The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1903-12-26
CABLEGRAMS
MADE PUBLIC
Relates to United States Ship
building Placed in the
French Capitol.
COVERS PAGE IN THE WORLD
Prejudice Grated by Critic Bing Lift
cd by Efforts of cashier-Effct
Of Bad Reports counteractd
Il BY officials. W &

London, Dec. 23.-Specials from
cablegrams which are alleged to have
passed between New York and Paris
In connection with the United States
Shipbuilding underwriting placed in
the French capitol are published today
by the World. Reference to the COM
munications was made recently in the
shipbuilding hearings before United
States Examiner Oliphant, while
Charles B. Alexander, Of the firm of
Alexander & Green, attorneys was un-
dergoing examination. The letters,
which were kept secret by agreement
Of counsel. were said to show what
methods had been pursued in order to
compel the French investors to meet
the calls for money on their underwrit-
ing after they had been given to un-
derstand through cablegram sent by
the Trust Company Of the republic to
its agent. John w. Young, that the
4tx.r NoYIno
dispatch gave them the idea that they
only need stand ready to receive their
profits as members of the underwriting
syndicates dictate.
Charles B. Alexander happened to be
in Paris at the time and to him fell the
duty Of removing the false impression
and holding the signers of the sub
scription list to their agreement. His
firm is counsel for the trust company
here which has charge of the UNDER
writing. and the communications, that
fll seven columns Of the World. are
alleged to have passed between MIR.
Alexander and his firm In this city.
The alleged correspondence began July
is, and in the early stages revolves
largely around the investigation set on
foot as to the responsibility OF those
whose signatures had been secured IN
Paris to the underwriting agreement,
which was then in the care OF the Bank
de Roma. Baron Calvet Rognial and
M. Schrerer, a banker were the heav-
lest subscribers. While both were very
much disappointed over the misunder-
standing as to the success OF the un-
derwriting here, they were stated to
stand ready to pay their shares, Fin
ally the situation had apparently
been explained to the satisfaction OF
evehyone concerned and preparations
were made for the first call upon the
underwriters July 23 for rs per cent OF
the subscription, to be followed by the
second, payable August1, for the same
amount. #f
Then came the exciting portion OF
the correspondence. The banking
house of Morgan, Harjes & Co, had
been selected to receive payments to be
cabled at once to the Mercantile Trust
Company, of New York; but the sub
scribers had not come forward on July
s, to which day the payments had
been postponed, and on July 2S letter
stated that Mr.. Alexander had changed
his tone with regard to the situation.
The writer is quoted.
-while 1t may be true that those un-
aerwriters were not treated properly
by Young in leaving them under the
impression for so long a time that all
the bonds had been sold, yet that has
been atoned for by the patience and
care with which we have In the last
week given explanation after explana-
tion to all parties. They are now all
in default from the 25th and have told
oppenheim to notify them that their
individual liabilities in case that money
Is not in NewYork In time to make pay
ment will not be limited to the amount
of their securities, but that there will
be consequential damages to every
party connected with the affair"
The latter criticised severely in Z
postscript the impressions said to have
been thrown out by the younger Har'
jes, who was reported to be very mucf
prejudlced against the whole affair
and that 1t was said by the cashier
that he saw Harjes at once ant
threatened to turn the account over t
the Credit Lyonaise, and thereupol
Harjes agreed 70 tell everything goo'
be could about the personnel Of tn,
company and the affair. Effort
through other sources were also made
according to letters and cahlegram
quoted, to eounteraet the effect Of var
lous reports circulated as to the i'm
pending collapse Of the underwriting