The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-18

"Will you tell us, by reference to any
memoranda you may have what amount
of stock was held on March 1st, 1900,
by George Arents, w. W. Fuller, P. S.
Hill, j. b. Cobb, w. r. Harris Jas. b.
Duke, e. B. Sperry and ]. T. Wilcox, re-
spectively?"
To this Mr.. Manning, attorney for Major
Guthrie, objected on the ground that the
stock book itself was the best evidence
Mr.. Fuller-"But he has a memoran-
dunn here taken from the book.
Mr.. Manning-"How do we know the
memorandum is correct? The only proper
way to prove it is by producing either
the stock book or the certificates of
stock
Col. Hinsdale-"A company can't be ex-
pected to let it's stock book be carried
around all over the country. 1t must
be kept in the office, where it is, liable
TO be needed at any time. In such cases
the courts have made an exception as
to compelling the production of books. y
Mr.. Manning-"That may be true in
case of foreign corporations. This is a
North Carolina company. Besides it's a
company in the hands of a receiver and
the stock book can't possibly be needed
in the Office
Judge Shepherd ruled that the question
was incompetent, but said that he would
allow it as a memorandum and that the
court could later pass upon it's admissi
bility.
Thereupon TIE witness said that on
February 2Sth, time of starting this suit,
George Arents held 2S,529 shares of stock
w. w. Fuller, 30,771 shares; p. S. Hill, 1
share; j. B. Cobb, 50,001 shares; W. R..
Harris, share; James B. Duke, 50001
shares e. B. Sperry, | share; j. T. Will
COX, | share. The witness added that in
addition to the 2S,529 shares actually
transferred to George Arents there were
on that date three shares in the hands
of the assistant secretary, properly en-
dorsed, but not transferred till March
End On April 10th and 18th, the time
of the filing of Maj. Guthrie's answer,
only two changes had been made in these
stock holdings: Fuller had 30,S27 shares
and Arents had %, 500 shares. In addi-
ton to this Fuller and Arents had in the
lands of the assistant secretary, for
transfer, an aggregate of II shares more.
How many shares of stock did Black
wells Durham Tobacco Company own on
these dates?''
Eighty four"
What made the memorandum from
which you read?"
Il did from the stock book
On cross examination of this witness
Mr.. Manning asked
When did you become assistant secre-
tarv?"
''On May 18th, this year.
WHO appointed you?"
Il was elected by the board of direc-
tors
Where was the meeting heidi"
To this question, Mr.. Fuller objected
vigorously, but it was allowed.
Witness-"In New York city
Mr.. Manning-"Who was present."
Mr.. Fuller again protested but the
witness was told TO answer.
Witness-"There were present Messrs.
Hill, Cobb, Sperry and Wilcox
.,F Did you make a record of the meet
ing?"
Eyes. after the moment 'of my cleo
ton
Where are the stock books now?'
I'm the New York office of the Black
we'll company"
Where is the New York office?''
Seeing the drift of the examination Mr.
Fuller jumped to his feet and begged the
court to put an end to such questions.
Mr.. Manning explained: This is a
North Carolina corporation, chartered in
this State. but with it's office in New
York. My purpose is to show that its Of
flee is the same as the American Tobacco
Company"
Judge Shepherd doubted whether it
could be done under Judge Simonton's
supplemental order that 1.-The character,
purpose and designs of the American To-
bacco Company be not investigated. Mr.
Fuller argued that to allow Mr.. nialnipg's
questions would be in violation If that
order.
Mr.. Manning-"We want the Masters
construction Of that order. If. as Mr..
Fuller says, the Master is limited to nat
ters alleged in the bill and denied in the
answer then we are not in this game. =
that is the limit we'll retire for good
! don't know but that Mr.. Fuller is right.
To be perfectly frank with you | must
say that | never saw anything left under
Judge Smonton's order to take testi
mony about
Judge Shepherds Suppose you show
that the American Tobacco Company is
the equitable owner of this stock how
does that affect the case?"
Mr.. Manning-"Why it will should
think. be considered by Judge Siplonton
when he comes to the question OF order
ing a sale of the property
Judge Shepherd-'You want then to
show that these men are the legal holders
Of the stock and not its real owners"
Mr. Manning--"We want to try to show
it. We don't know how far we can get. >"
Mr.. Fuller contended that this would be
either premature or post norton and in
either case irrelevant and immateral.
Col Hinsdale expounded the rules OF
Federal practice for the edification of the
court, after which Mr.. Fuller made the
following ox-eyed proposition to the other
side:
''If you'll admit that these men
(Arents and others) are holders of stock
as we have alleged, and let such admis-
sion go in the record, then I'll have Mr..
Faucets testimony stricken out and
withdraw the witness"
Mr.. Manning declined the proposition.
Judge SheDherd-'Mr. Fuller are you
willing to stand by your legal holdings 90