The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-01-26

ODD you have . single one Of the
ga, COO worth Of bonds In your vaults
when you received this notiosf
Al don't know.
Q.-You ought to know that Mr.. York
Ali could see the schedu les min
its could tell.
Q.-wasn't every one Of these bonds
placed az collste with the banks In
this u / ?
A.-You ask about every single one.
I can't say Is II taat
Q.--Ths failure Of the Crystal Water
company wouldn't squeeze ron quite as
hard ~ 1t woaid other people. would itf
A.-Yes 10 seems 70 me that IL would.
The banks would have called In their
loans.
Mr.. York also said that the firm did
not have many II any Of the first mort
gage bonds Of this company In It's vaults
Ut the time OF the failure.
Q-Cthsr securities would not have
bsen sffsotsd BY the Assignment, would
theyf
MIR. York thought that all Of the other
securities would have been affected some.
Q.-Ths United States government
bonds would not have suffered would
thsyf
A.-No.
O Nor the Bangor and Aroostook
bondsf
A.-No
O.-Then before you made the assign.
ment, the assignnent could hardly have
affected the securities would III
A.-No.
Q.-So all the talk you have been max
ing about the depreciation Of securities
does not apply az 10 the time when you
received the motto, Of the protest Of the
notsf
A.-Ths fact II that when the note
went to protest 1t seemed to Us that the
people In charge Of the company were not
going to carry out their plans and we
understood that they would default the
next maturing coupons which would call
In question the value Of our bonds.
Q-Now answer my queytiou.
Alt was Just at that period that the
value OF the securities changed. The
protested note was an indication OF what
was going to take place.
Q.-Csn't yeu answer by yes or nor
A.-No.
Mr.. Pisrce-He has answered the quss-
ton.
Mr.. Fresman-I don't think he has.
Will you please explain your answer.
Mr.. Piaroe-That will do. He has
answered It
Q.-You lay your Insolvency to the pre-.
testing of the note and the Indications.
A.-Ths in diontions pointed to
change and the value Of the bonds were
called into question.
OFT wasn't possible that the company
being short few hundred dollars would
refuse TO pay the nosef
A.-You understand that thess people
who managed the company were going
to handle 10 In the right manner 90 they
said.
Q.-You didn't know the reason why
they didn't take care of the notef
A.-No.
OF might have been one Of several
causes might It metz
A.-Yss. But these people had called on
rs for all material in relation to the com
pany. have heard that the trust COM
pany in New York wnsre the oompany's
property was placed had also bssn called
upon to deliver the property Of the oom-
pany. This was the preliminary ss~p
10 attacking the company. its organiza-
ton and all pertaining to 1t. When the
note went to pro,sst II placed as under
the floating debt.
THE RAMAPO DEAL.
There was aro.her thing which snsere d
into It The people who purchased this
sto,k that We had had purchased 10 20 sell
TO the city Of New York. II that company
had to aght the Crystal Water company.
% then seemed probable. these men would
got their money back and handsome re-
turns The Ramapo matter had come up
lust prior to this time apdsthe idea was
that the Crystal company would Be taken
up by this scheme. Altar the newspapers
had taken up the discussion Of the Rama
10 matter there was 10 nkslit cod that
any private water company could DO cold
to New York city.
Anticipating the probable failure OF
this scheme the final purchasers who had
fought the stock from . broker who had
purchased It Of us for s25. 900 AID sold It
to them for $50. 900 began looking about
for other means to get their money back.
They then planned the attack on the
company, Its organization and tonds.
When the note west TO protest IL wal
suf1oient evidence to rs that such deal
WAS on foot. II Woodbury. and Moulton
had withstood this attack and stood BY
the bonds they held ~ they hoped We
would do they could have got their $50, 0Ot
back We were paid for thsss 1000
shares on April 10. The rate per shars
WAS ls,s than e7A
Q.-were there any profits In this deal
A.-No. We ware carrying this stock on
our books at Is share. We got thti
stock In 1890 whom We purchased the
bond issue Of the Crystal Water company.