In the District Court of the United States, for the Eastern District of Pennsylvania, the United States of America, petitioner, vs. Motion Picture Patents Company, et al., defendants (1914)

Record Details:

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209S John F. Hbnnegan, Direct Examination. Q. Have you any memorandum to refresh your mind? A. Yes, I can show it to you if you wish. Q. You might look at it, if you wish? A. I don't see where it is, this amount. I am pretty sure it is six per cent, though. Mr. Grosvenor: What are those papers? The Witness: Those papers are to confirm the sale of the Magnetic 'Film Exchange to the General Film Company. Mr. Grosvenor: That is, these are the papers that were executed at the date of the sale? The Witness: Yes, sir. By Mr. Kingsley: Q. Was a part of the purchase price to be in stock? A. Yes, sir. Q. What sum in stock? A. Eight thousand dollars. Q. What dividend did that stock bear? A. Seven per cent. Q. Has the stock been delivered to you? A. I am pretty sure I have got that stock in our safe in Cincinnati. Q. Have you received the dividends on the stock since then? A. Regularly, yes, sir. Q. What sum was to be paid in deferred cash payments? A. You mean on the original transaction? Q. Yes? A. Well, the cash payments — Q. What was the total? A. There is a schedule of the payments there, but Mr. Kennedy — we Avere putting up a printing factory at that time, and we needed a little cash, and he gave me one year's in advance of the regular instalments. Q. Were these regular instalments to be eleven hundred dollars every three months? A. Yes, sir. Q. During the life of the contract? A. Yes, sir, for five years. Q. And did they bear interest at five per cent.? A. Yes, sir. Q. Have these instalments been paid upon their ma