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

outstanding when the second tissue of
bones was mace. ~
Q.-So II there Is now s743 COO Of the
tirst mortgage outstanding there was
that amount outstanding at the time
OF the cancellation of the first slCo,
A.--As far as l can rscoliect.
q What would the lille Of these second
n o,tgage bonds indicate to you that they
weref
Alt would indicsts they we're re-
funding toads; / understood Ii was the
oompany's Intention to refund the first
mortgage bonds as rapidly As practicable.
@ When did you purchase the first
isiup, and how long have you handled
theml
A.-SIucs December 4, 100
Q-what rates Of interest did you
pay on loa1s?
Al Ia to 9 per cent.
. What average?
Al should say b per can't.
Ola you ever pay more than sixs
Ayes, in one case, but we had the
| rate reduced.
What WAS your custom In cashing
ooG pens fai peoples
A.-Peopls brought the coupons t. rs
and we gave them the cash for them or,
We took them fer collection. In the
latter case we sent the coupons to the
nearest points CT payment. II in Bos-
ton we sent them to Richardson, Hill 81
Co.; II In New York, to the Liberty
National Eank or Blair & Co.
Q Was 1t n custom with you to send
coupons to Blair & Cor
A.-No, the lot we sent In the last part
Of October was the first we had sent to
shem for fonie time.
Q.-Were these coupons credited to your
acoountP
A.-No, we instructed Blair s. Go.
after our failure to remit the collections
i-ect to the owners whose agents we
we're.
Q How was the instruction to
Blair & 20. to remit directly to the Port
land SAY logs bank given II not by letter
or telegram
A.-By telephone. The coupons be.
onged wholly to the Portland Savings
bank; we had no interest in them.
MIR. Freeman read letter of MIR. York
20 Blnir & Co. enolo sing coupons aggre-
eating $40, 725, which he told them to
credit to tteir account
Another letter fro,u Blair & Co. to
Woodbury. q Moulton was read, telling
them that II II Was their intention to
forward coupons regularly they would like
TO make permanent arrangements con-
9'rning the collection. Another letter
from MIR. York to Blair & Co. confirmed
the transfer OF the coupon acoount to the
Portland Savings bank on Nov. LIST,
mounting to $3.50.
Q.-DId all of the $4,000 go to the
credit of the Portland Savings banks
A.--As far as know IL did.
Q-What was the Obstruction made 10
the lsttsr between the credit and the col
lection ACCOUNT
A.-Blair & Co. were unable to ooll6 ct
all the coupons and held some of them
for collection.
Q-.when did you telephone Blair s.
Cor
A.-Late In the afternoon of Nov. Isl.
@ Was 1t before the letter was received
from Blair g. Cor
Al am unable to stats.
Q.-when docs Blair & Go. close busi-
ness In New York?
Al don't know.
Q When did you telephone?
AIT five O'Clock.
n Ia IA prohabl that IL was aa Iata N 9
that?
Ayes.
Q-.And , GU found them In their Office
as late as that?
A.-Yes; talked with Mr.. Dennis.
ODD you tell him about your essign-
ments
A.-No.
Odd you give him any reason for
your haste In transferring the coupons
to the credit of the bank?
A.-No.
Q.-Whnt was your hastei
Ave were only trustees for the col-
lection anu the coupons belonged to the
bank.
Q.-Why did you do thiss
Ave knew we were to assign and so
we did this to put the matter right.
Mr.. Pierce-You needn't explain that
matter. 1t was God -send to the savings
bank.
Q Did You feel surprised to find the
Blair & Co. people in thsir Officer
A.-Ihere was no arrangement, II
that's what you mean.
Q.-Did you tell Mr.. Noyes you were to
do th.sf
A.-No, MIR. Woodbury. and 1 hastily
discussed the matter and aotsd upon 1t.
When did Mr.. Noyss know about
this transaction for the first timef
Al don't know.
Will your books show this transao.
tionf
A.-No.
SrgN