The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-03-02

it. We bought other stock for cash. too.
Thss, stocks could not be termed worth
lets te,a use we sold Crystal water com.
pany stock for $50 90 and later could
have sold 1t for 0.0t0. That stock could
not be termed worthls was tired
of water company stock and wanted to
get rid OF all OF st. 1t was too slow
and took too much time. We could make
money faster on something else. We paid
for our bonds fr5m 81 to IS ana some
times sold tbs IN for par ana sometimes
little less.
GLOW many OF these bonds have de-
faulted their Couponsf
Al should say that OF all the water
toads We have sold not over 20 to 20 per
cent. We sold over mill on OF water
tonds In Maine.
q What bonds have paid no courouss
Al don't think OF any. They have
all paid colro3s, l think. That's the
way we goi one or two companies be-
cause they wolld have defaulted II we
hadn't stepped in and helped them ont.
These water companies had to be nurssd
along for the first three or four years.
q Did you continue TO sail bonds al
ter they detaulted their oonIonsS
Al think we did so IN one or two
instanoss. We never did 1t unlsfs We
tt ought the prospect OF their sarning
the interest was gooi. co 1ldn't recon-
mend a load unisss l believed IL 10 bs
good.
Q-Hov many toads have You ad-
vanced money on to LAY the inter sti
Ave only advanced money 10 COM
paniss In which we had oontfo' o. the
stock. That was not more than four or
dive. The Crystal. Goldsboro, Fort
smith, Richmond Water and Light. aud
the Jeffersonvills ne advanced money
10. don't think Of any more.
Q.-How many years have any of these
companies defaulted psymentS How
about the Crystal water company nondsr
A.-The Crystal ra'd Its first year; the
Fort Smith paid their interest.
90 you have been carrying these
tonis by advantingf
A.-Yes.
O.-Thsse coupons were presented at
your oounters
A.-Most of them were paid in New
York, though we did send on fer colleo-
ton, or oreditsd them on account.
Q-when a Company aefaulted Its in
terest and you advanced the money, did
you notify the holders Of these bonds
that you were advancing money on
theinf
A.-No. The man who q ats the money
for his coupon is satisfied and as ks no
question. When people inquired We told
them the facts We didn't volunteer any
information.
.Q.-Do you rememb.r any instances In
which you sold water bonds and re-
deemed them at the amount you paid
for them?
A.-weil, we have bought them back
once or twice.
Odd any men come to you and COM
plain of the bonds and you took them
backi
Al recall but one instance OF this
kind. One man, now dead, did 1t and we
took the bonds back.
Q-Do you remember any instances
where you bought back bonds within
short time after you sold thems
Al don't recall any cases now,
though we did buy many bsck. In July
We bought Crystal water company bond
at 9s. which We sold at par.
MIR. Larrabes sid he represented Mr.
Trickey's estate. He said he found $l7,-
900 Fort Smith. 5000 JeffersoDsi lie.
5000 Argentine water and light oompa-
ny, $4,000 Richmond, $40, 0y0 Goldsboro
and many others.
Q--What did he pay for Fort Smith,
Ale bought $4,000 In 1898 and eth
ers at different times.
Q-About all these bond and stock
transactions were made with depos!tors'
money!
Ayes, with capital. deposits and
money borrowed.
Q.-So you were carrying on business
with money furnished outside Of the
tirmi
Ayes.
Q-You knew the names OF depositors
and their oharacterf
A.-No, knew little about them.
Most of our depositois were men OF
means and the GASES of suffering from
our failure. am glad to say. were very
few and slight. We always paid per
can't. We never adver tised for deposit
tors; they came to rs without solicita-
ton.