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William Pelzek, Direct Examination. 285
Q. Dated March 13, 1911. You had bettor read over your testimony when the examiner has written it out, Mr. Pelzer? A. Yes.
Q. The minutes for this date, March 13, 1911, authorize the payment of dividends. J low long had this company been doing business on March 15, 1911? A. March 15, 1911?
Q. Yes. A. Do you mean actual commercial work or since the date of its organization?
Q. Well, in actual commercial work, how long had the company been engaged in business? A. I should say about 10 months, as near as I can remember.
Q. And these dividends are, a dividend of 7 per cent, for the calendar year, 1910, on the preferred stock issued for cash and on authorized issues for payments on account of property purchased. Second, a dividend of 12 per cent., for the calendar year, 1910, on the common stock issued. You have testified that all the common stock was owned by the Patents Company's licensees, the manufacturers? A. I said — 1 would not call them all Patent Company's licensees, strictly in that sense, some of them were individuals and the individuals are not licensees.
Q. But they are officers of the Patents Company's licensees? A. Yes.
Q. And third, dividend notes to manufacturers for the remaining undivided profits. The manufacturers referred to are the Patents Company's licensees? A. Yes, sir.
Q. I wish you would on Tuesday produce a statement of the dividends that have been paid by the General Film Company since it began doing business and show separately the dividends on the preferred stock, on the common stock, and such dividends as were given in the way of dividend notes to manufacturers, showing total amounts paid as well as the rate? A. Yes.
Mr. Grosvenor: I offer the minutes of the meeting of March the 15th, 1911, of the P>oard of Directors of the General Film Company, held at the office of the Patents Company, and which are at pages 39, 10 and 41 of the minute book.
(The minutes referred to were marked Petitioner's Exhibit No. 85, and are as follows:)