The Washington times., 1912-07-11
BELMONT REFUSES
TO GIVE ANSWERS
ON SMALL DETAILS
Declares Use of Name Was
Worth 81, 100000 to Tram
sit Enterprise.

NEW YORK, July u.-Clashes be-
tween August Belmont and ]. Aspinwall
Hodge, who examined him, and be-
tween Mr.. Hodge and counsel for MIR.
Belmont, marked the examination Of the
banker yesterday In the suit brought
against him by Clarence Venner and
the Continental Securities Company as
stockholders of the, Interborough. The
action is one to force Mr.. Belmont to
turn back to the Interborough Rapid
Transit Company $500, 900 of its stock
which was voted to him In 1902
Mr.. Belmont from the start did not
appear to share Mr.. Hodges idea that
Identification of documents and con-
firmation of the dates on them were
worth while His answers began to
grow impatient, and finally he refused
fatty to be bothered with such details.
II don't wish to waste my time by
answering questions when every fact
concerning them is a matter of record
and you can look 1t up" Mr.. Belmont
said.
He then baked at Mr.. Hodges de-
mand 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.
You are entirely familiar with busi-
ness matters he told Mr.. Hodge. and
when those present began to laugh at
the lawyers discontinue, he added: {:
That's a fact, and that's why l want
to explain these things to you
Backed By Counsel.
In all this Delaney Nicoll and
Joseph Auerbach, counsel for Mr..
Nicoll selected a highly studied and
diplomatic manner of objections and
appeals to Langdon P. Marvin, the ref
cree, while Mr.. Auerbach proceeded to
a verbal attack on Mr.. Hodge. which
in the heat of the day and the battle
came dangerously near a direct quarrel
with physical emphasis
The record heat of the PROCEEDINGS
was reached when Mr.. Hodge said that
Mr.. Belmont had testified to certain
figure the day before, and now seemed
to find a correct figure considerably
higher. MIR. Auerbach protested that
Mr.. Belmont had not testified as Mr..
Hodge asserted, and handed to Mr..
Hodge a transcript OF the testimony.
When Mr.. Hodge read only sentence
from II and refused to read any more,
Mr.. Auer ch jumped at Mr.. Hodge and
tore the book out of his hands. and
then read IS much as he liked to the
amused audience.
The complaint in the suit asserted
that the services rendered by Mr.. Bel
mont for which he received the 81 500, 900
worth OF Interborough stock. now val
ued al $500 600. were not sufficient to
warrant such a compensation. The
plaintiffs also asserted that the stocks
and bonds of the City Island railroad
and Pelham Park Railroad Company
which were acquired by Mr.. Belmont
for the Interborough for about 100000
were practically without value.
.. No Written Agreement.
In the intervals between objections
and refusals to testify, Mr.. Belmont
said yesterday that he had no interest
with John b. Mcdonald prior to his bid
for the construction of the present cub
wav in 1899. Andrew Freedman and Mr..
Mcdonald came to his office. the banker
said. to obtain money in order to put up
the $780, 900 bond required from the bid
der, and to obtain 81. 900, 900 which they
needed. No written agreement was
entered into. Mr.. Belmont said, and 1t
was left entirely to his discretion to
| arrange the individual profits in the
enterprise after the Mcdonald bid was
| accepted by the city.
AS to the value of his services, which
the plaintiffs dispute, Mr.. Belmont de-
| clared that the mere giving OF his name
| to the enterprise was worth the $,0O,-
| 600 in stock. But that was not the only
| service he rendered, he explained. He
! went before the Rapid Transit Board
and convinced them that Mr.. Mcdonald
| had sufficient financial support behind
| lin to live up to the provisions of the
bid He also put up $l000,000 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 be examined agair
| on July "a.