New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-09
HOW THEY "TOOK STOCK
FLOW OF TIE ELECTRIC SUGAR CURRENT.
STAYED AT uoME-A PUZZLE TO BIZ
WORKED OUT.

STAYED AT uoME-A PUZZLE TO BIZ
WORKED OUT.
The distribution of the 10000 shares VI
Electric Sugar Refinery stock presents more con-
binations az an intricate problem than the lS-
toric fifteen puzzle" Even the statements d
officials CT the company show remarkable WIFE
tons from day TO day, and an expert accouitN''
could not make head or tail out of the aggregation
Secretary Robertson yesterday sat down ana ~
pared to give out what he promised would b. M
accurate and clear report Of the original division
and the present holdings. lie began, howver'
with some comments on the latest development IN
the case, namely, that the word raw not
mentioned in the contract between the company
and the Frcunds These were his words
Ny information 4, that Mrs. Freund ard Howard are
not in Ann Arbor, Michigan. The contract IL in u'
hands Of Mr. Cotte, who took It with him TO prove ma
case. The clause In the contract referring 10 rehps
sugar must mean raw" sugar. Refining means ir u
self improving from tho crude article. The eontac' ~"
said the sugar should be refined at prices below ns
market value They could not take refined sugar anu
add the expense OF rerenning It, and fuhl that cohuon
Finally. we have nndavit OF w r.. Howard's o''o'e
. notary public. stating that Of his knowledge raw
sugars were brought Freund and changed into is-nea
sugar then and there produced
MAKING MERRY WITH THE STOCK.
Now as TO the stocks In tho first place there were
10 600 shares Issued Six thousand first given TO
the Freunds but $50 called in, and that left heTn
$3.50 shares The promoters received 47o9 shares WIN
which buy the machinery and conduct operations of
these, sol shares misapproprated by WOODWORK
leaving Also shares. Mr. Cotteril and myself have
hand about 600 shares, and there were so'o
3ls9 shares Including all. there In this coun
try sixtyAve stockholders with 1907 shares. and In
England 62e stockholders with 1913 shares Tho com
peny spent about 5000 for machinery and supplies
Mr. hat x.ls
for him to estimate the amount realized from the
for many shares only $50 or less; for Others
their par value Beside those Of Cotterill Robert
son and Mrs. Freund, there are e57 shares out in
America and 1903 in England. To Judge from
the fact that Mr.. Robertson himself had an I'M
limited call on the stock at prices ranging from
500 to par, while the market quotations ranged
between $500 and $780, it is probable that the
secretary's tatement that the company received
800 or less for most Of its shares is true, and
that would explain the strange fact that there
is only $4,000 in the treasury. Messrs Cot
terll and Robertson obtained their stock from
the company at rates below par, while, when
the same persons went to England to dispose
of their own stock, they sold the shares at the
market price.
WHERE THE PROFITS CAME IN.
1t then remains TO estimate what the 2793
shares in England brought The market quota
lions varied from $500 to $500 per share, the
latter being the quotation only a month ago. The
average would probably be near $780, and that
would mean that Robertson and Cotterlll as
Spectators recei, ed about Ss37 900 for thei
sales. The same stock, assuming that they paid
the company as much as $50 per share on the
average, would have cost them Sill $3.50 leav ing
There are as yet no indications OF MIR. COtterilrs
immediate return, although Lawson n. Fuller in
the company's office yesterday made various bets
that he would return. The following speech was
among the forcblt declarations Of NJ. Fuller and
was delivered with the best OF humor
Howard is the biggest scamp on earth. Take
Freund and his wife, and all the Guses and
Georges and boil them into one, and they wouldn't
make such mass of vllany AS Howard, for he
is praying singing, canting. mean old humbug.'
At the factory, yesterday. the same monotonou'
quiet, broken only by guar1-relief, Prevailed. Nc
one is admitted TO the storehouse of mechanical
mysteries.