The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-12-15
BRUSH STOCK IN QUESTION.
a kNOTTY PROBLEM OF OWNER
SHIP BEFORE JUDGE NORWOOD.


pcared Fifteen Years AgO-E. NJ.
Avery Given the stock to Use in
Promoting the Organization of the
COmpany-AftePward Disposed of
IL to George II. Hanchett of New
Jersey Who Now Claims to Be the
Owner.
The ownership Of fifty shares of Brush
Electric Light and Power Company stock
is in question in the City Court. This
stock has come 20 light after disappear
ance of fifteen years, and effort Is being
made by the party who claims to be the
owner to collect the accumulated interest
for this period.
Mr.. George T. Hanchett of New Jersey
claims to be the owner of the stock, but
this claim is disputed. The Brush Elec-
trio Light and Power Company is seeking
to obtain possession of it, claiming that
the stock has been improperly, if not
! fraudulently in the possession of Mr.. Ell
roy NJ. Avery of New York all these
years when it should have been turned
over to the Brush company here for can
collation. fifteen years ago.
Mr. Avery appears to be the real de-
PENDANT in the suit. He acknowledges
that he had the stock in his possession,
but claims that il has been legally trans
ferred to Mr.. Hanchett. The plaintiff al
leges that Mr.. Hanchett is nephew of
Mr.. Avery and that the transfer of the
stock 10 him by Mr.. Avery is only pre-
tended transfer, which, however, is denied
| by Mr.. Avery.
Fifteen years ago when the stock disap-
peared was hardly worth face value
if that To-day it is worth $4,000 to SIS, 900,
being part of the original capital stock Of
500, $50 of the Brush Company of this city.
Hence the parties 10 the suit have good
reason to be interested in it,
The fifty shares of stock in question are
represented by five certificates for len
shares each, issued by the Brush Electric
Light and Power Company of Savannah
10 the Brush Electric Light and Power
Company of Cleveland, O., and having on
the back the Endorsement of the latter
company with blank power of attorney,
making them transferable at will. When
Savannah's first electric light and power
company was organized about eighteen
years ago, there was not the interest IN
nor the knowledge of electrical matters
company of any kind, especially a light
and power company requiring large capital
was a considerable under taking. When a
movement TO this end was begun the Brush
Electric Light and Power Company of
Cleveland became interested and decided
to lend a helping hand. Rather the latter
company practically controlled the bust
ness by reason of its patents and had ne
cessarily 10 be taken into consideration. An
agreement was entered into between the
Cleveland Company and the Savannah peo-
PIE that the former should have IS per
cent. of the capital stock of the Savannah
company for the use of its patents and
franchises, and in consideration of making
the Brush company of Savannah its sole
| agent in Chatham county.
! In 1888 the Savannah company suffered
a disastrous fire, and In order to help il
get in running shape again the Brush
? company of Cleveland agreed to turn over
to the Savannah company all the local
stock held by it for cancellation. The Cleve-
land company, however, had disposed OF
co of the $50 shares received by it an the
deal, but undertook to turn over
: the balance of 420 shares. When
: the time came to do this, how
ever ii coUAl only turn over certih-
r Gates of stock for 80 shares, the other ii
shares being missing and unaccounted for
Every effort was made to locate the miss.
: ing shares, both by the Cleveland and Sa-
vannah concerns, but without success, and
their whereabouts were unknown unit
some months since when the scrip was de
( posted in the Southern Bank of the Stat
[ of Georgia for the collection of interest.
5 When the Savannah company was being
got up Mr.. Avery was sent here as ar
e agent of the Cleveland company, to assist
: in working up an interest and promoting
the enterprise. In order 10 expedite this
work. ffty-nine shares of the stock, which
had been issued to the Cleveland com
pany by the Savannah company, were
given to Mr.. Avery to use in enlisting bus
mess men in the enterprise. These five
certificates of stock now held by tn,
i Southern Bank are said to be the same
; certificates given Mr.. Avery for this pur-
4 nose.
When the effort was made to loeat,
ID these shares, MIR. Avery was written tC
= and several letters were read in court yes
e terday, in which he emphatically denieC
any knowledge of the scrip or lis where
abouts. In fact, he expressed great in
= | dignadon in a letter to the president o.
the Brush company of Cleveland that any
one should entertain any suspicion tina
he had any knowledge of the whereabouts
4 of this stock As the Cleveland company
had given an indemnify bond to secur,
the Savannah company in case the miss
ing stock should ever turn up il was nat
{ urally interested in locating this stock
In his reply to these queries. Mir. Aver,
= claimed that he had used the stock 70
! The purpose for which il was intended
and named several Savannah bushes
: men who were prominent in the organiza
L ton of the local company, as The partie
to whom he had delivered the stock
These business men were addressed on tn,
subject. and replied with sworn affidavit
denying AveTy's statements Among tn.
h business men mentioned in this connection
were President SIP Hamilton of the Brusi
Electric Light and Power Company an,
: Capt. d. G. Purse, both of whom were OF
+ the witness stand yesterday. and repeate,
8 the denia.s made by them in the affidavlts
which they made in 1888.
D. The position taken by Mr.. Avery, a
= learned from his counsel is that he ad
y mts that the stock was intrusted him 70
IS the purpose named and claims that H.
?. made use of it for that purpose. intrustin