The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-01-02
BOHMRICH'S BLUFF.
Why the Elevator Poll
tician Was Turned
Down By the
DUNES.
HIS SAXONIAN FlNANCIERiNG.
Queer Chapters From the Story OF
His Partnership With Mr..
Knoop->cored by the
Vice Chancellor.
HIS SAXONIAN FlNANCIERiNG.

Bohmrich, Of the John E. Dunno Associa-
ton for a second term was somewhat OF
a surprise to his MANY political friends.
Around through the clubs and other re-
sorts frequented by politicians OF the
elevator" district had heard some
rather loud whispers, in which mes
"Vice CnancellorVan Feet. t."'Bohmrich,"
"Knoop" and 'Saxonian Manufacturing
Company" were frequently intermingled
in what seemed to be a political contro-
versy. recalled the suit brought oy
Knoop against Bohmrich A Chancery
some time ago, and the. ? cent opinion
submitted by Vice Chancellor Van Fleet.
l asked several prominent members OF
the Dunno Association IL the Vice Chan
cellor's decision had ANYTHING to do with
Bohmricn's defeat aud every one OF them
refused to be interviewed upon the sub
ject. OF course that settled the question.
In March, 1890, Mr. Bohmrich planted \
factory for the manufaclure OF dress ana
cloak trimmings In Palisade avenue. be-
tween Congress and South streets. The
business was carried on at loss. lie
persuad ell Louis G.. Knoop OF New YORK
To put s., 600 In the concern ana become
his partner. When he found knoop will
ing, he proposed to make 1t a STOCK oom-
pany, bringing in his brotber-iu-law,
Mr.. Braud. Mr.. Bohmric was to be Presi-
dent. Mr.. knoop, Vice President, and
Mr.. Brand Secretary and Treasurer. IL
was finally agreed to issue stock TO the
amount of $4,000 Knoop was REQUIRED
to pay in his IS, 900 Of the capital. aud have
fifty shares, Bonmrich reserved fifty-one
shares. Brand was issued one share,
torty-eight shares were issued to Mrs.
Kuoop aud fifty shares to Mrs. Bonmrich.
The latter three gave notes for the amount
of shares issue to them. payable on de.
mand. ALI that the assets consisted OF
was Bohmrieh's plant and stock and ma
chinery and the 5000 that knoop had
paid in.
The company did not prove success.
Macy aud other big New York firms an :
tcipating t,ie passage OF the Mckinley
bill, had already laid In an enormous
imported stock Of the goods the Saxonian
Company WAS manufacturing. After
few meetings OF the Stockholders
knoop. who had seen his 5000 wnstlng
away, asked Bobmrich when he was goinU
TO hand up his $1,000 Bohmrch appeared
sur rised. and said his 5000 worth OF
shares were represlpte ed In the plant, the
ma hinery, stock aud good Will. Z
ssa5 KNUOP'S SIDE OF 1T.
Knoop claimed tnat no such agreement
had ever been entered into. he supposed
the company had taken iossession af the
plant, stock, machinery, etc, and WAS
willing to allow a proper payment Tor the
same.
In October, 1880. Knoop filed bill In,
Chancery TO COM pel Bohmrich to pay in
his hare OF the capital stock subs ribed
and issned TO him. Bohmrich filed an
answer setting up as defence that the
stock, plant and z iodwill had been
agreed upon to represent his ffty-one
shares. Testimony was ordered taken
before Master in Chancery George Van
Horn The testimony WAS submitted
and argued before Vice Chancellor Van
Fleet last April. In the latter part OF
Van Fleet filed his opinion, of which the
following are brief extracts. But little
publicity was given to the matter. But
the opinion, nevert ieless. was much
talked OF in club CIRCLES
''The corporation was organized to
man nfacture and sell dress aud CLOAK
trimmings. Bohmrich had carried OH
this business. prior to the organization of
the corporation, under the same name
adopted by the corporation. He COM
menced business In March, 1890, and the
corporation was formed In June follow
ing. Prior TO March. 1890, Bohmrich had
never manufactured or sold trimmings
and Knew nothing about the bu -iuess.
While he carried on the business he s-ad
mits that he lost money. His sales
amount ed 10 less tn n $500 He says he
had invested In the business, when the,
corporation was formed, about 1850 In
clu ling the sums he had paid fur wages
aud rent. r 9 person who had purchased
| for him be machioery, utensils and stock.
he had on hand when the corporation was
formed, says that his ontlay for those
purposes was less than $500.
BoHMRICH's INTEREST.
"Bohmrich does not claim mat the prop
IA ,ua rn ., far Tn "a Inn
under his arrangement with the com :
plainant, in payment of the fifty-one
shares of stock. was worth IS 100; he. on
| the contrary. admits tnat IL was worth
only ahour 81. $50. but says that tie differ
ence between the last named sum and
mlde up of the value of his time in
| establishing the business, OF lease of
| the premises where the husiness WAS
| carried on. and the good will of the busi
| ness; In other words, that he was to he
paid for tine, his lease and good will over
! So. 400, But he does not say that any O..
| t .ese things, except the lease, wers eve
mentioned or alluded TO In any converse
| ton hetween the com lainant and him
self He does not claim that the com
| plainant ever agreed or consented that he
should be paid for his ii or the lease or
! the good will. At the time when the cor
| poration was formed he had not sncceed-
| ell In establishing a business. His sales
| amounted to less than 5000, not sufficient
to he called a business, SO that in fact he
| had neither business nor a COOL will.
| "It is plain that no man with iscern-
ment enough 10 see the d ffereuce between
something aud nothing would ever. uu-
! dersIandinRly, have ronsentei that an
other should be paid. in Dart at his cost.
| either for founding such bus ness or for
| the good will of sucn business.
''Brand says on the day The certificate
| OF membership was drawn that Bnnmrich
stated iu tie hearing of the complainant
that the complainant WAS TO pay 5000
| for fifty share. of stock, and that e
| (Bohmricl) shonld get shares to the
amount of IS 100 for selling his machin-
cry, stock AM business. and that al
though the complainant heard this stht,-
| nient, he in no way expressed dissent or
| disagreement. Neitner. it will be OBJ
sered, prrtends inat. on either occasion.
WAS anyth ny said which itdica ed in ht.
4 most di taut waV thAt amp stock was TO
/ be- issued 10 Bnhmric to My him for his
the in g ttblshing ! e business, or for
| the goo will of the business.
II do not believe" contieued the Vice
| Chanteilur, that such u Ething was, on
| either occasion, In the minds of eithe r
party. AT any rate; l. / "a quite sure that
! had such a thinGnr eil ested on eiEher
-who s-.spo-saI az Thousands $