New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-22

ting in evidence three checks drawn by the
Trust Company of the Republic to the order of
E. w. Hyde trustee, and a check by the same
company to the order of j. & w. Seligman.
Mr. Nixon said he might have paid them out,
but he knew the total amount was S6,oOO.0OO.
The three Hyde checks dated August IL
and the Seligman check dated August l..
1902. and all four were drawn on the Bank Of
the Manhattan Company, and were as follows:
Pay to the order OF E. W Hyde trustee Ts $4,000"
Pay Bank of Manhattan Company or order. Trust
Company @ t CA fsq2 Secretary and Treasurer
Endorsed on back: Pay TO ]. r. Andrews or order.
T. J. r. r. AND IRE. suS'es'
Pay Bank of Manhattan Company order, Trust
CLARKE sscT7s igy and 3r%.t TFea sSo
Endorsed on Back; Pay to the order Hn Of 4fie NC
o Fer Deposit osfse First National Bank Of Bath M
First National Bank Of Bath, Me. All previous in
dorsements guaranteed ,-ssr,-D1-,- Cashier
Pay any national bank order. State National
Dam u i''i GEORGE B. WARREN, C -as
RaE 1o 5n on back W seigman Pay to
or'er u 'i'e J. & W. sELIGMAN & co.
AS TO CONSTITUENT COMPANIES
Asked if he knew at the time of the pay
ments TO the vendors, about the debts ana IN
cu1nbrances of the constituent properties MT
Nixon said: Il understood that they were free
from mortgages and Indebtedness. Some money
was retained because of mortgages ana liens
on the property. Three thousand dollars was
retained from me for taxes
worth had a mortgage of $4,000 on their piantE
A-Yes; but that was PAD offer before YOU be-
came a director of the United States Shipbuilding
S0m aPInb saw g'' the offer When it was being
drawn in the office of Alexander & Green 1t was
SON o~Had You in August. any information as to
the debts anS Supposed that Mr. Young
was in Europe knew an ABOUT nI rea the hman
cial scheme.
WHAT NIX. NIXON GOT.
wha the debts Of your To cG P0p 6 s0
ABOUT g1Isyantee got Of Ave years employment and
500 90 in each kind Of stock because Of my prom
s pGt to co@ gPts5 into TheTs %as 5 @
oNWhat did you do for the Moore plant? A
Q CuYot know the accountants reported certain
told the accountants to go there and said they
would have yo Do o t the of the
accountants were wrong 81 he yeaF so and the
cost of shipbuilding has been increased ey the
ming OF 1b 6 reduced T9k DAY. the
DID anybody make any INVESTIGATION as to the
truth and accuracy Of Mr.. Tounss statements
Ole the sole promoter les; a anon
o-And your company was $500 tS, m de has since
But the shipbuiidi1g company tlinA' mas S+i0'
What DID you kn0w about Shs pST r Young ans
told There was reported surplus IN 'he
o.EYou have read the minutes Of the directors
meeting? al A. have Of August Il had been
closed you became a director of the company did
% o.I And up to that time Daily, Newman and
Seward were the directors? AIies .,oro
anything said who should be directors OF the
company? An 40 MAKE Ea'f the manasers
of the constituent companies directors ana ne saiu
John j. McCook, mentioned in the prospectus
director never became one ANo whose
names are the prospectus as directors were
oLAnd the prospectus states the earnings of the
company per annum We're 81 225 600 on existing con-
0.@And you were content to make the statement
to the Rg6G sa' I KNEW that it was more than
81 GOO COS and included 81 10000 in bonds 1
QIHow did Mr.. Gary become treasurer Of the
he wod b fam greatly ne financial
Q-was there any mention made that ne was CON
knew that
PAM GOT $4,000 A YEAR.
Odd Mr. Pam get $3.50 yearly salary as chair
man of the executive committee? lie dld:
u
DR. Ward as the New-Jersey representative lie
also recommended Joseph f. Schwab. brother or
Charles NJ. Schwab, and the officers Of the Bethle-
hem Steel Works. -
Odd Mr. Schwab or Mr.. Pam furnish these
men with shares of stock that they could quaH1y
as directors? Al do not know. 1 had nothing to
do with the transfers.
THOUGHT IT MIGHT MEAN wRECkING OF
COMPANY.
Q.-Do you remember when the directors proposed
To eXDend s. 10000 on the improvement OF the
bethlehem plant? A-There was something of that
sort suggested. An examination OF the minutes
would refresh my memory about that matter. II
was at the meeting of the executive committee and
| opposed the resolution because it would destroy
the surplus Of 100000. 1t seemed to that
they were wrong. and at my suggestion IL was
inserted in the resolution that the surplus should
be protected. Then April IA | called the atten
tion of the directors and told them If the matter
was put through il might mean the wrecking OF
the company. The resolution to spend the money
was nut through | declined to. vote because
wanted 100000 pay the interest the stocks of
the Bethlehem company. DR.. Ward. Joseph T.
SchWab and Max Pam attended that meeting. and
A. was Mr.. Pam who moved the previous question.
/ called meetings in May, but they could not be
held because there quorum. l called up Mr..
Schwab on June 9. 1903 and asked him II he knew
where McIvaine DR.. Ward We're and he in
formed me that he had told them TO stay away.
O-Then you could not hold meeting? A.-No:
there no quorum.