Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-18

absolutely nothing about the reia-
tions between Mr.. ouinby and Mr..
Hurd at that time. I did say that
there was no doubt about his au-
thority to pledge securities, after
ward to be Issued, for the purpose of
obtaining this loan. think you will
flnad that the trusteeship Is effective
whether the agreement was signed or
not, but as TO that you can get more
information from Mr.. Brooks than 1
can give you. Very truly yours,
WILLIAM HUGHES.
May ., 1911.
Mr.. W. u. sPearne, Middletown, Conn.
My Dear Mr.. Pearne; / think you
understand my position In this mat
ter thoroughly; at least I feel sure
that you should. MY recollection OF
that transaction ] will state to you
once more It Is as follows: Qulnby
and Hurd borrowed $1,000 from Rob-
inson on note, the money being
turned over TO him, and l in turn is
sued a receipt to your parties that I
was the trustee of certain bonds and
stock not yet issued, which / would
hold for their benefit until this note
was paid. The note was afterwards
paid. Quinby was not present, and
all he knows about the transaction is
w lActl AlC iCoA AAC0 - VIM w iiOb
know where Hurd is now, or what
his side of the story is, but that was
the transaction as II occurred then.
Under the circumstances 1t seems to
me that the only thing for you to do
Is to take this matter up with Quinby
or his attorneys, and / wish you
would do so. 1 am willing to do
anything that Is right and proper in
this matter, but must ask to be ex-
= - -
as judge between you. If the trans
action entered into that day in the
Fifth avenue Office was not as set
out above, nobody has ever told me
what 1t really was. Very truly yours,
WILLIAM HUGHES.
April l. 1910
Messrs. Farley & Ramsey, White
Plains, N. Y:
COMMUNICATING to your favor
of March 31st with reference to Mr..
Herds matter, | desire to say that /
am acting as trustee for the different
interests in the Tangiers Manors' Cor
poration transaction. Under agree
ment am to hold all of the stock and
bonds that are not put in the treasury
of the corporation, issuing trustees
certificates therefor to the different
interests. Mr.. Herds interests Is fully
the amount stated by you, and have
not the slightest objection to substi-
tuting your clients in his place to the
extent of any order he may issue up
to the amount of his interests. It
should be understood, however. that
these bonds are to be held by me, sub
ject at all times to the wishes of the
company in the matter of the disposal
of its treasury stock and bonds. Mr.
Herd has no right to sell any of his
bonds, but I have no objection to
transferring any part of his interest
to any person he names, subject to the
foregoing agreement. Very truly
yours, VIM. HUGHES.
April 1S. 1910.
Mr.. Robert E. Farley,
White Plains, N. Y.
Dear Sir-Replying to your letter OF
recent date with reference to the Hero
matter, l desire to say that on Thurs
day last Mr.. Herds interest in the
Tangiers Manors' Corporation was
transferred, he receiving in return
therefor certain cash and real estate.
One of the stipulations of the agree
ment was that you should be taken
care of, and l am holding for you in
stead of Mr. Herd the bonds for
which he gave you the order. / have
! been and am acting as trustee for
certain persons who subscribed the
money which was paid to enable me
to get title to certain lands in Long
Island. The money was raised with
the understanding that the procedure
should be as follows: / was to pay
for the land personally and take title
to the property, then transfer the
property to the Tangiers Manors'
Corporation, a corporation with a
Capitalization of 100000 In stock and
IS, 0O0, 900 In bonds, and / taking there
for all of the stock and all of the
bonds of the said corporation, return
| ing to the treasury a certain proper
ton thereof as sort of donation, thus
making the stock nom assessable and
bonds free of any lien of the corpo-
ration. / am to issue to the various
persons in interest trustees receipts
showing what their holdings are, but
to retain physical possession of all
of the stock and bonds which do not
go into the treasury of the corpora
ton, they being subject to sale only
at my discretion. The object being, of
course, to enable the Tangiers Man
ors' Corporation to dispose OF its
bonds without meeting the bonds of
the original subscriber In compett-
ton. These various details have been
carried out as far as possible and will
be completed in good time. The bonds
of the corporation are being sold at
/ par accompanied by share Of stock,
but it is probable that only very linn
tied number will be sold. The corpo-
ration will then have the right to re-
deem these at premium and also ex-
poets to commence to take up the
underwriters stock and bonds. Mr..
Herds conduct in the matter has been
very embarrassing to us and as re-
suit, at considerable inconvenience to
ourselves, we have taken him out of
the transaction entirely. We felt.