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 (1913)

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2076 Thomas W. Stephens, Direct Examination. Q. Do you know Mr. Anthony, who has just testified here? A. I do. Q. Did you ever have any connection with the corporation of E. & H. T. Anthony? A. No. Q. Or with the corporation known as Anthony & Scoville Company? A. Yes, sir. Q. Which succeeded E. & H. T. Anthony Company? A. Yes, sir; I was a director of that company at its formation. Q. And when was that? A. In 1901 or 1902. Q. And how long did you remain a director of that company? A. I guess I am, yet. Q. Well, did you participate in the reorganization of the Anthony-Scoville Company? A. I did. Q. And that company was reorganized when? A. In 1907. Q. Under what name? A. The Ansco Company. Q. Then, the Ansco Company succeeded to all the assets of the Anthony-Scoville Company? A. It did. Q. And what connection did you then have with the Ansco Company? A. President. Q. Are you still the President of that company? A. I am. Q. What office did you occupy in the Anthony-Scoville Company, other than that of a Director, from the time of its organization up to the time of its reorganization? A. I first became acting President, and then President. Q. Now, when did you become acting President? A. I should think that was in 1901 or 1905. Q. And then you became its President? A. I think I was President during the last years of its active existence, for a year and a half or two years. Q. Were you familiar with the financial condition of that company? A. Yes, quite so. Q. Commencing with the year 1904, when it was first organized, or 1902, and coming on down to the time of its reorganization in 1907, will you state generally what its financial condition was? A. Not good. Q. Well? A. Poor. Q. Well? A. It didn't have enough working capital, that was its trouble. It put too much money in brick and mortar at the outset — had to do it in order to prepare itself to handle a general line, which resulted in cramping itself for working capital.