New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-27
RAN AGAINST FRENCH LAW
Therefore Credit Lyonn0is Refused
Shipbuilding Business.

,,ors n,,nortinr TO have been sent from Paris by
Charles E. Alexander in July. 1907 to his firm
Alexander & Green. relative 10 the French par
ticipation in the United States Shipbuilding Com
pany underwriting, given below;
July E-As TO castelmoros underwriting, the
Equitable did not think that ! should extend nm IN,
dcate that they know that ne Is either covered or
ma INA me .ba by od Guarantee that these three
rarnos would produce their check when requested.
private ofiioe Of the bank seemed 70 represent II
and was called by some name equivalent 70 n 1fe
father came in. lie is the person TO whom every
only put the matter in his sons name because ne
IS IN an Insurance company. ,,
described to you IN another letter. being asked me
question as 10 the certainty OF ms gtoup eI
Tnent." lie said. however that he had been led 70
reason Of an the bonds being taken and very full
explanations have been given 70 him on that SUD
While we were talking. Mr.. sourdis came II: He
a. ne Other csrpaT;ss and the general situation.
and seemed 70 be quite closely IL touch WIZ
Schreyer aud told him there would be call.
which seemed to occasion no surprise IN ms
Rogniat talked sboat selling some bonds and
SeTs nut esnecialIv II he could get a lot OF 500
bonds as ia Paris every bank was arra!e9 aS Slhst
American investments especially The oregit aSn
fnunicate with you TO the possibility OF getting
couraged him in this he would let me know later
how many he would Ike 70 arrange for. :. -
81 he 5T9teroo1n and when see the people they
sre frisbtened 10 5eath FOR fear they viii incur
some personal liability. and want the fullest cx-
Sout evrrythng in the world and finally tell me
what I want 10 know. vas AT Work y,,steroaT
think the tine has come when the ReTub'ic Trust
me more think of the underwriting situation
the more ] feel that the question OF fuI re-
fact and n MANAGEMENT OF the parties here.
hope you viii appreciate the diii1tlty 1i glEig Hs
awfully afraid Of taxes and wonderfully reserved,
sToourt Of secrecy in regard TO property and a
terror the part Of every one OF telling what they
seems very queer TO US that the BepgSlic , Trust
him that they will send him written ndvices OF the
situation. and ! accordingly telegraph you
- ~sr ore Sere that s. 200 900 was subscribed He
said that he got an official naemoTeneum iFoIn the
,ory,in me that Won intended 10 send me by cable
the formal call and wished me 10 make it, which.
Of course 7 shall do. am disposed TO take the
oment anT money is received # Is to be forwarded
instanter 70 New-York Their names are associated
already with the enterprise and as you see from ON
the above list the manager Is IN interested with his
hardly think that there is any appreciate
chance Of their falling FOR the mere purpose of
the whole onsiblIity Of mis- selection ought to
be thrown on me. and think the Mercantile should
send me q cable authorizing me 10 have these de-
posts made in the way ] have indca ted, with in
structions TO forward 70 them N New ork- -.
and there is any unfinished business 70 attend 10
presume the Mercantile would not object to my
leaving il in Kelly Rodingtons Office. provided II
did not involve the handling Of money OF course
case OF anything serious developing. AS 10 whether
ms @ ms + acfa eo 20 Collect IT
The people are undoubtedly respectable ana IN
doubtedlv have considerable money; but II they
choose 70 lie around and refuse TO pay. II would
Inlx e. ,Sink he Mercantile ought TO confirm
90 the fact that they approve my taking the
ask YOU TO see that they either do this or viii
return these underwritings to their name with the
! inciose a copy Of a letter which was sent this
Is said abort the can for the irst Of August 6the
date OF the second calD. The baron CoppenheiT)
Fdneg1at Teijeved to Ird the sr3punt Of the call
There has been something like excitement over the
fact that the underwriting cabled TODAY is less
having been taken the other side. but insisted
and the others fully agreed. that the exact facts
I have q notion that Young is TRYING 10 grind
of conuission. and things would have gone much
better and would go much better now II he had
without taking any responsibility. talked to him
] sim think II would he Food deal better to
have some competent house here issue notices as
son here with these people. and don't want TO be
person who demands funds until ii becomes more
July 22-eIaeferrine tn a cable dispatch annolnt-
ing him agent for the Mercantile 10 issue the call
for p per cent and TO have the money turned into
the Credit Lyonnais. and the refusal the latter
institution 10 have anything 70 do with the business
piled withD I went 10 Munroe's (an American bank
ing house in Paris and asked them about IT, and
they said II would not he safe for banker here
under the circumstances TO receive the money and
10 make the payments Had adhered TO the
Roma. proosbiv the question would not have been
raised. as they would have regarded themselves as
being covered by the guarantee.
Later YounG consulted Bodington through Mayor
and was present. and later ne had interview
with SVeE Al Rodington's Office. BOdington thinks
ne plan outlined OF having a cable sent from
sponsibilitv. and I accordingly sent YOU the tele-
gram. COPY Of which IS inclosed rked No. l.
Silvey says that this telegram is perfectly good
as iar as all the big underwriters concerned.
upon everything benp here in Paris IN \
regular way and sucj, underwriters must be left
until the necessary paI->rs are filed.
j was assured nv eli the people here that all
questions Of taxation rest, and felt that
this information confirmed hy the fact that
there had been a publication here in Paris. but
not been previously communicated 20 me. ! appre-
ciate that the bankers right in not acting and
that would be doing . wrong by breaking the
law bv signing NOTICE until Else had consented.
think that IN. action Of the Lyonnais has scared
EOEntst considerably. and he would he willing
70 give further guarantees to any one. but he is
very nuch bent on clearing up matters with the
E1Ec- There can he no s;atutoTy clearing I'D. how
ever. until the papers have been received from
New-YOrk TO be fed here. Rogniat assures me
thai they VIII md way 10 get the money with
camille OF the 25tf. think ought TO say that
fan to see within the four corners OF the law
exactly where nv notice would have broken a.
because ] an not either "a connany'' or ''spch
which fnterferes, but the rule is that the Else
attacks every one however remotely concerned, in