New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-11
TRACE PHONE DEAL
Paid X. l.. Day & Co So 2 ~
400 for Bell Rirals.

The stock OF independent telephone lines
which II /. Day & Co bought with money
Furnished by the American Telephone ana
Teler-arh Company WAS sold by the hank-
ing firm direct to ]. T. Morgan X Co. so
William H Remick. resident partner oi
pav & Co. testified yesterday All me
STOCK Of the Ohio and Indiana companies
went 10 the Morgan firm, the Witness Said'
~. sqan IN, If bonds Of the Mutual Tele-
phone Company, of Huntington ". Va
which r I. nav & Co. had bought about the
time they acquired the stock. were ho' M
GUIDED in the transaction They were sou
10 "a Senator from New Jersey. VINO Il
subsequently, developed. was State Senator
Edmund ". Wakelee.
There was much speculation during the
morning session CT the hearing before
Special Commissioner John F O'Neil. in the
CITY Investing Building, as TO the identi'y
OF this Senator. for Mr. Remick was not
shle then TO recall his name Further sig
niAcsnoe was attached 10 this sale OF
Southern telenhone securities since wee
President Hall OF the American Telephone
end Telegram Company had testifed that
this Huntington concern, which Al one
tine was one Of the Fell company cIlel
councillors south Of Mason and DlAoIl
rne. was now subsidiary OF the SCUM
ern Bel Company. the American Ieie-
phone and Telegraph Company mann
branch IN that part Of the country
At The uonp recess Nj Remick was aoie
10 refresh his memory on TINS point anu
a. the afternoon session he told II D.
McGraw. counsel for the independent tee
,,lope stockholders. that the Senator men
toned was State Senator Edmund w
N-akelee Of New Jersey Nj NaheIee'
p-ho has 4 law Office IN Church street sald
later in the day that g f. Thorna1i. MS
partner. and not he. had handled the Sou'h-
eru telephone bonds. They were Dough-
for clients, he said. as an investment ne
disclaimed any connection with the Amer
lean Telephone and Telegraph Company
or with J. P, Morgan & Co
H p. Dawson. Of ! T. Morgan d To-
was the partner with whom r. l. Day q
Co. negotiated for the sale Of the leie-
phone stock. Mr.. Remick testified
When saw Mr. Dawson first he re-
guessed me TO make a list Of the securities
/ would SELL said Mr. Renlick.
Did he tell you 10 leave out Hunting
TOM asked Nj NcGraw-
NO. I had understood in my talk with
NJ Hall that Huntington was TO be LETT
ont. II was not to he included in The hold
ing corouanz," the witness said. Nj Rem
scl was referring here 10 the holding COM
many which IL had been proposed should
rske over the independent telephone STOCKS
IN the interest of the American Telephone
and Telegraph Company before the MOT
gan purchase
Then you only included the companies
that were to be included in Halls holding
cornnany7' asked Mr.. McCiraw.
YES " the witness answered
throughout his testimony Mr. Remick
tried 70 show that the Day firms sale OF
Ohio and Indiana telephone stock 20 J +
Morgan & Co. had nothing whatever 70 90
NTH the previous understanding between
Day & Co. and the Bell interests He
said no mention Of the contract with the
American Telephone and Telegraph Com
many had been made to the Morgan firm
a any time during the negotiations and
sale Of the stock He said the purchase
Of the securities had cost his firm ap-
rroxir1aieIy $72Ie0a1 ana J. 7. Morgan q
Co had paid il $4,000, as nearly as he
could remember. He said S175.2l5 had been
paid To Day & 60. for the Huntington
property.
After some discussion among counsel 1t
va- decided 10 adjourn the hearing until
next Thursday morning, when President
Vail II the American Telephone and TeIe-
graph Company viii be called as witness.
lie viii be followed on the stand by Mr.
Dawson Mr. McGraw has not yet made
. ND his mind to request ] Pierpont Morgan
10 reS1trv