The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-10-01

of their problems lies in the fact that
| the governor never has Unburdened
| himself fully to them. His attorneys
! do not believe he has wilfully misled
| them, or concealed anything, but they
/ have been confronted with surprises
day after day in the court room, be-
| cause angles in the case of which they
! never had heard were brought out.
/ A poor memory is blamed by the gov
errors counsel for his oversight.
/ STOCK BROKER RECALLED.
At the opening Of the morning ses-
sion Melville B. Fuller of the broker
age firm of Harris & Fuller was re
; called. He opened the firms ledger
at the page bearing the account of
/ William Sulzer.
| The account was opened, he said
on March Is, 1910. The first entry
! was the sale of 100 shares of Big Four
i Another sale of 100 shares followed on
May L. Then the account was closed.
| The account was reopened again on
/ June q, 1910. according to Fuller.
when the firm bought 100 shares of
Big Four at 80. and 100 shares at 80,
on which the firm loaned Mr. Sulzer,
as the witness expressed it $4,000
On July I, 1910, Big Four had
dropped to 70, wiping out the govern
or's margin. The firm then called
on Mr.. Suler to make a deposit. Their
letter to Sulzer on July s said:
Your account has been in bad
shape for the past week and you have
not responded to our requests for
margin. At the closing prices today
your account was short $1,000 of the
required amount and we beg to re
quest you 70 make a deposit Of this
amount tomorrow.
STOCK KEPT DROPPING.
Attorney Kresel then followed the
fuctuating course of the governors
stock deals with the firm. The &C
count showed that Big Four kept 60
ing down and in order to keep his
margin good, Mr.. Sulzer kept deposit
ing against it. not cash but more
stocks.
On October 81, 1912, the market
value of these securities had dropped
to $4,000; interest had eaten into the
margin so that Sulzer owed the firm
s5O.612
Meantime Harris & Fuller had been
calling for more margin. Finally Mr..
Sulzer paid $4,000 in cash This was
on November IS. 1912. Then Sulzer
bought 100 more shares % Big Four
at 50. The market kept going down
and Sulzer paid $4,000 more cash mar
gins on December 16
1t appeared on the books, Harris &
Fuller credited the governor on De-
Cember 30 with d loan of S4O.261.
What was the purpose of this
loan?" asked KresseI.
1T was to keep these securities in
our possession" replied Fuller, and
to keep them from going about the
street as collateral. My partner
-
curities going around the street in !
William Suffers name"
Fuller said il was merely a book |
keeping transaction and was recorded !
in books as loaned ". s" under date .
of Decem DER 50.
Was this antry made on that
date" asked KresseI,
Fuller explained that il was his /
bookkeeper's handwriting and said he /
did not know.
The managers believe" said Kres !
Sc, that this entry was not made on /
the date upon which it purports to /
have been made and that the writ !
ing shows that fact on it's face"
Kressel then handed the book to the /
witness and asked him to total 10 |
the amount lent by the firm to the |
governor up to December 80, 1912.
Don't your books include the $40
600 of December 80. in The total OF
what you say you loanef the gov
ernor?"
Yes the total including that was
s1SO3S3."
The total debit and credit transac-
tions on that date according to the
books, amounted to s5S5.9TS.
More letters dated in June, calling
upon the governor to settle up his ac-
count, one calling fer a deposit Of
$4,000 were read into the record by
the witness