The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1919-04-01

the deal to which the latter reptile,
, who's to h business is it what
!, am making?" Shinn said it vas h
business as a stakeholder. At form,
meeting Black had said the propositio
was good one, that the Bell Compan
would have come in and taken som
of the territory if he had not held ther
up. He also said that unless the dire(
tors sold their stock he would deprec
ate it in value so it would never pay
cent in dividends. They did sell, how
ever, and were.each handed back on
share of stock, which is on the books
transferred in blank, and were tol'
they would be given S. each whel
they resigned as directors, At anoth
er meeting eleven directors of the Bel
Telephone Company were brought t
Browns Mills with the idea that they
could be elected as directors of tn,
Farmers Company, but those in Office
of that corporation declined to resign
although checks for S. each were pre-
sented. The salary voted the president
was $3.50 per month. He attended nine
meetings of the directors in a year and
consulted with the other directors, who
got 81 each and dinner for their ser
vices. The shares Black bought were
turned over to the New York Tele
phone Company two weeks ago.
In reply to questions by Senator
Wells witness said the board of di-
rectors of the Farmers Company was
composed of the best men Of the
county. There was not any objection
to entering into contract with the
other corporation, but that the stock
holders should share the profits. Black
was renomiuated for president by
George Pfeitfer at Blacks request.
The board was not dummy" board
at that time. Witness said he never
got the $1,000 promised for securing
stock. No stock had ever been sold
above par, in fact little was sold at any
price. In reply to the question wheth-
er great difficulty was not caused by
Kelly and Pfeiffer going around to the
stockholders and creating trouble.
The witness answered emphatically
mo"
George l.. Shinn testified that he
owns one share of stock which was
given to him in 1917 by Black in order
that Shinn might be director Prior
to that he had so shares which he sold
to Black. The latter went to Shinn S
house and asked him to sell. He had
been there before and asked Shinn to
resign as director. and promised to
give him SIS when he did so. At the
time he purchased the so shares Black
opened his coat and showed certificates
of stock, saying he had secured Har-
groves and Woodward,s stock. Shinn
decided he might as we'll sell, but he
after wards learned that the statement
regarding Hargrove and Woodward
was incorrect. Shinn was not perfectly
willing to sell at par and bonus of IS
per share, but he was influenced by a
threat that the company should never
pay dividends unless the sale was
made.
DIR. M. w. Newcomb, a stakeholder
in the Farmers, went to the residence
of George A. Woodward, where the
directors were in session. He wanted
to go in and talk the matter over but
Black would not permit him to do so,
and kept him on the porch. He asked
Black if he might ask some questions
and on being given an affirmative offer
he remarked that tie Bell Company
had offered to come in. Black said he
was tired of financing the company.
Neweomb asked if Black would sell
his stock at par and the latter said he
would if all of it was taken. When he
left the meeting witness thought the
deal was all off but afterwards he
heard Black was going around and
getting stock. He called Black on the
phone and asked him what he was
going to make at the expense of the
and the latter replied that
it was none of his d business.
j. NJ Lamb, treasurer of the Farm
ers' told of the etransfer of several
shares of stock to Black, who furnished
about $50, 900 for the purpose, Lamb
the money and paying it to
those who sold. The meeting at Wood
wards was referred to and the members
themselves against selling
put. Black being the majority stock
holder threatened that he wouY de
any more dividends. On cross-examin
alton Lamb said the directors refused
to resign because Black had not. kept
some agreements made with Hargrove.
If the former had given Hargrove his
81, 800 and the directors and their wives
So each they would have resigned.
William H. Reeves said he had
been solicited by Black to get sstock,
The latter telling of an offer he had to
dispose of the property. Reeves knew
The stock was to go to the New York
Black did not furnish any
money to buy stock, but Reeves spent
about $40, 900 of his own cash in the
Henry M. Black, president of the
Farmers Telephone Company, said he
is the owner of one share at present
On January he had 1909 shares of
stock which he sold about two weeks
ago. "How much did you get for it ?"
was asked, and counsel on the other
side objected to the question. The vice
chancellor overruled the objection and
the answer was 1866 per share" He
made contract with the New York
to sell in July, 1917. The
committee of the Farmers
Company knew it was impossible to
build the extension and make the
necessary additions to connect the
lines. Two contracts were made-one
on June 30, the other about the second
of July. The latter was contemplated
when the first was made. No agree
ment had been made with the agent of
the New York Company when the
conversations were had with Reeves
and Hargroye, but he had told the
agent he had no doubt heicould deliver
a majority of the stock. He had called
Reeves and HargTove to his house and
talked with them. The losses to the
Farmers Company were great, it was
continually going behind, and it was
practically out of all hope to build to