The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-17
PARTNERS AT LAW.

THE PHILADELPHIA AND NEW YORK STEAM
NAVIGATION COMPANY.
1.-The vescels are to be sold in q few DAYS the Az.
torney General has granted the receiver power to
dispose of tLem.' said Mr.. Jacob Lorllard of No.
Go South street. recently to q reporter Of tho
HERALD. land that, think. will be the end of the
Philadelphia and New York Steam Navigation Com
pany."
when was the receiver appointeda'
Last May. W. r. Clyde 4 Co. and myself arc tho
parties in the discussion, and feel they have used
me pretty badly"
"In what wayY'
'In taking my property and never giving me any
return for 1t. Five years ago we wero running op-
position lines to Philadelphia and they came to me
and asked me to make a combination. thereby form
ing monopoly from which large profits would be
derived"
"a combination to join both lines in one?"
Precisely. That was accomplished, and handed
over my vessels Clyde the president of tho
company and was vice president The capital stock
100000. and got half of it,
''well then, how did the trouble arise?'
ut arose on account of the profits. of which re-
ceived none. large business was done, and could
get no satisfactory explanation Of it,
"Were there large profits?
Eyes. they realized 100 per cent"
''And none was paid your?
mo. could not even get to the books"
"Where they kept!"
'In the office in Bowling Green"
"And you were not allowed to examine them?'
"No; When went there they said next week. and
when went again next week they told me to como
next week and 80 they kept 1t up
"Had you no financial representative the Office
of the colnpanyY
..No they kept the books we'll as the property"
"will the sale Of the vessels now owned by the
company indemnify you?'
..Idoubt it. l don't know. Many of the original
vessels have become worn out and one two are
lost. Besides. they have been changing them about
n hHV in arndi in arpv
lines OF steamers and they have taken off some Of the
vessels from there and put them elsewhere
what was the line OF travel OF these vesseis?'
'The Raritan Canal in summer time and around
the coast by Cape May in WINTER"
"what do you expect will be the result Of tho
troubleY'
II shall have these men in Ludlow Street Jail in.
side OF thirty days"
ION what charger"
'Embezzlement. have the evidence to provo it.
These are the same people who were connected with
After leaving Mr. Lorillard the reporter called on
Mr.. W. p. Clyde at his Office on Broadway.
"Mr. Lorillard," he said, "was running some
steamers to Wilmington some four or five years ago
aud bought them IRON him and paid him cash. lie
had at the same time an line OF steamers
running to Philadelphia i'll opposition to u.s. and he
to and asked me to form u COM
pany and allow him to receive some of tho
advantages of the contracts we held with
the Pennsylvania Railroad Company. I con.
scented and company was formed, Mr.. LorillarI
myself and three OF my clerks being the company.
lie had q fleet of two vessels put in sufficient
number OF canal boats to balance them in value.
guaranteed seven
which he took for his vessels and paid HIM divi-
dends regularly for two years, which the books and
his receipts will show.
''what was tho origin Of the trouble between
your"
"There was third line in operation and the COM
petition very lively. He went to the thin line
and underworld to sell out to them proving an un-
faithful ally to us. He had fabulous idea Of the
profits OF the business. He said to me when he
came to induce me 20 make the combination with
him. There are 200 per cent in it.. Imagine 200
per cent in transportation. Why if there were 100
81, vyarlA ha pAn
came to me one day and he wanted to sell out. I
had told him that he must either buy sell.
si.soo.ooo: ] said. win you buy me out
for $6.OvO0O0? He answered. NO.. will you
S%y me e ont for 25oooooy NO win Won bur
me out for 81. 5OOOOO? NO.. will you buy out for
sl.OoOooO with all tho profits of the business and
Now Lorlllard don't want any more Of this
sense when you want to buy me out there It is.
and let me hear more about it,
"Did you deny him the books Of the concefnw
"Never. He was offered them freely and fro
quently. but he refused to look at them"
III can't tell you. MY health failing won't to Eu.
rope. and when got back heard whole lot of stuff.
Then no brought man to examine the books
whom he had previously wanted me to get arrested.
objected to him. Ithad been agreed originally
anime the accounts at any time must be mutually
agreeable. Then he began to bring lawsuits, an
think he had the subject before thirteen fourteen
judges shape another. and he has lost in
every case. Each decision has been against him but
GLOW about the receiver and tho sale Of the YES
sesY'
1T suits me entirely that they should be sold.
eral because the company had been illegally formed
and he quite right. but it is common practice
for merchants to make up combinations that way"
'was Mr. Lorillard full partner in the Navisa-
"He was not His interests only covered the valus
OF his two vessels He managed these at first HIM
SELF even after our agreement. and being unable to
make them prof table he handed them over to me.
mated He took $780, 900 in stock for them
Have the profits Of the concern amounted to .
"Ha! hal hal That's Mr. Loriliard all over. Two
hundred per cent, million. and $soO.Oo0 in one
season at c0nsy Island Why; It's splendid to lis
sylvania Railroad had offered him 100000 for
his share OF the Navigation Company. aud he has
told 1t often have no doubt he has come to ue-
lieve it. He offered to show me once how 1t was
worth 1000 900. but hadn't tho time to 60 into tho
Glow much will the vessels sell for under tho 70.
cever?
..Haye YOU any fear of Ludlow Street Jsil?'
"Now, il hear any such talk as that shall deal
with it in personal manner. had to undertake
the most frequcnted places in New YORK.
and hear much moro of that sort
been patient long tire in this matter, but
IT, hear any more of It that patience will cease to
be virtue. l am not afraid OF getting into that
vouchers to prove everything have said in refer
to Mr.. Lorillard, and the the proper
place to end the discussion. He is trying
to use clerk discharged from here for
embezzement against me; but 1t won't
do That clerk is now out of Jail
on bail Mr.. Lorillard is tho bail. but doubs II
that will him. This whole business Is .
twopcnny affair. and really not worth the time and
attention 1t is receiving Now the only reason why
we have contested the matter at all is because want
Mr. Lorillard included in the company in the suits.
He is the vice president and he ought to be included
with the other officers in the issues brought against
tho combination by the people. Good day"