The Providence news. (Providence [R.I.]) 1891-1906, 1905-10-12

he was at Yale with me-" Letter an
swered "Hoadley ! have known since
1898. Soon after we met he interested me
In his plan OF getting control OF the prin-
cipal engine and locomotive manufactur-
ing companies I'm the east and amalgamat-
Ing them into one big company
we got options on the Rhode Island
Locomotive Works. the Green Wheeloclx
Engine company, the Cramp-Hoadley En-
gine company and several others Then
the International Power company was or
ganized, with a capital OF $4,000, ,0O0 which
was Increased to 100000 when we set
about acquiring the Corliss Engine COM
pany's plant.
JUDsON WANTED MONEY.
"Hoadley and I controlled the Interna-
tional,' Letter went on, "and We had It's
stock listed on the stock exchange I'm
June. 1900 II had sold on the curb at all
sorts OF prices but | managed 10 con-
vince J. H.-that's Hoadley-that s25
would be a fair listing price.
1--WE owned our holdings absolutely and
made verbal agreement that neither
should sell without the consent OF the
other until the treasury stock had been
sold TO provide "A working capital. .Jud-
son had no connection with this arrange
ment or with the company at all this
time
III SfpAtiHDtI, lFp, l went TO Europe
on business and met Hoadley i'm Paris.
He showed me then some code telegrams
from Judson. That was my first knowl-
edge that Judson was I'm the game
The telegrams were requests for money
and Hoadlcy explained that on his de-
parture he had loaned Judson 1000 shares
OF Power and had told him 10 manage the
market Judson's troubles were due to the
fact that the Cramps. who held 1iso shares
n M h.1 ...ts -
them as long as we held ours. had un-
loaded 600 shares, and Judsons funds
were not enough 10 keep up the market
So he wanted more money. / had moth
ing To do with the matter then.
when We got back. however. Judson
was AZ the pier to meet Hoadley and me
and made the same plea for more money
JUST USED HIS NAME.
we just used his name for buying and
selling the stock because we didn't want
TO be known as the rael men behind the
market"
You had YOU say or Hoadley had. pro
yided for him IN other ways?" Mr.. Beard
why. certainly. We took him in on
fact We gave him a share of the pie -
The pie2' quered Mr.. Beard. puzzled
Yes" laughed Letter the pic We
cut 1t up. and he gD a good-sized piece
We'll. the pool-that is. the one Hoad-
lev and ] ran I'm Judson's name. not
the one that he had the third shares in
ran from the fall 1900 TO Dec. II, 1901.
A few days before this date Hoadlev
told me that Judson was demanding n
share OF the pool. the big one He also
wanted share I'm the American Loco
motive deal. As soon as I learned this
] told Hoadley that 7 would have moth
ing more 10 do with any pool. and told
him 10 close up everything and strike a
balance as on Dec. II. | simply wouldn't
be In anything that Judson was going
TO have any say In. remembering the
trouble he had made when Haodley trust
cd him.
so we struck a balance and found
that we had coo shares between us
Iloadley and I bought at an average OF
20 The market was away below that
price, so ~ was evident that the pool
was going 20 close az heavy loss
When realized that said TO Hoadley:
Does Judson really want a share I'm this7'
lie answered Yes and then said.
Well II the darned fool wants a share
IN loosing pool let him have n. but
! won stand for running on with tho
pool. Let everything be wound up and
each man take his 23p shares on paying
his third OF the loss Then each man
can do as he pleases"