New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-06
@ u would hel A No. s!r whnt y COST 70 mako q.

by Mr.. Carkc-NOu accept the very pointl A. No,
Sir stated that the public had the benefit OF such part
of the road constructed when prices were low
the road has been doube-tnckod almost substantially
amount OF CAPITAL stock by the Company represents
the increased magnitude OF the road we have spent
H0o,Ooo at Albany for lands take the item OF land
there 81 included IN that amount for any rise m
the value OF real estate piece OF land that cost socO
might he worth N,OGOOOG this Is the amount actually
spent over and above from time 10 time.
ALTERED TESTIMONY.
Dcponeut further says that Horace f. Clarke testified
among other things 10 the following which IL altered In
the printed report:
number Of years have asked that debt certificate De
given thcm. They have asked that they should have
haze been Withheld ana appropriated 10 VI"
purpose Of the Road not outeide purposes ~
upon absolute condition which would I ,
20 pay interest upon II az all hazards. Mr. van
dcr1 and Dis administration declined 20 accoHe 70 e
request II VIC had done that, the public Interests ~ CIV
be niuri0usy affected, for ght have TO earn oo
money oai A. IL ~ We nave not 10y 20 III money in two
sums Ia utterly Innu,'ii" a. ,.dr
Is immateria 20 the public; II Is o aSS ia st"ek
holders and it me- and 80 Impressed mr. neH
derh very strongly, that u was neoey =, under
bt " ou1 ~ ,rnse money mad been used 70
bd 'o and in the ecSnisition of other property
sGonld have sonethng 10 for IT, and rs to the pay
ent mon 81 WAS thing the future, subject 70 re
l'1cs and co1finccncies We took no estimate OF
what IL was worth, because II we ha1 lssueu
according 10 H. value IL would have been much more.
O. You claim you have right to issue interest," el'h
cafesi A. UnQucsticnaby. -, .u A.
% Is NOT that right which you claim based upon the
oc that YOU intend apply for authority to issue more
slocki 4. Suppressed We may do that; We say that
in Ihe cortheate-we say decline 10 give stock and
cav we will issue stock when authorized by law
COMMODORE vASDERBnTs TESTIMONY
peponent further says that among other things test
fed 70 by Cornelius Vanderbilt, was the following:
O. Yon stated before you gave your testimony that
with ihe Directors. A. Yes sir.
O. Hasn't the charge been made in the matter OF tho
tSeo fI4c ftnpaip
A. can't help what the charge was, but Il was open.
BY Mr.. Clarke-Q 1t was In the printed report about
BY Mr. vanderbrt-A. had six months before me.
We were applied 10 by the stockholders 10 give them
something or other for the Of money that had
been spent from the earnings OF the road for the increase
@, How long were you at that. Mr.. worcesteri
By Mr.. Worcester-A. About SiN months.
By br. Vandcrbt-A. I set them TO investigating, and
they investigated, and this the report and when
that done, got il that very Saturday evening from
Mr. Worcester, aud went hight on and did 1t that very
g. The charge was made that it was done very sud
A. They can make any charge they Ike.
BY Mr. Clarke-Six years ago VIC reported TO the state
Engineer aud surveyor before we we're in the Board,
that il ought 10 be done, and it could be no longer
deferred in Justice TO the stockholders
just 70 give the Central Railroad authorized capital Of
>lo00Jooo to-day. Why should MT the owners OF That
property have representation
REAL EARNINGS OF THE CENTRAL
Deponeut further says that he has made extracts from
the sworn statements Of the NewYOIk Central Railroad
Company to tho Legislature OF this state, which show
that the net earnings of the road from 1883 to time
shortly prior to the passage OF the Dividend Tax were
s16gOI2 "a, showing cOnclusivey that this dividend Of
s23OO0C0 was not earned before the passage Of the
Dividend Tax act
1t also appears from the statements that
the cost Of the road and equipments up TO 1853 was
$22Ol52g %, and that II amounted according 10 the
sworn report of 1865 to S5GJ6s6 sthus showing that
the amount expended from the earnings OF the road for
a CO. 1tnG
dsproyng the position taken by the railroad that this
dividend of 81 100000 used in improving the eondi-
ton Of the road.
Deponent further SAWS that he does not question The
accuracy OF the following be found page - Of the
printed report Of Horace F. Clarke'a testimony:
o. There was condition believe in the interest Ger
thcates in regard 30 the payment OF the dividends ~
Yes Sra the condition was that the dividend thereon
should he paid out OF the future earnings Of the road
O. only Ia be paid II the future earnings Would var
raIit il Z A. That Is all.
O. Has there been any injunction against the pay
O. Has the injunction been removed A. 1t has not
would able pay the dividend upon the in
est certificates out Of its earnings had the Injunction
q. understand they were not N be paid unless the
re gs b Si bed Inc lhe mopeV and il GoSSeG To-
the stockholders the money has certainly not been
O. The idea was would the subsequent earnings OF the
road the of them lead You 10 believe that you
could nay dividend on these certhcatesi A. No. sir
the interest certificates issued upon money then in
hand Well regulated railroads do make dividends
out earnings the future; they wait until they come
Bv Mr. Seikreg. Is there any difference o. are they
alike the STOCK and these interest certificates that H., II
inc company declare dividend upon their stock 30 they
EXPECT 10 declare dividend Of the same amount upon
the interest certificates also A. Yes, Sir; they do.
O. Then / understand that this Is stock, in eject
although not in name a. IL is not stock in elect, be-
cause tBere IS no legal authority to issue STOCK
SOME OF COMMODORE YANDERBILTS TESTIMONY.
The following testimony OF Mr.. Cornelius Vanderbilt
also taken before the Committee, viii be found interest
ing as expressive OF his views regarding the "pool"
Bv Mr. Vanlcrbnt--We made a drive at them fellows
he Pennsylvania Central Railroad two or three weeks
ago They kept cutting down and cheating all the time
"My COD" 1 says when You get down again low
laIloO The reason why bOught Eric was, there was
lot of people in the street that called themselves my
friends up TO Inc aud pressed me very hard TO go
in with Them IL is altogether out OF my line. " On
vOnr pools ] don't know anything about II any
how" but / declined going in the pools says,
III YOU want ~ help yOE Will" had some loose
money ." IL you want me 10 help you along with
your Erie viii help you along" And they got me en-
gagged in IT, and bought pretty large amount Of Erie
bnt on no such idea as taking possession Of the Erie
road not the ghest held the stock until the Ere
war was pretty much all oyeruntil they got law suits
and cot them settled and everything about them and
then sold my stock They sueDg me for The stock
sold them at 20: That is Mr.. Fisk
O. Has he sued yOuf 4. Yes Sir.
O. 1 heard 1T Withdrawn A. It may he, bnt /
have knowledge OF 1t. never had the slightest desire
was very sudden and by the solicitation OF rst-rate
people down town. aud in the country too, that had
any Thing to do with the pool.
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