The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-12-30
HIGH FINANCE.
a New York Trust Lawyer Tells Bo'
Fakes Are Floeted
HOW THE LAMBS ARE sEEA2ED
Shipyard Counsel Says Wall street
High F;nanc:ers Shout "A!i
Stock Sold" Then They
Go Ont and peddie 1t.
Go Out and Peddie 1t.

general custom among high tpanclerS
in America when disposing Of bend
issue first to announce the issue q
great success, then to peddle the
bonds" The statement was made on
the witness stand in New York by
C. 4. Alexander. head OF the law trm
of Alexander & Green, general conn-
sci for the Shipyard Trust in the
hearing Of the suit to make the re-
ceivership Of the United States Ship
building Company permanent. Mr..
Alexander said he gave the infor.aa-
tion to the French millionaire in eX-
pianation of a message the Baron had
received from John W. Young. The
formal promoter Of the trust, in which
Young haG said that the bond issue
was a success in America.
BRIDE FOR FRENCH PRESS.
That the men responsible for the
French underwriting understood not
onlv American methods. but those in
vogue in Europe was proved by Mr..
Alexander's admission that 5000, 900
Of the bonds had been set aside TO
bribe the Paris newspapers. He was
asked whether be had not seen the
Shipyard securities quoted above par.
He refused to give satisfactory answer
to that question. Mr.. Alexander also
testified to the efficacy Of the cable
message which George W. Perkins a6-
mitted be sent to the Paris house Of
Morgan, HarjeS & Co., asking the
house to give more cordial support to
the bond issue. He said that under
writers had received scant courtesy
from Morgan, Harjes & Co. before
that, but afterward they were treated
more pleasantly when they called. He
said that house had been designated
as receiver of the underwriting money
in a cable from New York, but hc re-
fused to say who sent the cable.
TIE FRENCH KICKED.
Alexander said that Baron Calvet
de Rogniat had signed the underwrit-
ing agreement for a million in bonds
and secured Sub-underWriting for
100000.
Mr.. Alexander would not admit that
he knew the Oppenheims in Paris
were soliciting underwriting on con-
mission. They had given him great
deal of information, however, in re-
GARD to the underwriters, and one of
the Oppenheims had accompanied him
to the Bank de Roma when be filed
the securities.
II had an impression" he finally
said after repeated questions, that
Baron Rogniat had been interested by
the Oppenheims, but there was moth
ing definite said to me on the subject
by anybody"
@. Did Rogniat complain of the
way he had been deceived by Young:
a. Yes.
@. Did be say that Young tele-
graphed that the matter was e sue
cess, and he took IounGs representa-
tion of Colonel A. J. McCcok? \. He
said that.
@. Did he say that relying upon
that statement he had novifed Dis
underwriters that they were relieved
of their obligation? A. Yes.
@. Did be say be understood that
all they now had to do was to collect
their underwriting commission: A.
Yes.
@. Did you then say to him that
the word success did not mean the
sale of all the bonds, but the sale OF
such a number as encouraged the
Trust Company of the Republic t.
feel that the rest would be sold in
time? A. Yes, that is a condensa-
tion Of what [ said.
@. Did you also say it was the gen.
eral custom in New York to declare
an enterprise a success and then ped
die the bonds afterward? A. be-
lieve l did say so.
Q. Is that the custom among high
fnanciers? A. l believe it is.
Q. What did he say to that state
nent-did be express himself as sur
prised? A. He didn't say anything
on the subject.
@. That was the excuse you gave
him for the French underwriters:
A. It was theory / advanced.
Q.-Did you tell him be had been
made ridiculous in the eyes of bis sub
underwriters a. Yes.
@. Did you ask him if call was
made on the underwriters, would be
be prepared to pay his part: a. /
did.
HIS MEN WOULD KICK