New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-14
MEANING OF NEw-JERsEr ACT.

MEANING OF NEWJERSET ACT.
The gist az this act in present application. &C.
Cording 70 - NeK-Jersev lawyer quoted in the
story is the six months provision at the end that
provision in his opinion being an efectuaI barrier
n = successful prosecution Of tho suit conteu-
plated by the receiver against Nj Sch|ab ana
also the real object ot The passage Of the law.
James r. ~ gnan. Receiver smiths assistant at
iached no Importance 10 the point thus raised lie
said:
An examination OF the statute viii disclose that
~ neither refers to nor contemplates actions that
rnav become necessary with reference TO unpaid
stock in the event Of insolvency. The statute re-
ferred proviSes for an action by tho company
itself against any promoter other person. for
the purpose Of recovering any gain or profit which
such promoter or other person may have taken 20
himself in dealings with the property q such cor
poTatiou- But assessment ~ stock rs an en-
tirely different matter ana is provided for by an
entirely different section such statute viii he
found in the Corporation Law Of New-Jersey under
Section p Under this section any person who has
rot been paid ful value for his stock i'm tho event
q the corporations insovency may be called upon
b. = receiver OF such iusoveut concern for an
sssessneut upon such stock sufficient 10 defray
the obligations Of such insolvert corporation. not
exceeding the par value Of the stock"
II is learned upon good authority that the report
~ Receiver Smith will probably nc fled a. Tren-
ton by Friday Of this week. although little fur
5hor delay may occur
MORGAN R;NIOR Is DENIED
Tho story circulated YESTERDAY to tho effect that
! +. Morgan holds controlling interest in the
reorganization scheme 81 the United States ship
building Company. was emphatcally denied 10y
member OF the reorganization committee
The story had il that. hen the crisis in the af-
fairs Of the Trust Company OF the Republic threat
oned. AR Morgan directed George r Sheldon.
treasurer Of the North American Company. to take
up the various loans made on Shipbuiiding bonds
and stock by the Trust Company the Republic
when this dom. the story went M. Nor
took care OF half the loaUs. the amount of
A-oeiel1. and the report referred Is that lie
Still has the bonds. and that M.sSrS. NctnUre and
Sheldon are representing him on the voting trust.
That story Is absolutely faiS.' said the Nom
her OF the reorganization committee Mr.. Nor
gan, up to October of last year. had absolutely
Interest in the Tni;~d States ShipbuildiuE Com
gsnN. Then. al our request be. ~ several othe~
bankers. came 20 the rescue 70 avert the serious
crash NJ the Trust Company OF the RerubIic
Neither he nor any one else has dictated To or
directed the reorgauizerS for one minute. ne has
10 other Interest now than any other banker who
gave us assistance. His action was entirely
Jhni8nthropic and the idea that he has control
5 absurd and utterly false. The reorga nizatiop
s,f1lrnittce st2rIed THIS thing. not Mr.. Morgan.
We have at put our money if, Tor our own
interests bat in the Interests Of the public to ward
OF q disaster. and. as usual. the public is kicking
Tor pa ms
Mr. Morgan has acted in this matter as he has
many other times. without any selfish motive
purely 20 help Others out % hole. Tn, wa, he
Is jumped on Is = shame. To every move ne kes
g sinister motive Is attached AS lar as this thing
Is concerned he wouldn't lose cent II the shin
concern ana everything connected with i went TO
pieces