Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-05-06


rsngement made to obtain pipe from him by the
bard q shrewd business operation; that they
bought their goods lower In the pipe line than
anybody else could have bought, or will again
be able TO buy for a long time, until wages and
coal came down.
MR.. LEWIS oLRPHANB RscALLKp.
Mr.. Lewis Clephane was recalled, and pro-
duced the ledger, the record book and the
stock book of the Metropolis Paving COMPANY;
witness stated that the articles of moor operation
Mohun, John L. Kidwell, Moses Kelly. william
5. Huntington, Samuel G.. Young, Hallet Kill
bourn, A. s. Soiomons and Addison NJ. Smith.
Mr.: Wilson read the following from an &C
count of a meeting of the company, October
Ia, $50: "Mr. Kieourn stated that fifteen in
terests were represented In the company, of
which number twelve only were at present
available for assessment, and moved that each
interest, for the purpose OF assessment, be fixed
at $4,000, and that an assessment of 20 per cent
be made on such stock. 10 per cent. to be paid on
Tuesday next, the 18th inst, and the balance
upon call OF the president; adopted" A. Yes,
sir; there are twelve of US, think, and we divi-
ded one hundred shares to each OF the original
Q. There were fifteen interests, according to
this, who in your judgment were available for
assessment? A. Yes, sir.
Q. And for purposes of the assessment each
interest was fixed at $4,000? A. Yes, sir.
q. Now, Was that 20 per cent paid? A. Yes
sir, subsequently-10 per cent. was paid.
z. And afterward 10 per cent more? A. Yes,
Q. That would not make SAC, 900, as you said
the other day. but $50, 600. A. said 20 per cent.
Of the entire stock. 1t was all paid afterwards.
You see the stock was not delivered at that
time.
Q. The whole capital stock was s2oO, O0oP A.
Q. And that wa. divided into shares of 500
each? A. Yes, sir.
Q. Was there any other assessment upon the
capital stock than that 20 FER cent A. No,
sir.
Q. Then the whole amount that was paid In
war so Goethe paid-up capital was SO, 900?
A. No, sir; 20 per cent. on the entire capital;
there was stock distributed about tn at time; the
whole stock was distributed, and 20 per cent
500,
q. When was that done?
The witness. The 20 per cent. do you mean?
q. No; / am speaking about the time the
other stock was distributed. A. L think you
Will find IL in the records three somewhere.
q. will read from the record OF January o,
ION motion, it was ordered that the follow
ing amounts of stock be distributed among the
following parties, namely:
shares; L. l.. Tullock, 25 shares; w. j. Muir
tagh, rs shares; q. 3. Noyes, 25 shares, S. II.
kaufman, 26 shares; l.. Clephane, trustee, 25
shares; L. Clephsne, trustee, 50 shares; l.. Gle
phaLe, trustee, 100 shares; L. Clephane, trus-
OF 200 shares
Q. Did that distribute the whole of that
5000 of stock? a. Yes, sir.
q: Were these parties assessed on this stock?
A. Yes, sir.
q. What amount? A. Twenty per cent. of
the stock.
Q. 1 Will read again:
''On motion, 1t was ordered that the assess
ment or twenty per cent. on the stock hereto
fore made be extended to cover all the stock of
the company, and that the balance Of the stock
unappropTiated be distributed among the origi-
nal twelve stockholders"
What stock was that-that three hundred
shares? A. These twenty i've additional shares,
and distributed to each OF the original twelve
shareholders.
q. will read again:
"Mr. Huntington moved that as soon a. the
condition Of the finances justified, the president
be authorized to declare dividend OF twenty
per cent, payable in scrip, or other wise, at the
discretion Of the president. Adopted:
On motion, the meeting adjourned."
Was there ever more than twenty per cent.
paid on this stock? A. No, sir.
q. Was that twenty per cent. paid In cash, or
was it paid in scrip dividends OF twenty per
cent? A. 1t was paid first in cash, but did not
remain long, because We coon declared a divi-
deId after we got through with the work
Pennsylvania avenue. 1t WAS soon paid back.
q. Were you then at work on Pennsylvania
avenue?
The witness: WHAT'S the date?
Q. This is the 9th of January, 1871? A. No,
sill; we had sotten through at tnat time; flashed
q. If you had gotten through at that time,
what was the occasion for levying 20 per cent.
dividend on thi. stock? A. We had completed
the work but had not received the pay.
Q. What was the occasion for calling in the
20 per cent, requiring the parties to pay In 20
per cent, in money? A. Simply to distribute
the stock to the parties in interest and make it
stand on the same footing. The original twelve
had paid IL and we thought the others should
pay also. And, In fact, We needed some money
at that time TO help US to meet our engage
ments.
Q. And then you made dividend of 20 per
cent? A. Yes, sir; which brought that all up
which wiped that all out-patd back all that
Q. / see that there was two hundred and sew
enty-fve shares distributed to you as trustse?
A. Yes, sir.
Q. For whom did you hold those shares? A.
hold them in trust for the company-certain
parties. They left 1T optional with me to dis
pose OF that stock, ana they made 1t to me in
order to wind up tie whole concern, and made
1t to me as trustee, and left it optional with me
to dispose of 1t.
Q. Did you ever pay 20 per cent. on this trus-
tees stock? A. Yes, sir; it is all paid up.
Q. Was that paid with your money, or money
out OF the company? A. 1t was paid up with
money out Of the company.
back when the parties got the stock.
z. Did you transfer 1t to parties, and then did
those parties pay In their 20 per cent? A. No,
sir; held that stock a long while before gave
@. Who did you give it out A. Well, 1
think there was some OF it given to man by the
name Of spicer, and, think, Mr.. Evans got
some OF it.John .. Evans. can tell you by
looking at the stock book.
Q. Here are 100 shares. This was tr ansferred
May 3, 1873, to Samuel Emery. Where will
you find Samuel Emery's account? A. In the
ledger.
BY Mr.. Jewett:-Q. What was the par value
of the stock? A. One hundred dollars a share.
q. Did Samuel Emery ever pay for that
stock? A. Yes, sir; he paid the 20 per cent.
You will ind 1t In my name and then trans
ferred.
Witness was examined in reference to Samuel
EmeTy's stock Zoo shares) and said he got %
per cent. of the prents.
Q. When you transferred this stock to Mr..
Emery you, as trustee Of the company, had re-
ceived from the company in dividends the full
amount which you had paid on account Of the
stock as such trustee? A. By assessment. You
will find that the stock account was all balanced
up long before that by the dividends paying for
ito per cent. IN each share of the stock, and
held, Of course, that dividend on that stock as
well.
@. Then when you came to transfer to Mr..
Emery you gave him that stock for nothing? A.
He comes in then for the profit.
q. You, at the same time, gave him q credit
for % 500 as . dividend of that stock? A. On
the profit
Q. As dividends on that stock? A. Yes, sir.
Q. Then was the property Of the company at
that time equal to the amount Of Its capital
stock in value? A. We really had no property.
We had paid back all that had been paid in,
and what we had there wero the profits OF the