New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-11

J. r. MORGAN NOT BLIHED.
statement by Counsel for L. s. Shin
Building BondhoIdcrs.

-ritt>e - the Hiteo states ShipSuildirg Com
p,ry. ycs'erdaN made q statement in which The
rsc, vas brought OFT that an effort WIS "a he
MADE Hv The minority boiders OF first mort
sses bonds TO co9aDel Charles NJ. S.n,,ab -
rake payment on the saoeeocso stock 90 h.
COMPANY. which n received IS 2 bonus with
- Sl"tssass" second mortgage bonds given
h:-s iu pavu,ut for the Bethlehem Steel COM
nan az TutevmH eI's statement IN bart -
\. foilo--s-
No attempt has been made TO suapoens AIr.
Perkins There VIII no. TO the least difficulty
= doing whenever desired. AZ Perkins
.~-igc NJ. Setuab. i one % the most ac-es-
she uet in NeV-No-k- be has -OiC0t-s-ed
- testify whenever notified.
have already said. and repeat tl14t The
.re6ito-s ~ the Shir0uUding company whom
10 represent have I'd E-9-r-as-ce against :. =.
Morgan a CO. There Is 'totkilC II their reIa-
-so-s 20 The business which : the subject OF
ms -ii icisIu. and FULLY TpC--1 ali this tenn
=, 81 a -ra-o- - sa~ e. -res- 49,. concerned
Tee -rreeTncnr H-ith Harris Gates a. 60 %
-.s-let he S-hV'ab-NorEan stock before other
e-o-k was marketed mace With Al
Srrv-ab II provided fcr Ia marketing Of az
"a. shares q stock % Messrs Morgan * Co.
-,t+r -he 1-.Otkse shares OF M Schwan While
r thus provided We NAYS 10 reason 70 1el'eve
fhst Nessrs Morgan & Co knew OF the exist
srcs - Thar agreement. -oT does + in the least
ro-,e-- En- this Cgee.
,7-,- grievances against Ar Schwab and his
-s--aser.ative. NJ. Pam. are. however very
-ss- and serious. j is toward establishing those
shs-ges and not against Nessrs. Morgan. that
J
- mort sage bOndhcldelS claim that Ny.
S-hv-sb under the guiG 4uce and Inspiration of
" Pan. 10 took control q the ship, Yards COM
psny iu an Irregular and uIleWTUi way pE
means y sac OF The Bethlehem plant at an
ex-0-riorare price and upon uncoUsC ionable
-a---s. - -ha-. having thus secured control,
. 80 tho stock Exchange by the company's
--rssu-er or- - great promise and pros
-,-3--- "a hen Il was Al that tire the Of
oo-lsrss and that this done 70 induce in
ves-o-s 70 buy the securities: 90 that the large
earnings q The Bethlehem company. 10 which
~ - pysr6s CoruSauE vas entitled. and which
were more than sufficient 20 pay the interest
G. The frs- mortgage bonds twice over, we're
withheld and refused by NJ. Schwab and that
i. - -r;s which brought about the collapse %
-. company. A. that the default was forced oy
NJ Schvab fer the express purpose 81 enabling
rim 20 su-plant the lien o. the frst mortgage
bo-is Ia favor OF his second mortgage bonds
through threats Of foreclosure, 90 that Nj
s-hwst's plan q reorga llization. which an
nounced the iDsoiTelc- o. tne COMPANY = as me
f-1i-ior q his scheme 70 corral the boulholcers
r-operty without paying for IL
TIE boudhode-s claim that SchTab s Nl"NV'-
go -,o--eare is void. that he j. 81 oJeCt 10
col ia hiIi-,- OF s2uspdsa on stock for which
he has nor paid. and that the company can o.
made entirely solvent bE The enforcement -
ne remedies against him for his acts Il is not
,o- moment suggested that Messrs. Morgan &
co. had any knowledge OF or conne@u9A WIN
any 0e-. Cf -i-s scheme.
ID addition - me disclosur. that attempt
-.ss no 10 made. under the Nev-Jersey corpora
.so- Saw. 20 compel NJ. sohvab and other inan-
s-s 20 pa The money which i due creditors
~ the r-f-arrCiug company. II developed les-
-a-=s -le- -hr agreement. or Contract made
N - -, :.
srhsidiz--- companies was 50 wo-ded that only
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Ne---Terse-- ar - = -h- original holder y Inc