The History of Tabor Lake Stock

Dear Friends:

It was suggested that it might be
helpful to have a brief history of the stock
of the Tabor Lake Corporation. As I was connected
with the Corporation at its inception,
I was asked to write the history and to clarify
some of the unique features of the stock.

I think it might be a good idea to begin
even before there was a Tabor Lake Corporation.
The Lake property had been owned by
the Jefferson Ice Company and the ice from the
Lake was cut and shipped to the Waldorf Astoria
Hotel in New York. Mr. Lewis Thorne purchased
the property from the Ice Company and made the
area a recreational spot for swimming and pic-
nicking. Each member was given a fireplace and
a picnic table. There were bath houses for
changing clothes located in the section of the
Beach now used for fires and other recreational
purposes.

In 1935, when we first came to the Lake
as I remember it, Don and Ruth Hutson, Jim
and Marianne Herdic and others were already
there. There was no water for drinking pur-
poses except a pump located between what are
now Lawrence's and Baggott's cottages. We
cooked on kerosene or gasoline stoves or in
the fireplaces. The Lake was then known as
Sachem's Club which was later changed to Indian
Head's Club.

A Mr. Berg, affectionately known to
all as 'Pop Berg' managed the Club for Mr. Thorne
assisted by  Wally Sherman. All members of
the Sherman family were extremely helpful to
all of us. Without the help of the Shermans
the Tabor Lake Corporation would never have been
a reality.

About 1946 Lewis Thorne died and his
widow, Audrey, inherited the property. Mrs. Thorne
operated the Club for several years. It was
managed then by Billy Wythe who lived on Tabor
Road.

Mrs. Thorne was not too much inter-
ested in operating the Club and wished to be
relieved of the responsibility. She offered
it to the campers for $20,000. The plan
devised by the Association was for each family
to invest $400.00 toward the purchase. At
that time there were 25 Campers but for some
reason or another the proposition lingered for
a year or more without any action. It was felt
by some that not all were in favor of purchasing
the property.

One day in 1949 Herb Hyer said to me,
"Why don't a few of us put our money together
and buy the Lake for we are not getting any-
where with the $400 proposition." I agreed to
invest $3,000 and Herb said he would do the
same. Otto Evens agreed to follow suit. We
spoke to Stan Culveyhouse and Jim Herdic and
they said they would go along with us and in-
vest $3,000 a piece. We now had $15,000.

We met with Audrey Thorne early in
July and offered her $15,000. She refused our
offer and said she wanted $20,000. After some
discussion we agreed to give her the price she
wanted. At that time there was a $7,OOO mort-
gage on the property so we had sufficient funds
for the purchase. A Mr. Cudlip was Mrs. Thorne's
lawyer and agreed to draw up an Agreement of
Sale which we signed the following day.

The five of us, Stan Culveyhouse,
Otto Evens, Jim Herdic, Herb Hyer and myself
decided to form a corporation to manage the
property to be called, the Tabor Lake Corpora-
tion. Because of the $400 Proposition of the
previous year or two, we decided that anyone
who owned a camp and wished to purchase stock
in the Corporation could do so at $100 per
share which was the par value.

We engaged Mr. Ben White of Schenk,
Price, Smith and King of Morristown as our
attorney. He drew up the articles of incor-
poration, searched the title and was at the
closing when we purchased the property from
Mrs. Thorne.

Most of the campers were not sure
the Corporation would be a success and were
hesitant about buying stock. Some few did
buy stock at the beginning among whom were
Ellis Clapp and Lester Forebeller. As time
went on and the venture proved successful,
others bought stock and we used the capital
to improve the property and to build two
cabins, one now owned by Bill and Hazel Bols-
terle and the other owned by Peggy Dennig.

We intended to continue building and
cut a road above Hilltop Road. Parsippany-
Troy Hills Township then insisted we obtain
building permits (we never had permits before)
but they would not issue permits unless we
sub-divided the property into building lots
which we did not wish to do. We were thus
prevented from further building. Bill Bolsterle
had started to build his own cabin but was
prevented from continuing. The Corporation
then sold him the cabin he now owns.

Up until that time, the issuance of
the stock remained open and anyone could buy
any number of shares they desired. It was
agreed by all shareholders that the stock must
be owned only by those who owned cabins at the
Lake and upon the sale of the cabin, the stock
had to be sold to the Corporation at par value.
It was then sold to other owners of cabins.

Several folk had purchased stock, others had
sold their stock and moved away. Among those
who had purchased stock were Bill Dennig who
purchased 35 shares, Harry Weinstock who had
purchased 24 shares and Ralph Smith who owned
10 shares. At that time there had been 138
shares issued.

However, with the curtailment of build-
ing by the Township there was no need for further
capital funds and the Issuance of additional
stock was halted. Then everyone who did not
own stock wanted to buy shares in the Corporation.
After much discussion over a period of some time
it was decided to issue 25 additional shares so
that all concerned could have a part in the
Corporation. A letter was sent to all the
Campers asking how many shares they wished to
purchase. The result was they wished over 100
shares. As there was no need to issue that
many shares, it was decided to issue 2 shares
to those who had asked for 10 or more shares
and 1 share to those who had asked for 5 or
less. The result was the Corporation issued
26 shares making the present number 214.

There were many changes in the owner-
ship of the stock from the time the Corporation
was formed. Perhaps a personal note may ex-
plain one of the changes that took place in
my original 30 shares.

In 1951, never having had a real
vacation at Christ Church, Newton, we decided
to take a month or two off and go to Florida.
We offered to sell 15 shares at $100.00 per
share. Stan Culveyhouse, Herb Hyer and Otto
Evens each bought 5 shares, giving them 35 shares
each and leaving us with 15. As it developed
we stayed in Florida less than a month. We had
$500 left of the $1500 and with the $500 we
purchased 5 shares in 1952. The following
year we purchased 1 share giving us 21 shares.
Len, our son, always desired to be a shareholder
so on one of their Anniversaries we gave BettY
and Len one of our shares. So we were back to
20 shares which we sold at the time I retired
in 1968 as President of the Corporation after
serving 19 years.

The stock had always sold for $100
a share until Harry Weinstock sold his cabin
to Scott and Thelma Whitcher. He demanded $250
a share for his stock.  After much discussion
it was decided to purchase his stock for $250
thus raising the sale price to that figure and
pegging the price at $250.

I was not at the discussion held at
the corporation Picnic on September 4, 1976 but
I understand from those who did attend that
the discussion was well worth while and cleared
the thinking of the majority of the shareholders
regarding the stock.

When the five original incorporators
invested their $3,000 in purchasing the pro-
perty and forming the Corporation, there was
no thought of realizing a profit on the invest-
ment. We simply wanted to purchase the pro-
perty for our own protection so that we might
enjoy it and guarantee a vacation spot for
ourselves and children.

I believe the stock, because of the
many sales and purchases over the years is
now distributed in a way that no one person
or group of persons has controlling interest,
which is as it should be.

I hope this explanation has been
helpful and that it will prove helpful in the
future.

I am grateful to the editors of the
COURIER for making their newspaper available
for this purpose.

Faithfully yours,
The Rev. Leonard F. Nichols