New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-11
AUG. BELMONT TEST|F|ES.
Says His Name Alone Was Worth
$1,50O,000 to marlborough.
HE BACKED J. B. MCDONALD
Put Up Million of His Own to
Help Build Subways-Has
Tits with Counsel.

clashes between August Belmont and j..
Aspinwall Hodge who examined him, and
between Mr.. Hodge and counsel for Mr..
Belmont, marked the examination Of the
banker yesterday in the suit brought
against him by Clarence Venner and the
Continental Securities Company as stock
holders OF the Interborough The action
is one to force Mr.. Belmont to turn back
70 the Interborough Rapid Transit Com
pany $1,000 OF its stock which was voted
to him in 1902
Mr.. Belmont from the start did not ap-
pear to share Mr. Hodges idea that iden-
LITIGATION Of documents and confirmation
OF tho dates on them were worth while.
His answers began to grow impatient, and
finally he refused fatty to be bothered with
such details
L don't wish to waste my time by an
swering questions when every fact con-
corning them is a matter OF record and
you can look 1t up" Mr.. Belmont said
He then baked at Mr.. Hodges demand
for a categoric yes or no. saying that no
such answer was possible. and that he
ought TO have his own way in answering
questions.
lou dIO WILL JUST
ness matters" he told Mr.. Hodge, and
when those present began to laugh at the
lawyers discontinue, he added: That's
fact. and that's why I want to explain
these things TO you"
In all this Delaney Nicoll and Joseph
Auerbach. counsel for Mr.. Belmont, sup
ported their client. Mr.. Ncoll selected
highly studied and diplomatic manner OF
objections and appeals to Langdon P. Mar
vim, the referee. while Mr. Auerbach pro-
ceeded 70 q verbal attack On Mr.. Hodge,
which in the heat Of the day and the bat
tie came dangerously near direct quar-
rel with physical emphasis.
The record heat OF the proceeding was
reached when Mr.. Hodge said that Mr.. Bel
mont had testified to q certain figure the
day before, and now seemed to find COR
rect q figure considerably higher. Mr..
Auerbach protested that Mr.. Belmont had
not testified as Mr.. Hodge asserted. and
handed 10 Mr. Hodge a transcript Of the
testimony. When Mr.. Hodge read only
sentence from 1t and refused 10 read more
Mr.. Auorbach jumped at Mr. Hodge and
tore the book out OF his hands, and then
read az much as he liked TO the amused
audience.
Tho complaint in the suit asserted that
the services rendered by Mr.. Belmont for
which he received the $4,000 worth or
Inter borough stock. now valued at 800
900. were not sufficient 10 warrant such a
compensation. The plaintiffs also asserted
that the stocks and bonds Of the City Isl
and Railroad and the Pelham Park Rail-
road Company which were acquired by Mr..
Belmont for the PETERBOROUGH for about
$780, were practically without value.
In the intervals between objections and
refusals to testify. Mr.. Belmont said yes
terday that no had no interest with John
r. Mcdonald prior 10 his bid for the
construction OF the present subway in
1850 Andrew Freedman and Mr.. McDon-
aid came 10 his Office. the banker said. TO
obtain money In order to put up the sl0o,-
coo bond required from the bidder and to
secure 100000 which they needed. No
written agreement was entered into, Mr
Belmont said. and It was Left entirely to
his discretion To arrange the individual
profits in the enterprise after tho Mcdonald
bid was accepted by the city
AS 70 tho value Of his services. which
tho plaintiffs dispute Mr.. Belmont de-
lLdI TIC I4SAS SAN'AS "a A..S
10 the enterprise was worth the A,50O,O00
IN stock But that was not tho only SER
vice he rendered. he explained. He went
before the Rapid Transit Board and con-
WINGED them that Mr.. Mcdonald had suff-
cient financial support behind him TO live
up to the provisions of the bid. He also
put up 100000 of his own money Mr.
Belmont said. and finally arranged for the
surety which the Rapid Transit Company
was unable TO obtain.
Mr.. Belmont will DO examined again on
July "a