Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1890-08-01


Tysert, president of the company, for
position as he desired TO give up farming
and stated that he was willing to in
vest 81, 600.
Mr. Tygert informed him that to &C.
cu,e a position ia the company 1t would
be necessary for him to purchase 200
shares of stock and In consideration
therefor he would receive position with
a salary Of 1000 per snnum, and that
he would realize in dividends upon his
investment per cent for current year
of 1886; that 1t had In good accounts be-
tween $45, 900 and $4,000, and $4,000
In undivided profits. The par value OF
the stock was $25. He says Mr.. Tygert
stated that the stock was intrinsically
worth $32 per share, but in considera
tion of the purchase Of 300 shares he
could get 1t at $31 per share. he &C.
cepted theI stock. gave two notes at
ninety days for the sum OF ST, 200. and at
maturity paid 80, 800 In cash, renewing
notes for balance until on demand he
executed a mortgage ON his farra for
81, 1872 40 as additional collateral security
for the payment of the notes, and for
which he now sues. together with the
notes and bends, claiming that the COM
pany was In bad financial shape at the
time aud not as represented by Mr.. Ty-
CERT, Mr.. Barroll being the attorney to
whom the Tygerts assigned the MORT
gage.
He states that he went into the con-
Germ with the promise that he was TO be
made general manager, that he received
no position at first, but subsequently
was made bookksepsr and secretary and
treasurer. He demonstrated with the
Tygerts for extravaganza in the manage
ment, incurred their displeasure, and
upon the death Of Mr.. Ernest. one OF the
directors, they transferred to SANDY"
Brown OF Philadelphia Ave shares of
stock and elected him a director, having
previous to this action, sold or transferred
their stock 10 j. Findley Brown, whom
they elected president, vice John F..
| Tygert, resigned. He states that their
next stop WIS to try to "oust" him. as he
| had found an entry in q ledger six years
back where the Tygerts were indebted to
the company for $40, GA 10, which, with
interest added for six years, amounted to
| $l9, 977.46.
They offered compromise Of $l2, 900,
but 1t was refused by the majority of she
stockholders and having acknowledged
/ the aerss, after many threats, they agreed
to pay the whole SiS,977.4o by retiring
papers they held of theiPeninsulsrsB Bone
Fertilizer Company TO that amount.
They carrying about $50, 900 Of IL, bat to
retirs said paper the $i5, 977. 40 was paid
by the Tygerts in negotiable paper made
by the Peninsular Bone Fertilizer Com
pany, drawn to the Tygerts' order anc
endorsed by them. He says that J. E
, | Tyg0rt told John Robinson, one of thI
directors, that he would pay the money
IL necessary, but that he would olos'
this company and also force those WIKI
owed him All this trsnspired thi
spring.
The next thing asked for was Mr.
Stewards resignation as secretary ant
treasurer which was refused becaas
they would no pay him his full year
salary and said they had no further rea
son than the antagoRistic step he took L
/ savingrhe company the money spoken o
! above Mr.. Brown then demanded tn
books and keys and they were refu sed
Mr.. Brown then attempted Ito force tn
safe; was unsuccessful; wenBto the city
! returned with an expert, opened the safe
was arrested on order of Mr.. Stewart. an
released from custody on technics
grounds, Mr.. Stewart being removed fiol
, | office Immediately afterwards 4
I states that the statements made by job
:. e. Tygert to the Philadelphia Press
i the effect that his bad sales and poe
:, collections were the causes Of the preciI
4 itation of the Philadelphia smash-up
y false in every particular, az he had notl
: ing to do with sales excepting the fe
Il n made In the Office and by letter and sa.
!, he defes John e. Tygert TO show hi
Z ono unpaid sale he made or to prove TIL
= the collections were not closer while
10 - was In office than for years past.
Mr.. Gideon Speakman, a stockhold
Z In the Smyrna corporation, says that u
statement that the failure Of Il
il Tygsrts was preclpitated by their carr
ing Peninsula Bone Fertilizer Con
= pany's paper, is false.
~ The Philadelphia and Smyrna Tran
= portation Company will NOS be affscte