Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1880-12-02

conveyed 20 me at first aud reconve eyed
1t to buyers; Certified copy of deed shown
and identitied); this land was paid for
with $40, 900 in stock; there was no money
| paid to my knowledge; the stock had
nothing to give 1t actual value. it was
only offered this way, parties took it at It's
par value, which | think was 1926 per
| share; no stock business had been done ct
that time ut all, the farm WAS subject to a
mortgage OF 900 think | never paid
the mortgage; l conveyed 1t TO Myers in
the same way / took 1t recoleot of no
other purchases or issues OF stock prior to
my leaving the company; | have no
knowledge of any stock being issued to
| Myers; | don't think there were any
other securities than those two tracts of
land held by the company while / was
with 1t; l never knew of any sale of stock
for cash at that time l did not look upon
1t as being in shape to put any value upon
it; l told you l turned the whole thing
over to them because l considered there
was nothing in it | would not have been
willing to buy the stock at any price.
Cross-examined--I was elected president
of the company sometime in the summer
OF 1870, thiuk III July; l resigned,
think, In the latter part of November or
in December, 1876, previous to Christmas,
anyway; the directors met for organizs-
tion In July, think, it was at that meet
ing l was appointed president; Messrs.
Oieaver, Myers, AAh aud Price were there;
they all lived in Delaware City, Myers had
just come there | .ink there was a sub
scrlption list made out at that meeting
cannot remesibsr how mauy shares OF
stock we've subscribed; We wers only
organizing as mutual company; I don't
I remember that there was any Stock sub
,cr,bed; the first stock was subser bed a.
the time this land was purchased, think
Ia September or October; did not SUD
scribe any l never had any stock in the
company; never put my name down for
stock on any subscription book; / was TO
lake some stock, | think 1--WE shares at 1926
per share; could not tell you how mau,
shares the other corpOrators subscribed !;
taey subscribed some, but just the amount
| can't say / only know Of 800 900 stock
beiHs delivered TO U Imam, l handed over
The balance, $50 600 of stocks, to Myers,
aud Uliman CAME on afterwards aud got
1t, | think at the time of my resign alton /;
1 suppose | WAS still president when
Ullmsu came on, but Hollister, the vice
|
resigned when Utlman came 90 this land
WAS decided to me for the SUN named in il,
BOO, 900 to be paid in sto,k of the COM
pahy the par value of the stock WAS,
tuink, S25 share; subsequently recon-
veyed tins property to Myers, Honister
and Phelps; l cannot tell how much Myers
got, think more than half of it /; the
amount named WAS the proportionate
mn mi nj huu NJ -. H..
chase never received cent for it, in
reality had no interest in it; l got no
consideration for it; the consideration
named in the deed was the proportionate
amount of $50, 900 that each got.
Copy OF deed to Myers shown and wit
ness requested to examine it, This CON
veys tue undivided one-tourth part of the
land to Myers; the consideration named
In 1t is $50, 900; l examined the Dauphin
county land IN the lat er part of October,
think the conveyance and examination
were made IN the same fail my recollec-
tiol was that the consideration money OF
these deeds WAS the same as the consdera-
ton money In the original deed; think
1t was some time October OF November
that l examined that land could not
give the precise date; deed shown again
the deed Is dated the 23d day of December
"Will you explain to this court and Jury
how you came to convey for considera.
ton of $50, 900 land that you say is worth
nothing at ALP
"Ihese deeds were made out by Hol.
lister, who, you see, was au expert III
writing, and the amour of the considera-
ton was arranged between him and Myers;
was satisfied TO get away from this CON-
pany as best could the matter of CON
siieration didn't get through my mind
did not get anything for IT 1 did not
receive anything for it; did not consider
this act as a fraud"
You considered it perfectly fair to put
upon record deed as worth 500, 100 when
II Is not worth anything2'
THESE men were trying to take adyan.
tage OF me. interrupted by counsel
The company WAS organic in July; they
never did much business while had any
thing u do with them; there was souie
little done, l d0nt recollect now much,
1t took some time 10 make the preliminary
arrangements they commenced to issue
some policler on the mutual plan during
chat fall, but to what extent could NOT
say conveyed one-fourth of that land to
Myers for so. 900, the other three deeds
' may have covered only the remaining
$50 600; my recollection is that the whole
snlug ouiy amounted to $50,OUO; don't
rem moer what constellation tho Ksut
count, land was conveyed Tor; recon-
Veytd Tins land because waited to yet
lnt OF the c1lcern tue easiest way posi-
Ole; got nothing for 1t during toe tune
asia II Tor the company; / knew OF tie
purena'e Of the Ksut county trait but
lld Not negotiate the purchase aad diu
uot Know the title was to be conveyed t..
me; the h enl county tract eas decided tu
me rs trustee; The Dau HIN county
deed was made 10 me Individually; | THINK
uone of the present offic7 OF the COM
pAny had anything to 90 with these traus.
actions Messrs Ash, Uleaver aud Price
had all Withdrawn previously; did
nothlng whatever with the intention OF
, organizing fraudulent company; my
iohneotlou, as far rs had anything to d.
win the orgauiz iuon, was for the pur.
pose OF organizing bonn .fis company;
decided tue aud away Tor the purpose OF
settlLg out Of company which, Qu.
terrupted by couuse), slgned policies on
the mutual plan; | don't recollect sipnipu
any policies ON the stock plan; may have
signed policies on the stock plan, but
CANT reeoliect il; could not compute the
, amount Of business III risks we had when
Retired; could not give any idea of it.
Redlrect.-I subscribed think for tiy.
shares ut so each; | never paid the
money in never knew of any money
PAID IN that was subscribed; | think there
was not a single dollar pad iuto that
company paid money to the concern to
euy stationery as far as | was concerned
L did nothing L considered fraudulert in
my Connection with tue company
, Certified copies of the deed for the Kent
county farm aud mortgages on the sam.
were put III eyldsuoe. Tue deed WA.
from George b. Money and wife to James
h. Myers, executed Decenoer 1875 (day
not mentIoued), the consideration money
being $4,000. The lsud Is altusled IN
the Owls nest, near Canterbury station
and consists of four tracts, of $50 acres
~ acres, lGt acres gnd 100 acres respec.
lively, aud tine sale was made subject TO a
> mortg &c OF So 900.
The mortgage placed ia evidence was
upon this land aud was for the amount OF
: $40 900, executed by James ii. Myers tc
, tue Delaware State Fire and Marine
Insurance Company.
John Ill. GoodIu, Recorder of Deed.
for Bent county, was sworn and testified
= that the prior mortgage of ST 600 WA.
executed by Absaiom Bonner to .Joseut
: Bowman; this mortgage WAS still opel
and unsstishsd up to ! o'clock last Thurs
r day afternoon tue wIthess had lived in
d Kent county for the past 10 years and wa,
acquainted with this land, he thought As
| per acre would be fair cash valuation for
/ | IL III would mt h4 Aaf. m lf1.,, a.