El Paso herald. (El Paso, Tex.) 1901-1931, 1914-01-12
Times Ot0ners Don't Know
Whom They Sold Stock To
Secretary Testfies That He Doesn't Know Whether c.
G. Bayne Is Woman Stenographer for the Telephone
Company or Not; Doesn't Know, He Says, Wheth-
er Stone Webster and Gas Company Own Any
Stock or NOt-string of Corporation Of
ficials Are Stockholders

. $1,000, Walter Douglas, general man
/ ager Of the Phelps-Dodge company;
I c. Z. Mills, DR.. L. D. Ricketts,, and a
/ man by the name of LangstOn, took
! S2L100. I think that is the correct
/ amount"
Mr. Simmons said that Mr.. O'Keeffe
was president and there was a share
on the books in his name but O'Keeffe
had never paid any real money for
it.
why did YOU not let him go on and
be president without that share OF
stOck?"
7 am not lawyer That would
why did you not subscribe to the
charter?"
Might Be MiscOnstrued.
"I will tell YOU. I was president Of
the international water works and the
reason for the purchase might be mis-
construed"
who else owned an interest in the
international water company
'Dr. Douglas, Walter Douglas, DR..
Ricketts, Mr.. Powers owned a small
interest also Mr.. Brophy, of Bisbee."
Mr.. Simmons said that he had never
known Of Mr.. O'Keeffe being held out
as an owner Of the Times.
Mr. Simmons said there was an issue
of 100000 in bonds. The City Nation
al bank. he said, disposed Of $4,000
worth of them.
Mr.. Simmons said that after the
completion of the purchase of the
paper, there had never been talk Of
selling stock.
Mr.. simmons declared that all bonds
disposed Of commanded 100 cents on
the dollar and the money had been
turned back into the business.
In answer to the question Of Mr.
Burgess if Mr.. O'Keeffe's removal had
not been done to conserve the best
interests of the Times, Mr.. Simmons
replied in the affirmative OF the
ST. 600 worth of bonds issued, Mr..
Simmons said $4,000 had been paid
on the purchase price of the paper and
$4,000 to Mr.. O'Keeffe.
J. F. Williams, vice president of the
City National bank, also one Of the
defendants followed Mr.. Simmons.
Mr.. Williams said that the physical
value of the Times was not considered
at the time of purchase to be worth as
much as they would probably have to
pay, but the Associated Press fran
chise was very important
Kept Purchasers n Secret.
Mr.. O'Keeffe, he said, was the only
one who knew who was buying the
paper, with the exception of a few
that had been spoken to about stock.
Mr. Powers said they wanted some one
to take charge who knew the owners
but would keep that secret Some OF
the owners did not want to be known,
Mr. Williams said.
IF anyone else who was not cog
infant of the owners was put in, he
would have to know. Mr.. O'Keeffe
knew and as far as I know, kept II
secret"
Mr.. Williams had not known of Mr.
O'Keeffe claiming any of the stock, he
said. He stated that 9. meeting was
held at the time it was decided to
issue 100000 worth of bonds He
thought that before this, $4,000 had I
been paid and a payment of s25,O00 |
was due Someone at the meeting I
asked Mr.. O'Keeffe, he said how he /
wanted to pay for stock. It seemed, /
Mr.. Williams said, that O'Keeffe /
wanted to put up some land as secur- /
ity, but the thing that they were after /
was money He said they did not /
think they could dispose of the land |
if Mr.. O'Keeffe had not been able to /
do this. The sale of the shares Of |
stock, Mr.. Williams said, was bona /
fide
Mr.. Williams said that the removal
of Mr.. O'Keeffet was not done for the 1
purpose of defrauding him of any
right.
O'Keeffe on a salary.
Mr. Simmons, Mr.. Williams said,
stated in the presence of Mr.
O'Keeffe that salary Of $3.50 had
Mr. Williams said, did not want it
specified on the books Of the company
the item of salary.
During Mr. O'Keeffe's management,
Mir. Williams stated that the Times /
had been indebted to the City National
bank in sums running from $4,000 to
$40 000 That was one reason, he said,
why they wanted to issue the bonds.
Cross examined. Mr. Williams stated
that the first payment for the Times
had been borrowed from the bank.
This, he said, was expected to be re-
paid out of the bond issue.
Mr.. O'Keeffe, he said, never said
anything to lead him to believe his Do-
sitiOn was permanent
Owners Ashamed Of Owning Times.
Mr.. Williams said that he subscribed
for $4,000 worth Of the stock. Of that,
he had $500 and Mr.. Burgess took
$500 later.
Mr. Williams said that he did not
know who had the stock. He said
stock was issued in his
name and he endorsed it over to Mr.. |
Burgess and Mr.. Simmons. Stock was
placed in O'Keeffe's name because the
owners did not want to be known, he
said.
Mr. Williams did not think Mr.
Jkeeffe was held out as the owner.
Persons came to him, he stated and
would ask who owned the paper and
le would tell them. it was none of
heir. business cor words to that eff
Wanted to Hide Ownership.
Mr.. Powers, Mr.. Simmons and Mr..
NOlhberg. he said, did not want to
De known as owners. Even today, /
Mr.. Williams said, the stock was not !
n Mr.. Kohlberg's name.
The election of Mr. O'Keeffe as
PRESIDENT he said, replying to a cues
ion, might be taken as an inference
hat Mr.. O'Keeffe was stakeholder.
The city National bank. Mr.. VIII
Jams said, bought 100000 worth of
hares. He sold two $1,000 bonds to
me man. The interest due on the !
,onds was payable semi annually at
he Rio Grande Valley Bank and Trust
company.
MI. WILLIAMS sid IT, l. - .---.a ]