New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-09

ioahs OF $4,000 10 each of the three trust COM
panles. leaving Mr. Dresser 10 make his own
terms with the trust companies for borrowing
the money Ny. Perkins said he understood that
the money was wanted only until the French
underwriting arrived. He understood he said
mat the underwriting was being gathered to-
gether and would be sent over from Paris in a
week or ten days
DID NOT ASK PARIS HOUSE ABOUT IT
Mr. Untermyer asked several questions about
the information Mr. Perkins had as to the state
OF the French underwriting and Mr.. Perkins
declared that he had not been informed at anv
time by Mr. Dresser that there was any doubt
about the underwriting. He said the three trust
companies originally selected by Mr. Dresser
were the Trust Company Of the Republic the
knickerbocker Trust Company and the Man
haitian Trust Company. Mr.. Dresser said the
three companies were ready to take an interest
in the Shipbuilding deal but did not have the
cash 10 spare After each Of the trust com,
panies had received the ten-9ay loan from, 7
=. Morgan & Co. Mr.. Perkins said the Man
haitian Trust Company sent an inquiry if the
hrTn wanted the money lent to Dresser and
Nixon, and Mr.. Perkins said his firm was not
authorizing such loan. The loan to the Man
haitian Trust Company was then returned. and
Nj Dresser arranged TO borrow 100000 from
me NeW-Aork Security and Trust COMPANY in
which Mr. Schwab was a director
On placing money where Mr. Dresser co,,I5
borrow il, you aiding in the orpani7s t{o1 -
the shipbuilding company? Al Suppressed he
would nave nave the use OF the money until the French
Q--You We're anxious 10 put through the sale Of
the BelhleheIn Company TO the shipbufldi1g com
pany? A.-NOt particularly anxious The ar
rangement had been highly recommended 10 ms
C-By whom At had been represented 10 rs
as desirable arrangement for the steel corpora
Odd you ask Morgan Har1es & Co ,-orr
Paris house. about the French underwriting?
Ave did not.
Q-You krew. did ycu not that Morgan. Harjes
a 60. represented the United States Shipbuilding
Company in Paris? A-No. we did not
Q-Was ii then, the fact. that. without arv
communication with your Paris house and vi n
been gathered together EXCEPT as Mr. Dresser had
told you. you placed 500 900 in each of three trust
companies so that Mr. Dresser could borrow the
money At not affair in which our
Paris house was interested. We simply placed The
money as a convenience for ten days. We took no
risk in the loans 10 the trust companies
G-Upon what security Mr.. Dresser 10 get
the loans from. the trust conf panies? Al do not
know. That was n matter I not concerned
with
Odd you know who the underwriters were2
o-why did you think Mr. Dresser had TO have
the money before the French underwriting ar
rivedH Al understood that he wanted TO make a
payment 10 Mr.. Scott for the Union Iron Works
Q-When did you learn that Mr.. Dresser had re-
ceived the money from the trust companies? Al
don't know.
Q.-You made the deposits. on August Il 1902 dur
ing banking hours? A.-Yes.
Odd you learn the following day that Mr.
o.-Didn'f Mr. Dresser tell you? Al think not
We were not interested in the details. 1t some
Continued sixth page.