New-York tribune., 1908-08-08
BOLTS PROVIDENT DEAL
OHIO NAN REFUSES CASH.
Promised $4,000 for the Use OF
S25S, ,775 for Thirty Days.

1t looked yesterday if the contemplated
purchase of the majority stock of the Provi-
dent Savings Life Assurance Society from sew
banks by the Inter-Southern Life Insurance
Company of Louisville would not take place
The person on whom it said the promoters
OF the deal placed their greatest reliance TO fur
nsh the means to put it through has returned
to his home in Springfield Ohio after express
ing some strong and not ambiguous views with
regard to the plans of the Louisville men.
The option held by the Inter Southern inter-
ests expires in three or four days, and unless
they find the necessary cash before its expira-
tion the deal, against which much opposition
has been shown. will not be consummated If
they fail to make good, the Louisville fnan-
ciers, it is understood, will lose the S2o,Ooo
said to have been deposited for the option.
which sum, in the deal went through. was
to be included in the purchase money.
The exact details of the propositions made by
the Inter- Southern promoters to John c.. Webb.
the Ohio man from whom they hoped to get the
financial support to swing their deal. were OBJ
tanned by Tribune reporter yesterday. At least
one of these propositions was said by financiers
to be most extraordinary proposition consid-
ering the fact that the negotiations were for the
stock of a life insurance society. John Tevis.
of the Louisville promoters. it is said, Of
fered to pay Mr.. Webb $4,000 for the for
thirty days of s253,7T5, and to pay $4,000 more
for each fifteen days extension of the loan, with
the understanding that there would be not more
than four extensions The s253.775 represents
the amount which the Inter-Southern must pay
Monday lose its option. The promise
made to Mr.. Webb, it was said that he could
control the company by putting up this money,
but he decided that the Provident stock could
not stand such bonuses and declined.
VD1,, T4INL to- - = ,.,f
Caswell & Webb of No Is Wall street. is a rail-
is head of the Columbus, Delaware & Marion
Railroad and holds the preferred stock in the
road. For nearly week the Louisville con-
tingent negotiated with Mr.. Webb for the loan
of this stock. The intention was said to be to
dispose of this stock to bank in Louisville In
which OF the Inter-Southern group is in
terested and draw certified checks against 1t.
Guy NJ. Waller, also of Ohio. with offices at No.
Is Wall street 1ttOrney for Mr.. Webb. advised
his client not to accept the proposition. Then
there was another proposition to give a note for
$G.,.I75 for the loan secured by the Provident
STOCK.
Mr. Webb who came here especially for the
negotiations. left this city yesterday thoroughly
dissatisfied with the whole deal Mr.. Walker,
who had been called here from Chautauqua,
where he was spending his vacation, returned
there yesterday.
Mr. Tevis. 1T is reported. said that he could OBJ
tain the required money elsewhere and that he
had arranged for 1t, but 1t would cost more.
While in New York Mr.. Webb stayed at the
Hotel Belmont At the same hotel were a half
dozen or more of the Inter-Southern officials
and promoters, who never let Mr. Webb get
far from their sight. Their action in watching
him SO closely attracted the attention of the
%oTI NJ Nahh hat
men were following him everywhere. Where
are they?" asked the Ohio man. The detective
pointed them out "Oh. yes said Mr. Webb
II know them; they from Louisville.
Another hope of the Louisville men to obtain
money is in Floyd Day, one of the wealthiest
of the Inter-Southern directors He is the
owner of extensive timber lands. Mr.. Walker
is said to have requested Louisville attorney
to advise Mr. Day against going into the DEAL