpary would have pulled through all right.
Ihe Lewiston Journa! prints the follow
ing authorized interview with Mr.. Moses,
regarding his failure:
"A week ago I did not dream that l
should be compelled to take such u step
Us assignment. Outside of two COM
panies, the Richards Paper company and
the Bath Gas and ElscJric company, all
of the concerns in which am interested
are prosperous and profitable
II have assigned simply because be-
lieved after certain complications had
arisen thss my property should be
handled with sagacity, unhampered by
any scramble by litigants or by panic
stricken creditors.
"First of all ! wish to express my I'M.
uua1jfied haliaf tbot rr,or ,x,xr , fFoirc chaIl
be untangled, every man whom 1 ows
will receive full value and that there will
be good margin let over and above all
claims.
II could have carried through either
the Richards Paper.company..o or the affairs
of the Bath Gas and Electric had each
confronted me alone in It's, financial COM
plsSatscns. But the combination of the
two proved too great burden for my
immediate resources
Mr. Moses then went on to explain that
the power business of the Gas company
developed so rapidly that improvements
were necessary. He continued:
The plan was to secure funds sufficient
to swing the Improvements by the issue
of bonds. We have expended more than
$780, on the plant.
"The broker in whose hands we placed
these bonds assured us in most encourag-
ing fashion that he could place them
readily and to advantage. But at the
outset there was technical stumbling
block in the way of investors, the claim
being made that the bonds were essential
ly based on second mortgage, though
it was agreed that the Improvements on
the plant fully justified the amount] Of
the bonds we offered on the market.
"Then the war broke out and the sale
stopped short despite the efforts of the
broker. In the meantime we had issued
paper in the name Of the Bath Gas and