Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-25
value, and for years the highest price paid
for it had been 80 cents share.

10r IL QaQ Oeeu " Genus u bu6Eos
Buying at Price Above Par.
"In December of 1890 respondents were in
formed that certain parties, officers and
stockholders of said Hall Company and
others, were purchasing said stock at $5 per
share, Upon inquiry and investigation it
was learned, And after said parties had OBJ
tanned controlling interest in said stock,
they admitted that they were making said
purchases in the interests of II. M. Bennett,
one Of the partners of R. M. Gulick & Co.,
one of the defendants named in said bill, and
who are the proprietors of the Bijou Theater,
which occupies portion OF the building OF
the Hall Company. That their intention
was to purchase a little over one-half of
tine stock of the Hall Company, so
that its management could be controlled
with respect to the Hall Company's prop
erty, so as to not only extend said X. M.
Gulick & Co.'s lease. which expires shortly,
ON favorable terms, but give said firm ad-
ditional room in the building, and make, at
the expense of the Hall Company, certain
expensive changes and repairs in their be-
half Said parties also stated that they
only intended to get sufficient of said stock
to control said Hall Company. and that
when such major portion of said stock had
been obtained, the remainder would be
practically worthless, and that they e1-
pected to be reimbursed for their outlay by
the advantages which would accrue to said
firm operating said theater by having con-
troll of tine Hall Company's property.
Where Mr.. Bennett Now Stsnds.
"Eespondents aver that the said majority
of stock in the Hall Company is the property
of H. M. Bennett, above named. and that
a sufficient number of shares Of the same Is
held without consideration, as an expedient
and for the benefit of H. NJ. Bennett by
members of the present Board OF Managers
a majority OF said board is under the direc-
tion of said H. NJ. Bennett, that the bill of
complaint in this case is filed solely in his
interest without regard to the. rights OF the
Hall Company and Library Association,
and with the object through said Board of
Managers to use the rights and property of
said Hall Company and Library Associa-
tion wrongfully and illegally for said II. NJ.
Benefits individual gain and convenience.
"And respondents aver that a majority of
said stock was purchased by said parties for
the purposes stated, and that by reason of
the control thus given this bill is filed by
said parties in the interest of said scheme to
use the property of the Hall Company in
the manner stated.
Respondents Albree, Hudson and
Thompson admit that when first informed
of said scheme, and of the fact that major
ity of the stock had been obtained or con-
tracted for, they were of the opinion that
they were helpless to prevent its consumma-
tion; but, when late in December, 1890,
they ascertained that by the charter of in
corporation oil the Hall Company, it was the
duty of the managers of said Hall Company,
to lease said building and premises to the
Library Association, and that under the
law the prorosed use OF the property was
gross perversion of the trust imposed upon
the Hall Company BY its charter; they at
regular meeting of its Board of Directors,
of which the usual notice was given, did
vote in favor of accepting an offer from the
Library Company as ave.red in the bill;
said agreement being, as they aver and be-
lieve, in the true interests of both the said
corporations.
Didn't Attempt Any Fraud.
"Said respondents aver that in so doing
they were attempting to subserve no private
interests, nor to commit a fraud upon any
one, but acted in the interest of the Hall
Company, which they represented, and in
such manner as they believed would pre-
vent proposed fraud upon its rights. and
:he rights of its cestui que trust. At the
same time they took care to secure by the
lease an adequate income, to-wit: eight per
cent. upon the money actually invested, to
the purchasers OF said stock"
It is stated by the representatives of the
Library Association that cross-bill will be
filed on behalf of that organization in
few days, in which further interesting
averments will be made from that side OF
the case.