The Bridgeport evening farmer., 1909-06-26
WOODHULL'S STOCK
 IS GIFT OF TERRY

IOho1 SOO OI N11S11ldI1dSCIIIc
 Collision and Fraud Come
 With Poor Grace De-
 clares Attorney Keeler
 Woodruff 7 Years Treasurer
 Application for Receiver for w. H
 Terry Company Greeted With Sharr
 Comment by Secretary of Concern
 William B. Terry Out of the Busi.
 ness.
 eff there has been any misnuhnage
 ment of the affairs of the W. M. Terry
 Co. or if there is a. discrepancy of any
 kind, will personally repay every dol
 lar," said Captain William M. Terry
 this morning, through his counsel. F
 D. Keeler, when asked about the
 charges made by John H. woodruff
 brother-in-law Of Capt. Terry, in his
 petition to the Superior Court, yester-
 day. asking that 8 permanent receive,
 be appointed for the company, which l conducts a grain and feed business. | The complaint states that the action | of the directors in voting Capt. Terry l $50 a week in 1906 was wrongful and | fraudulent and that large sums of 1 money had been paid William E.. Ter
 ry, son of Capt. Terry for salary when l he was not there to earn it, and that William B. Terry was utterly incapa- citated from doing business, because confined from time to time in a. sani- | tarium.
 | Capt. Terry, who has been in busi- ness in Bridgeport for half a century and who brought the first western
 dressed beef to Bridgeport. was seen at his home in Fairfield avenue this morning by Farmer reporter. He l was apparently little disturbed by the | suit He has a personal fortune of over a half million dollars and it was too hot a day for him, he said to think | about the few thousand dollars that he has in the feed business. He also said that the secretary of the company, F. D. Keeler. knew the whole story. MT. Keeler said: the $13,O0o interest MT. Woodruff has in the concern was gift from Captain Terry. When the company was organized, ten years ago, it owed over $70.000 Captain Terry endorsed the company's notes and if nanced it. All its obligations have
 been met and today the w. M Terry Co. does not owe a single dollar.
 The comapny was always under the management of the captain and it has made money in every year 1t has been
 'It appears to me that the charges of misInanagement, collision, and fraud made by MT. woodruff come in poor grace, as for seven years he was the treasurer of the company. a direc- tor, and also had full access to the books.
 Captain Terry owned personally the buildings, and warehouses occupied by the company and does today. When the company was organized, 10 years ago, the difference between the assets and liabilities of the company at that time made the value of the stock sub scribed 40 per cent of the par value MT. woodruff never put a dollar into the concern, and his stock was relieved of responsibility on the $70,O00 worth of notes with which the company was financed and in addition he has re- ceived one dividend of $1,330
 'Mr. woodruff never drew any sal arv from the W. M. Terry Co., for he never did any active work in connec- tion with the business of the con- cern. Besides financing and building up the business in the first place Cap he was not down to business before o'clock in the morning. He gave his personal supervision and put in his time without a cent of salary until last February when the directors insisted that he receive $50 a week :. salary. ;s we believe he was entitled to it.
 As to the claim that William E. Ter ry had drawn salary that he was not entitled too, MT. Keeler said: William B. Terry has not drawn dollar rom the concern since December last, or had anything to do with the manage ment of the business"
 He said that it was true, as MT. woodruff alleged that William E. Ter ry was utterly incapacitated to do bus mess He would say that the younger MT Terry was one of the shreWdest buyers in the grain business and that the firm had never lost dollar <lf I,fc h CaC
 MT. Keeler said that he did not fear that the company would be able to show that its books are properly Kept.
 w. H. Crawford, treasurer Of the company, told The Farmer reporter that he could vouch for the books of the company, as experts had spent two weeks in going over them the nrst week of the current month. He said: ''The firm is as solid as rock and made money even during the money panic. There is over $150,000 in book accounts, but they are all good. This figure is higher than it has been in several years only because of the in crease in the price of four.
 The officers of the company are: President, William M. Terry; vice pres | dent, William H. Crawford; secretary, | E. D. Keeler; treasurer, w. d. Craw- | ford.
 The company is incorporated for | s1OO, ,0O0 and the bulk of the stock is | owned by Captain Terry and his son. | MT. Woodruff, who has commenced an action against the company and Will | jam E. Terry are the only stockhold- l srs who are not officers in the com | oany.
 The proceeding taken by MT. Wood | null against brother-in-law's company | s a great surprise to many business | nen because of the close relations ex- | sting for many years between the | plaintiff and Capt. Terry.
 MT. woodruff came to this city from Long Island as a boy and entered the l. of Capt. Terry. He butch red calves, drove a wagon and later old beef to the city trade. He was hustler and in a few years Captain Terry made him a third owner in the and MT. Woodruff practically ook charge of it. The beef business rev and the firm bought a great deal if real estate and a few years ago, vhen the partnership was dissolved, Ar. Woodhulls one-third interest had ,rown to such an extent that he was ible to take over the business while ,apt. Terry took real estate of the firm as his share. Mr. woodruff is said to