New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-09
MORGAN & CO. STATEMENT
REPLY TO Mr.. DRESSER.
No Connection srith Organization Of
.Shipbmilding Trust.

Morgan n
following statement in reply TO the testimony
referring 10 them which given by n. lie
Roy Dresser on Wednesday at the United States
shipbuilding Trust hearing:
Neither The firm q ]. p Morgan G &C. nor any
partner ever had any connection with me lnCel
fiipbuilding Company nor have they ever recta.se
CO Owned any OF its securities AS man Manage,
we held the Bethlehem steel Company stock IN
q purchaser was found; II was 81 ea"2
cost. and the preferred and common stock, Whloi
,be con1pary we're sold at private sale for 5000
and the proceeds we're distributed as part OF ne
Profit OF the United States Steel syndicate. W.
statement that were parties 70 any agreement
Tor selling tie stock is wholly untrue
The foregoing formal statement vas shown
~ Samuel Untermyer. the counsel for the
Bondholders' Protective Committee. VINO is con-
ouctsng the present investigation. MI Inter
,nyer said;
aTy clients have ~ quarrel with Nessrs. J =
fhcir relations With the shiphuidtng deal. except
what Mr. sohwab had communicate 70 inc e neT
papers Until Mr Dresser furnised nc ~, .e,i
lion. did know the details 81 What nus 'eSt t
ine@s stand but from our Investigations We had
every reason 20 believe they would oe I5 lS -
The documents that were placed In my hanos 10y
10 100 srs I5De he vas -estifying speak for them
d 60. - 49,. .,--...o-.s 10Th - writing and
now "a evi5enoe ore between Messrs Nixon anG
Dresser and ] P Morgan q % By the 'e I,ass %
Nixon AID Dresser the shares o. STOCK o. tLas
g coo 600 equally divded between preferred and com
mon stock - the Ehipoudine coiups0l = ,,.Ll-I
Sessrs D-osse- and Nixon O: the FRS part Chafles
sen%1S o n 70; se 4S26 p pan MesSrs Morgan
provides that the S5c0 40 q STOCK which they were
% get es wei as the SIS apo OF stock WHICH Mr
schwsh was 10 get were q be Inarketeo py r.
preferred ana not less than s. Per SHARE TO- he
common stock ano t.aI hoIfe o. me II -
which certain venders were receiving. sho9ld he
arc schvsb bad been disr2see Of q. ma
s.rial for The purpose OF case that The Beth
aehem Steel property vas really owned oN me
United states Steel Corporation syndicate our in
Formation is that it was always represented by
Nr. schwah as his property Whatever the tscIs
the investigation IS ended. l repeat that We have
Our quarrel IS with Mr. schvab. ana before the
litigation is ended the entire truth as 70 the way
With the vio5irs Of the shirhuiidins Trust viii hN
Brought 10 light
The formal statement issued by ]. P. Morgan
e. CO. was later ampfed by q member Of the
firm. who declared that the $4,000 mentioned
sn the original statement represented the sum
which his firm had received for the S"."ohho
spar valueD command and preferred shares Of
the shipbuilding company.
IT was also denied by the same partner that
Morgan e. co. had been in any way parties &c
an agreenent by the terms Of which their shares
sn the Tinted States Shipbuilding Company
were 10 be marketed and sold before any other
6psr valued common and preferred shares Of the
shfpbuilding company.
Il could not be learned from him when or 10
whom the firm had disposed Of its S3@looG" Of
stock for $1,000 on June H. however. Il may
lie remembered. Charles NJ Schwah. in the
course Of 2 statement issued by him in reply
20 the allegations contained in the papers fled
Nv Roland Fl. Conklin and his associates, begin
ming the litigation now pending, said:
Tllereupon took she matter W with Morgan &
q Who insisted that tley must have. in addition
20 the cash invested. - per cent Of each kind o.
stock which ] was TO receive, ana which agreed
] WOULD ne willing have Messrs. Nixon ana
Ce5u-f the Ei0fss9s1 n each KIND of
stCck they had agreed 10 give ne. 50 that Morgan
4 CO might receive IL as additional payment Tor
fhe Bethlehem St'Ck Morgan Co AaG
REQUIRED tho Bethlehem steel Company for me
original Steel Corporation syndicate and 5ust be
Sofe the winding Gp ri The syndicate I purchased
from ! 2 Morgan & 90 the s. 56H 90 Of each KIND
a stock which they had received
II was reported in Wall Street yesterday that
the reorganization committee was actively en-
deavoring acquire the holdings Of the mon
owning the largest amounts Of the first mort
Eaee bonds. vith the object of putting end
30 the litigation now I'm progress