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The sworn testimony of Mr. Dyer, an attorney at law and business man of the highest standing, is unmistakeable on this point. Before the license was transferred on September 18, Dyer testifies (p. 338):
" I stated to Mr. Lodge that in view of the fact that these circulars had been sent out, it woulii have to be clearly understood as a condition to the transfer of the license to the George Melies Company there should be an agreement on his part not to sell stock in the George Melies Company to Exchanges.
"Mr. Lodge said that in view of our objection to the sale of the stock of the George Melies Company to film exchanges, he would not sell any of that stock to other Exchanges.''
And Mr. Melies, who attended that meeting with Mr. Lodge on behalf of the afipellant corporation, testified (pp. 384, 385):
" Mr. Dyer said very plainly to Mr. Lodge that he objected to such doings; that the manufactuiers had always been together as manufacturers and he thought it was not advisable to have any Exchanges coming into those Companies which could know what the manufacturers were doing. Mr. Dyer said that until then the manufacturers had been a happy family and did not want that happy family to be disturbed." * * *
" Q. Did Mr. Lodge say anything about any further sales of stock in the George Melies Company?
A. The only thing that he said, if I remember right, was that no more stock would be sold to aiiy man belonging to Exchanges." * * *
(Page 415.) " Mr. Dyer then said if it was so, if Mr. Lodge would do his very best for that and not sell to the Exchanges, the thing would go through," etc. * * *
(Page 416.) " Mr. Lodge said that he should not sell or attempt to sell to any one else any more. * * * Means the Exchanges of course, the people who were in the moving picture business."
This language meant ivhat it said. It is absurd to claim that the above words conveyed to Mr. Lodge as appellant would have it (Brief, p. 76), that " the thing really objected to by Mr. Dyer and the only thing that Mr. Lodge under