New-York tribune., 1873-04-09
THE PROCEEDINGS.
Joseph sELIGNAN,s TESTIMONY.

Joseph Selgman testified: l am a banker
and have had large experience in negotiating loans the
usual of commission paid for negotiating loans IN
foreign markets is from q to p per cent? should thnB
tins far commission such loan that represented
by the Erie Railway consolidated bonds this would be
a fair commission only on the bonds actually sold
To 01r BurnettThe commission ought TO be larger on
bond. IF road which had established credit than
the credit of the road was good in the market.
To Mr.. Lincon-It the money advanced by BschOffs-
helm had been returned aud the change in the direction
Of the rad had advanced its credit before the contract
was made the commission should not be 20 nigh rs IN
the case mentioned by Mr.. Burnett
VIII. sHATTUCR's TESTIMONY.
W B shattuck testified / am banker and am
familiar with negotiation OF railway loans; have
beu placing them the market for five or six years
50 tar As know about q per cent is the usual commits
sion charged for placing American railway bonds Oh the
European market think that would have been fair
commission for placing the Erie consolidated loan
To Mt LincOln-I never heard OF bargain that would
authorize the payment OF commission on 0OOO0 900 bonds
when ouly t6OOOOOO sold as mere proposition |
should say it would be most absurd should be sorry
to be connected with corporation that would enter
into such an arrangement; other elements must have
entered into the contract to make it at all reasonable
the conversion Of bonds already issued is usually done
by the company ITSELF If banker should guarantee
that he would series Of bonds as they become
due into consolidated bond. this would be proper
mect for a special agreement the expenses attending
the negotiation Of loan very large unless 1t is OF
high character and have seldom known OF less COM
mission than q perc
Tn MT Wight do not think any respectable banker
would contract TO bnng a loan unless he had the
exclusive control Of 1t; then the house that popuIarzed
the loan aud introduced it would claim commission on
all the bonds sold no matter by whom
wNi. BELDENs TESTIMONY.
WIN Belden testified / do not know Of any moneys
nber NJ he lastI tO
Barbour or to any public official, for the purpose Of
influencing legislation; | never received any money
from Mr Could 70 give to any one for the purpose;
was associated with Mr.. Hayes. and a contract was
made between us and Gould and Fisk, by which
the latter were 10 pay US for certain coal
interests which we held neither 6en. Barlow
any other person had interest in the contract or
was receive any money from It we were empowered
To ship coal the Erie Railway were 10 receive
5000 per month and the contract was 10 be terminated
At the VIII of either party the consideration was GER
tain services We were 10 render; do not remember
now what the services were the money received
yor three or ftur months have copy Of the CON
tract and do not know whether can find one have
not een Gen Hayes for several days, and do not know
whether he has copy do not know why the Install
mens ceased the contract was never put in operation
but I constantly rendering services TO FISK ana
Gould / DO not remember any special services Mr..
Gould was constantly calling me 10 do something for
contract was made In lieu Of the coal contract which II
was intended 10 draw up if that had been made this
would have been destroyed the death OF Mr.. Fisk
caused changes in the Erie Office and the original plan
never carried out. ,--
To Mr IdncOln-I can distinctly remember the services
rendered on March IL Lord Gordon also stopped Tor
time Al my house; / rendered many important ser.
vices and this contract in the nature OF general
retainer there had been services rendered Dy e 10
Fisk and Gould prior 10 the execution OF TINS contract
they Bad been of private nature; bad received NO
payment, but had been promised money Tor oug tue
expected 70 make more money out OF the cOai contract
than out OF the made.
To Mr. stckney I Emember the Black Friday very
well; tt was claimed a good many Fisk and
Gould liable for large amounts OF gold sold by IN
and by Squres went into bankruptcy soon after that
aud put my schedule the gold and ali other
contracts which cOudAOe asked for under any crcun
stances; I believe there some contracts on my
schedule Of liabilities for which Fisk aud could were
liable; do believe there a million dollars
OF contracts; my dealings with Mr. FISK were o.
ways very large received any contract from FISK
OF Gould before Black Friday but never occurred 70
me tbaJ the had rendered might render
s stated in the contract had reference 10 Black
Friday sDd the services rendered by me at that time
think tnat such the case did not know
Attorney General Barlow st the time this
made nor for time afterward; I never saw
him on behalf Of Mr.. Fisk; / called him
once for Mr Gould; II WAS at his house;
mons had been served Mr. Gould, aud
W. had KrasOn 70 believe that IL at the insgatiOn
At BOfdon; / went 20 tell hm that Gordon had no proof
heainst Mr. Gould and that his claim trumped up
S,Inst Gordon: told him that Mr. Gould perfectly
;..Iy 10 come forward dnd explain anything which
la.., I'D eKDlaUaliOn Nj Tweed was present. be-