The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1903-07-29

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WII....lu-ulu.l
contracts for me. in case l decided to
erect a house here. He replied that the
company could take care of the con-
tracts and that everything was in good
condition. A few days later, he sent
me five or six thousand dollar contracts
Upon these contracts paid something
over $4,000 and have my receipts for
the money paid In. This money was
paid In just the same as in the case of
any other contract holder.
What about your being a director OF
the Company"
l had understood, indirectly. that my
name was used as one OF the directors.
but / never attended the meetings OF
the board and never had any personal
knowledge OF the conduct of the busi-
ness OF the company.
About the middle of November. 1902.
j received check for $1,000 from the
company accompanied by the state
ment that it was five per cent OF the
fund set aside for the expenses Of the
company for November the said
amount being due me as a director. 1
did not fully understand this and ask
vi III A4lkbtlN dUOAl IL he stated
that the company was in good con-
dition and that all directors were being
paid the same amount as had been re-
ceived by me. 1 expected to go to
Wichita to make a personal investiga-
tion fthe affairs of the company and
did not care to accept the money until
did SO. owing to other business, 1
neglected to make this examination.
did not cash the $4,000 check until
about the middle of December. and then
1 received another check for $500 be-
ing five per cent. of the expense fund
for that month. In did not understand
this but, as 1 had paid in already sew
eral hundred dollars myself, / determ-
ined to deposit these checks in my own
narae as trustee. which ] did and in
January and February l received
checks for the same amount, $500
each. and deposited them just as had
done the others in my own name as
trustee.
The money is still in the bank and
havnt never used one cent of it but
always held 1t for the benefit of the
company in case IL should be determin-
ed that the company was not financi-
ally able to pay It or that was not
entitled to IT, I have the certificates
Of deposit and now that the company
has gone into the hands of the receiv-
- intend to return them to the COM
pany. Several times ! received letters
from Dr. Llggett stating that he could
sell my contracts for double the
amount they cost me brG ] got them
for the purpose of using them myself
and always refused to sell them. Some
time this spring / received a letter
from him stating that he could sell two
of them for $4,000 and that some one
wanted to build a house and so gave
him these contracts and he sent me a
check for $4,000 for the two contracts
as / understood IT, l supposed that
these contracts we're sold to a private
individual. | never knew anything
about that but believed the contracts
were perfectly good and that 1t was a
good bargain for the man who purchas-
ed them.
IT resigned as one of the directors
long before had any idea that the
company was in trouble. ] did not re-
sign for the reason that l anticipated
any trouble but simply for the reason
that felt / could not longer be a d.
rector Of a company like that without
giving II my personal attention and
SO stated in my resignation. My
resignation was accepted and since
that time have had no further con-
nection with the company except sim
ply as an ordinary contract holder pay
ing my money in the same as anyone
else. When the receiver was first ap-
pointed at Wichita, / was told by the
managers that the company was sol
vent and able TO continue business and
IL was my idea then, that If they could
separate the Oklahoma business from
the Kansas business. that il would be
the best plan TO have the Oklahoma
business continued in this territory and
give the company an opportunity to
fulfill its contracts and comply with
its promises so that its patrons might
be fully protected. l understood that
a special accountant had been appoint
ed by Judge Dale of Wichita and ac-
cording to his report. as / read it. the
company was solvent and had been
honestly and fairly conducted by its
officers. but since the credit of the COM
pany has been affected by newspaper
reports and otherwise, / have conclud-
ca in my own mind, that TO save the
expense OF going through the courts Of
this territory il would be better 70
have the whole matter wound up in
the Wichita court and to that effect i
have advised the managers of the com
pany in this territory If It is deternin-
ed by the Wichita authorities that they
have jurisdiction TO do So Instead OF
prohting ~ this concern, l am sure
that / am one OF the heaviest losers of
any who have been connected with II
and il has been source Of annoyance
90 me
III the receiver Of the company
should ascertain that the individual
who purchased my contracts lost mon-
ey on them, } viii gladly refund 70 him
the $i50,ge paid 10 me By DR. Iigeeft