New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-16


o-And you frequently acted as dummy d.
-ecJor''7 A.-Tes.
The Witness was led TO these admissions re-
luctantly lie declared that he never took any
Instructions as a director as 10 how he should
vote. except 20 use his own best discretion.
KNEW LITTLE ABOUT PLANTS
The witness said he was in communication
with Mr.. Deming Of Alexander & Green. sew
eral times while he was director. and that
l,efore the first directors meeting he received
copy Of the minutes which were to be presented
These minutes be received. he thought, from MT
MOOD.
Q.-Ana these were the identical minutes that hat
were passed at the meeting. were they not! A
o2Tou voted to accept the rroPosiiioTn, s con-
ianeg e tRs P Rnom Mr. g 76SS Ga P0'
o.-Did you know anything Of the Hyde WING
ass Spa P yog know anything about the &c Ca9 ida
do YOU know that the Cands company had
nothing DO with the shlPouliohs 'uS
oWat DO YOU know q The :ethleh isrv S ssTa
are Cd Pefhlehems AZ would not
All Seward knew Of the plants in the ship
building company. he said he learned from the
documents given 30 him gust before the first d.
rectorr meeting and from persons he trusted.
fle could not identify these persons. His in
formation was simply that the Bethiehem
company built armor plate. and that some ship
building companies were consolidating. As lar
as he knew the Harlan & Hollingsworth Com
ranv was somewhere in the eastern part OF
the United States"
o-Had YOU any more Information about TIRE
rethlehem works Than would be possessed by the
average sohSoboyz 81 , shSo,u Knows
Q-Do you know anything about Moore q Son
oWould &, surprise you 10 know that YOU
know.
Witness at last admitted that he depended for
his information regarding the various plants on
The papcrs that were before him at the first
meeting.
AWARE STOCK WAS NOT WORTH PAR.
After consulting the minutes OF the directors
meeting the witness said that no separate valua-
lion had been placed on the Canda plant; that a
general valuation had been fixed 10 cover all the
r,lants. Seward again took the stand after re
cess
ODD the company you represented have coun-
o.-lYh5 Wa counsel? Al don't know. think
o1i know 5as e }eg MsTe sot6s r TO
make purchase for yoursei tIiat you w1o.o os
isiG before You as director Al don't know
o1You believe that what You did was the exer-
S y ,n The exercise OF your discretion, did
,og bell We 10 De- the fair value OF that property?
About 81 100000.
o.9Dd YOU. believe the stock Of TIE company TO
be worth par? Al knew II was not =, .,,-..
Do you believe the properties 70 be worth
s7Ioeoe0O A.-Yes.
Mr. Guthrie then took the witness. Seward
said his resignation secretary Of the ship
building company was accepted on September
10 and as treasurer on September 2S, 1902. The
minutes Of the stockholders and directors
meetings stated correctly what occurred AT those
meetings. For his services as a director he re
ceived S-o.
Mr. Guthrie and Mr. Uuternyer had already
had one little spat and they had another at this
5uncture over a question propounded 10y the lat
ter which the witness refused to answer when
Mr.. Guthrie shook his head.
After further reference 10 the minutes the wit
ness said that certain documents were author
ized 10 he executed on August j. 1902, by Lewis
Nixon as vice president and himself as secre-
tary, and that Mr.. Nixon was not at that time
a director. as he became a director in September.
The redirect examination by Mr.. Guthrie
tinued follows
INCORPORATOR A HUNDRED TINES.
Q.-At the meeting Of August s. 1902 the
mortgage the Mercantile Trust Company read
fun? Al DO not remember
and Trust Company read at that meeting Al do
not remember.
o-L9gg know dc you not as an attorney that
a director? A.-That is my impression
The witness testified that he remembered
that he signed. sealed and Acknowledged both
mortgages as secretary. lie could say
what notary he acknowledged the mortgages
before.
Horace : Gould assistant secretary OF the
Corporation Trust Company. was called as the
next witness. He said he did not solicit the
business of The shpbuilding company. He was
one o. It's incOrpOratOrs. and said he had acted
as incorporation FOR companies perhaps one
hundred times in the last four years.
For how many shares Of the shipbuilding
company Cid you SUBSCRIBE" asked Mr.. Tn
termyer.
"One share Of preferred and one share OF
cOInmon'
Az the shares Of the first $1,000 of stock
the witness said. were paid for by a check
either drawn 10y or upon the Trust Company
Of the Republic. He never paid for II per
sonally. and did not remember whether he in
dorsed the certificate. but thought he probably
did indorse Il and hand il back
Kenneth X. MacLaren. secretary f the Cor
1'orailon Trust Company. said he had been
with the company about six years. but cid not
remember the names OF two Of the five direct
ors % the company.
o.-Is Mr. Pam director" A-No
ANY one representing has interests A.-No.
c-fou are one % the incorporates Of the ship
building company A.-Yes.
Q.-At whose request did YOU become an fncor-
I2raioTy As an ernploye OF the Corporation
Trust company, became an incorporation Wit hour
any orc asking me. in the line II duty
The fact is. Mr.. MacI.aren. that so far as
shy pecuniary interest in this transaction Is
concerned, you had none2" asked Mr.. Inter
nveT.
That is true" replied tho witness
AFTER Lewis Nixon had been sworn i. was de-
eioeo 10 adjourn 20 next "Wednesday. and 10
hold sessions also on the Thursday and Friday
following ''Uo'