El Paso herald. (El Paso, Tex.) 1901-1931, 1914-01-10

: name or not taking it. 7 began to get
! anxious l net Mr.. Powers and t oI99
! and hold it a few years. it would pay
! 100000 of those bonds.
Tried to Put in Land.
Il got a map and showed Williams
the location of the land He finally
handed back the map and said tna5{
the company could not take the land
because Mr.. Burgess had said that II
would not be legal. I told him chat
I thought 1 ought to get my interest
1 SAID l would give my note if they
would let me have the money at SIX
percent He said he could not do that
saw Mr.. Powers after that and ne
sald not 10 worry; everything would
( be alright.
I'm all newspaper offices they have
managing editor, a general manager
an advertising manager and a business
manager. L assumed all those duties
charge of all the cash; paid out all
the money"
Who was responsible for every
thing that appeared in the paper
7 was" Mr.. O'Keeffe answered.
MI. OKeeffe stated that his work
ing hours averaged II or is hours a
day every day in the year.
Il was nervous about it. There was
the future said Mr. O'Keeffe. ct knew
there was a big Investment there /
had to nurse it. I mad to look after
Hard Time Getting Money.
after we began business, in about
three months / had a little difficulty
about collections. It was suggested
. that an auditor be secured 20 audit
Fthe boOks-uO systematic things so
that 1 would know whether I was 60
mg too heavy or too little. We got
out those statements the first Of
every month Yes, they were dis
h 70 frs
outlook was good Mr.. Williams
suggestion was that we spend a little
more money, although we did not have
ito turn 1t loose, see what it would
do Get out good paper he said;
that If I did not have to worry about
money could I get out better paper.
1 think that summer we lost some
thing like $4,000
'T had what you call a drawing &C
count and 1 drew as little as possible.
There was nothing said about 5dIary.
Went In As a Partner
There was. never any discussion about
salary I told them that I would not go
into it except for an interest. Tt was said
that the salary question or whether I was
a stock holder should never be discussed.
MIR. Powers said to me that he guessed 7
needed a little money He asked me If I
could get along on $3.50 month. I told
MIN did not think / could; that il would
take $3.50 It was some time after this that
the statement contained the item, admins
MI O'Keeffe stated that he had Dor
rowed money from the City National bank
after he took charge Of the paper and paid
percent interest. The money was used for
living expenses taxes and other matters.
MY first check was March Il. 1911, for
$780, he said II think that the first
time I drew anything out Of the business
I placed the money in the bank to my
credit. April 25, 1911. drew $500 to pay
a note The conversation had with Mr.
Powers about the drawing allowance must
have been about this time. had these
amounts charged to me personally.
Told Auditor None Of Your Business"
'The auditor wanted to know from me
told him it was none Of his business: it had
been charged to me and was to be carried
The only reference ever made to the
question Of salary, Mr.. O'Keeffe said Oc-
CURED on the last day he was in the office.
1t was rather warm that day said Mr..
O'Keeffe. Il asked MI Powers what about
my stock. He did not discuss that Mr..
Powers asked me If 1 was worth $3.50 a
Mr. O'Keeffe said that he would not
state what the circulation Of the Times was
when he took charge of it Under his
management he said, the circulation had
increased materially. Mr.. O'Keeffe admitted
that he received $4,000 as a commission for
buying the paper.
The extent Of the increase in the value Of
the paper, from the time he bought it, he
said, was doubled at the time he left the
'The circulation increase was five times
were nearly doubled" he asserted
Finances of the Times.
ASKED what went to make un the value
o. a newspaper plant, Mr.. o heeffe said:
1.-THE paper when 1 left there last year had
made s percent on the stock and bonds. I
think the paper is worth $3.50, 900. I don't
think there is a greater opportunity in this
country l always thought 1 had an in
terest in the paper I would not sell it.
had an offer Of $3.50, 600 for it."
He said that he knew the stock Of the
Times had been sold and bought on the
market Il think there should have been
interest paid" said Mr. O'Keeffe. 'The
property was worth $3.50. 600. The liabilities
were 100000 worth Of bonds. Only $4,000
worth were sold Instead of selling those
bonds and paying for machinery, the own
ers drew the money out and paid interest"
statement was introduced from which
Mr.. O'Keeffe read that the general assets
and liabilities Of the company amounted to
$238. 1865 1.-THE debts" he read amount
to S17,519.S6. including S1,226.66 accrued in
terest on bonds. The amount Of the float
ing assets is $23,434" The sum of S4325
was was. specltied as a subscription department
Tried to Sell to Houston Man.
The question if he would have accented
a saiary OF $3.50 to run the Times was OBJ
lected to, on the ground that Mr.. O'Keeffe
denied that he was to receive a salary, but
Judge Faivey for the defence said that was
the agreement; that Mr. O'Keeffe UNDER
$1,000 ne was going to buy stock, the de-
fendant denied by judge Falvey.
The objection was finally withdrawn and
Mr. O'Keeffe answered that he would not
nave accepted the proposition
The understanding was that thew v-ars
never to sell the paper; to stay, with il and
D nIn up the paper to a big paper" said
MT ldT y keeffe- I always objected to the
SAFE OF the paper, especially to an individual
VINO understood they we're trying to sell
ON May 10, think. they were irving
70 sell the paper to Marcellus Foster (Dub-
ilSner OF the Houston Chronicle) and I was
told that Wyche Greer represented him
Ihey were frank about it."
Independent Of every other consideration.
NJ ~ - NeeLIe thought the services he rem
leIeu We're worth $500 a month for the first I
two years and $500 a month for the last
'"O years ne was in charge OF the paper
settling Little Inharmonies"
asked II there were any '1ittIe fnbar- 4
iiioiies between the different stockhoIders'