Detroit evening times., 1945-08-23

Wnen ne certainly was hOning
for some job.
CHARLIE wants you 10 believe
~ that Elliott never talked
loan TO him. although the fellow
who first told me about il, more
than a year ago, was fresh from
talking with Charlie and said he
was singing blue for his S25 900
and related that Elliott did see
him and that they together
called up the president and that
he thanked Harwood for stand.
ing the touch.
He says nope, however. that
- wasn't the way II was. but that
Hall Roosevelt, Elliott's uncle,
gave him the come-on for quite
a spell with stories about the
wonderful prospects of the net
work and, finally y. sunk home the
book in March. 1899. telling him
that at last his chance had come
TO catch $50 shares by lending
the company 25m.
Well, where think Harwood
made his mistake was in depict-
ing himself. a candidate for the
federal bench. and pretty
smart and successful lawyer, as
the lender in a deal with a COR
poration where no officer of the
corporation appeared in the ne
gotiations and not even an /. Q.
U.~as given nor any terms were
put in writing.
That doesn't sound true 10 me
but il is his story and he is
stuck with il.
Then, as a fellow will when he
Is trying 10 move of a spot,
Charlie puts IL that this was TO
be a two-year loan with the
stock for collateral, and never
theless. in 1912. after the stock
was supposed 10 be his by de-
fault, 10 have and 10 hold and
all like that. he wrote TO the
company asking how about IL?
And the company said TO set
tie II with Elliott. who. as you
will bear in mind 10 hear
Charlie tell il. had had nothing
TO do with the deal whatever. -
I DIDN'T know for sure bu l.
L some pretty good lawyers
have told me a company can't
do that way, borrowing scratch
on the nod and taking some
shares out Of the safe for se-
curity and then saying to go see
Gus about il.
These lawyers say YOU have
TO make some writing on piece
Of paper and sign names 10 il
but. then, as j say, old Charlie
knows a spot law. himself, and
yet that is his way of how they
went and done.
| guess | forgot 10 mention
that he was good enough for
President Roosevelt TO appoint
10 the u. S. District Court for
short trick down in Panama. so
/ guess, anyway he can read A
chattel mortgage or lease. e..
And then. finally. how can
you get away from the part
where Joe fairfield, another
New York Demo and a lawyer
who does Jesse Jones business
Tor him. goes 10 Charlie Har-
wood and steers him to Jesse,
who had picked up the Hartford
stun for 2 cents on the dollar.
10 talk about settling this one
for $500 or $1,000" TO help
wash the slate7 What for was
the secretary of commerce and
the chairman of the RFC mess
ing around in the debts of a
corporation, if this was COM
pany loan, and suggesting that
Charlie might as well chunk il
in and take a tax loss7
c arlie didn't do II. He
figured he might as well lose IL
all II he had to and he thinks
the value has bounced back, al
though, like a dope. here I have
been sitting all this time with
out finding out just what 1t is
worth today. ~
Elliott's lawyer is Randolph
Paul. a heavy duty ideologisS
who used to be general counsel
for the treasury and of course
he still has some pals there.
But il certainly would be fun
TO hear them siraighten this one
out, considering that. according
TO Harwood's dates, he put up
his dough and then got the Job
as vernon of the Virgin
Islands.
copyrisht. is4s. By Eins Features