The Montgomery advertiser., 1903-12-19
RIGHTS ON HIS TOMB
AxExANDNR DID NOT MEAN 1 sMIPBuILDGTG STOCK
Her-sng in ths Rsoeivership Case .Ccmt1nuss, and 1t Bids Fair to Continue Into Next
 Year.

f af a Year.
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 New York, Dec i&--oniy a few audi tors were present when the hearing in the United States ehipbuilding receiver ship case was assumed today. MT. Unter- myer continuad his examination of Charles B. Alexander of the firm of AL exander & Gf2eH. It is recognized by counsel that the hearing will extend into next year. Mr. untermyer saying that he has numher Of witnesses yet to call in addition to AEessrs. Schwab, Pam and John Y. Young before the defense begins to present it's ease.
 The hearing opened with tilt between Messrs. Guthris and Untermyer. MT. Guthrie rising to state for Mir. Alexan- der that none of the cabiegrams which he sent from abroad during the summer of ts08 in regard to selling securities re- ferred to shfpbullding stock, and that If Mr. Untermyer desired to 'pry Into Mir. Aiexander's private business affairs" the cablegrams would be opened to his in- spection Mir. Untermyer resented the phrasing of the statement, and the ex- animation then proceeded, Mir. Unter- myer asked # cable message in code of July Sa. lsM. directing the New York ofiice to sell my rights on my tomb re- ferred to shipbuilding stock, but MT. AL exander insisted thaa shipbpisdiag stock .Wan not sshia tamh.v and Mr Guthrse Augmented tis 9teFtiment hy- aslsin9 how tomb was HDelled.
 Int e4blAkTams Ia question. over @hoss adfpigHicn in evidence 60 strong fisht has been made, came to the knowledge Of compIainants counsel through Mfr. Dresser. but not in such e way that they could be used in evidence from the source. Mir Alexander continued his tactics of declining to answer most questions about correspondence on the ground that 1t was privfleged.
 s Mr. Alexander, told at length of the con iSectiea -6f his firm and himself with the early attempts to form sh!pbuilding con- eern, but parried successfully most of Mir. Untmeryer's attempts to obtain any im- portant sensational testimony about the final attempt. Mir. Alexander could not recollect that he had read at all care. fully the shipbuilding company pros- ,p6ckus while in Paris in 1909 and he did not cofaSdef thak while in Paris he was trying e secure French underwriting. Mir. unterneser asked if he had not given assurances to French capitalists that a million dollars could be secured for the shipbuilddng concern in London in twenty-four hours. Mir. Alexander said that before leaving Paris he had told the French underwriters from which less than S50.000 was obtained, that their under writing contracts could be enforced and had conferred with French attorneys to lay the grounds for a suit to enforce these contracts, underwriting several million dollars worth of stock.
 Baron Rogniat,s one of the French un- defwFiters Mr. Untermeyer elicited from the witness had complained to Mir. Alex ancer tr Paris that John w. Young had hfVFl ahntf4f the gzhfnhlIflHfFlfr rites and had assured him that the Issue had been a success and that on account of being so deceived, Baron Rogniat de- ciared that he would not fulfil his part of the agreement Mir. Alexander said he explained to Baron Rogniat that 1t was customary in America to advertise every issue of securities a success and then proceed to sell the securities. Baron RoRniat complained that he had been made ridiculous in She eyes of his sub underwriters by the transaction and de- clared that whatever might be the legal status of the transaction he was con eerned with the moral aspect of the af- fair. MT. Alexander thereupon talked with him about the merits of the ship building proposition, endeavored to as- sure him that the company was in good shape, notwithstanding the alleged mis- representations and told him of the stand RANkN(h ed in the proposed consolidation. The re- sult of the convention was, said Mir. Alexander that Baron Rogniat expressed himself as satisfied that the proposition was a good thing.
 r Baron Rogniat, 1t was brought out, had paid only a small portion of his under writing thereafter and had finally refused absolutely to fulfil the agreement, but Mr. Alexander could not say whether this was the result of independent investisa- tion on the Baron's part.
 '.Did you not tell the Baron and an- other underwater that they had been very badly treated by Mir. Young:" he
 .sT. svnpathized with them" he replied.
 Mir Alexander admitted that a large portion of his time in Paris had been de- voted to endeavors to get the French un- derwrfters to make good their agreements and to convince them that the shipbuiid- ins proposition was advantageous on acc count of the personnel and properties em- hraced. Did you not advise Mir. Young fhat he must go to Rogniat, eat humble ule and make his peace with h'mE'
 MT. Alexander declined to answer.
 ''Did you not cable the trust company of the republic to make a call on the French underwriters for p per cent or the amount of their underwriting?'
 MT Alexander again declined to answer hui said that such a call had been made. He admitted that he had told the O pen- helms (French underwriters) that he had heard that J. P. Morgan and Co. had talk en some of the shiphuiiding securities at which the Oppenheims were greatly eE- cited" It was brought out that $2000O0 worth of shipbuilding securities had been set aside for the purposes of subsidlzlng the French press