Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-05-04

offer he received was one cent per share.
On cross-examnation by Judge Haselton
he said he heard OF the Eckerson Printing
Press company through Mr.. Robson, the
Omaha manager of X. G. Dun's CONNER
cia agency, who was large stockholder;
that he had conversation relative to Its
value with him week or so before he
bought the 90 shares. Then after numer-
Gus questions had been propounded, he be-
came confused and averred that the CONVEX
sation referred to took place after he bought
some of the stock aud finally he was not
certain whether or not ho conversed with
Mr.. Robeson about the matter at all.
recess was here taken.
On the assembling of County Court Thurs
day morning, the REORGANIZATION of
the plaintiff, David a. Brodie, in the case
of Brodie VS.. Ripley, was resumed. MIR.
Brods testified that Mr.. Ripley told him
that be would not lose cent by purchasing
Ecksrson stock; that he paid the notes when
they matured, but renewed one at the de
fendants request; that he did not have
personal interview with Mr.. Ripley prior
to paying the notes due in February aud
March following to ascertain why the per
cent dividend was not paid January l, as
Mr.. Ripley said that it would be, because
he know that he had got to pay the notes
ana tnaJ Mr. Ripley was IaOie
Afterward Mr. Brodie recoilt cse5 that ne
had a conversation with Mr.. Ripley and
that the defendant saii that the dividend
would be declared April !, and at another
interview lie MIR. Ripley thought tue
dividend would come July l; that inciden-
! tally tina defendant said he ought to have
| gone out of the hardware business sooner
as be had mnde money fast in real estate
ventures; that at a meeting of the stock
holders held at the Van Ness House, which
witness attended, u statement OF the com
! pany's condition was made as follows: as
sets, 5000 liabilities, T24 900. Mr.
! Brodie did not know whether or not the
patents on the presses were included in the
assets. The redirect examination revealed
nothing new.
The deposition of G.. w. Fairchild OF
| Oneonta, N. y, president of the company,
was next read. 1t was history OF the
company. According to 1t, Mr.. Ripley be-
came interested in the company in 1852, and
an officer of the same In 1890, and late in
the year 1890 the interference with the Cox
patsnt came TO the attention of the officers
of the company; the company was interest
ed in only newspaper press, four OF
! which were manufactured prior to the in
! reference given Cox which made the press
practically vaueess; there was no market
value for it thereafter; the decision Of the
patent office in favor of Cox affected the
finances OF the company very materially.
MIR. Ripley bought block of the treas
ury stock belonging to Fairchild ~ Co. at
30 per cent of its par value; at the tme
Mr.. Ripley was an officer in the company
aud ought to have been conversant with its
affairs; ia January, 1891, the company had
S4l00 in trade aud stock on hand, the most
OF which Fairchild * Co. bad lien on;
when the deposition was taken the company
owed S33, 14S and the only available funds
with which to liquidate the debt were about
$4,000 Of uncoected bills; that the laws OF
New York made it obligatory upon the
company to pay dividends out OF the earn
ings, which thus far had been insufficient
to pay the interest on the outstanding
bills.
\ deposition OF President Fairchild taken
in September was also read. He stated that
while Mr.. Ripley was secretary and treas
urer he was nominally manager; that he
could not estimate the value OF the patents
On cross-examination he said that the in
tention of the company was to SOIL the
presses ut 100 per cent profit; that at one time
the prospects of the company were bright;
that he could not state whether or not the
company did business at profit or loss in
1890 or 1891, from remembrance
The deposition of c. f. Sheldon, who
succeeded MIR. Ripley rs secretary and
treasurer, stated that he was acquainted
with f. l.. Ripley AMI Mr.. Ripley paid % per
, cont OF the par value for some treasury stock
: that he thought the prospects OF the com
} pany depended on the pushing Of the bust
ness; that dividend had never been de
} clared, but he thought there was surpln;
: enough January |, 1890, for a dividend.
The opinion OF Director Morris, as ex
pressed in his deposition, was that under
: the present condition of the company there
, was some market value to the stock; thai
! it was in 1892 that the commissioner o.
t patents gave his opinion in favor of thu
Cox interfereuce that the prospects OF the
. company in 1890 were good.
4 The deposition of Charles w. Lewis, jr
a stockholder, was also read Mr.. Lewis il
3 a travelling salesman, aud his testimony
i was chiefly with regard to the organization
1 of the company, the claims for patents an
;. the market value of the stock, the latter o
d which he was unable TO state. He sold i
t shares of stock to Mr.. Ripley at $50 pc
= share.
o legal question, relative to the admi,
1t tame, of certain depo,.ions, then arose an
4 pending the argument court excused the jur
o till Friday morning. After the argument
y were submitted, Judge Tyler reserved h
o decision.
n The case of Brodie vs.. Ripley was RI
% sumed in County Court at 8 O'Clock Fr
10 day morning. Judge Tyler ruled on IL
.; legal u,stion argued just bsfore adjourn
>, ment Thursday, holding that the certai
t evidence, consisting of dispositions and oth'
u like testimony OF witnesses to whom M
:. Ripley sold blocks OF the Eckerson Priutir
2, Press conpany's stock, was admissabl
10 as tending to show what the defendants II
IS tent was in this case. The defendant
" counsel took exceptions.
"A DEPOSITION OF JUDGE WEED.
ut Then the deposition of Judge f. A. We
st was read. 1t appeared that no purchas
n of MIR. Ripley 20 shares of the Eckers
~ Printing Press company's stock at SO p
Id share; that Mr.. Ripley represented that t
Id issue OF stock was based upon patents til
y they had for the manufacture of the
presses; that he paid for the stock as (,
he lows: Cash $500 and his note T
in 300; that Mr.. Ripley claimed the corpor
of ton OF which he was secretary and tres
IL. - ~.