The New York herald., 1879-07-14
RAPID TRANSIT.

MR. NAVARRO ExpLAINs--No REDUCTION OF THE
FARES ON TIE Il" ROAD CONTEMPLATED OR
DISCUSSED W. FIELDS STATUS IN THE
MANHATTAN coMPANY-THAT MONOPOLY.
During the interview between Mr. Field and the
HERALD correspondent at Newport. an account Of
which was published yesterday. Mr.. Field referred
to Mr.. Jose F. Navarro. of the New York Loan and
Improvement Company. for further information
certain matters which he discussed relating to
rapid transit Accordingly HERALD reporter called
on Mr.. Navarro yesterday. at his residence near
Seabright. n. j.. and obtained from him express
sion of his views on several questions that have
lately been prominently brought before the public.
I'm the first place.. he said, "there is founda-
ton whatever rs far as know, for the statements
recently made. that the directors of the Manhattan
Railway Company contemplated reduction of fares.
The subject has not been discussed among and
have no intention of reducing the fares. We run
the roads to make money. 1t is purely business
operation. and certainly would not change our
rates OF fare for fancy. II convinced that
1t was true, as the HERALD thinks it is. that
would make more money by doing so. would OF
course reduce the fares but not-at least
can speak positively for myself. certainly am
not convinced of any such thing. And as
for the public being excited the subject. there is
reason for thinking that they All this talk
in the newspapers is mere newspaper talk and does
not at all represent the feelings OF the people. The
people satisfied with the rates of fare and there
is why they should not be- 1t is. believe.
the cheapest railroad service in the world
ABOUT MONOPOLY.
s'How about the Manhattan stock being controlled
by the Loan and Improvement Company"
THAT is all nonsense, too. There is not the
slightest for supposing that of the stock
holders desire to act in any way inimcal to Mr.
Fields interests They would be acting against
their interests to do for his interests the
same theirs. And far as njuring his position
in the company goes, it is impossbility. They
cannot injure that. He owns his stock and they
can't take it away from him. And it should be re-
membered the Loan and Improvement Company is
simply a stockholder.'
But while it is. of course. impossible to deprive
Mr. Field of his stock without his consent, is it
perfectly practicable to deprive him of his position
as q directory
How can that be done?' asked Mr. Navarro. 'He
is a director, and we cannot turn him OUT
But il the November elections he would need the
suffrage of majority of the stockholders votes and
is possible to prevent his reelection? This is
all that the HERALD has said in relation to the mat
ter, simply that by the control which Mr.. Garrison
and his friends hold they exclude Mr. Field from
the dictatorship If they choose 1t is certainly pos
sible for them to DO so.''
..Oh possible'' said Mr.. Navarro a little impa-
tiently This house may be struck by lightning,
but you wouldnt act on the supposition that it
going to be- Mr. Fields interests are the same as
ours and he is a man who understands the subject
OF the management of such business He is prac-
tical man and hss had experience, and there is no
reason why should want to exclude him. What
could there be? can't imagine any
tingency that would arise to bring about any kind
of We all have the same interests
There might be question Of policy" said the
reporter. I'm this very question Of fares, Mr..
Fields ideas OF the matter are understood to be
diametrically opposed to those of Mr. Garrison.
Night it not become desirable to get rid of in
pI.RrEcr HAR,IoNY AHEAD.
'.Oh, the majority viii rule, OF course. If the
majority is against Mr. Field. he will work with
them. II the majority is against me will work with
them"
'Can yen tell me the reason why the Loan and
Improvement Company have retained i'll their treas
ury the So SOC. 900 of Manhattan stock which they
received under tho conditions of tho lease of the
two roads, instead of distributing it in a dividend
they distributing the Metropolitan stock they
ownY
going too far to ask it. only individual
member OF the company. and this is a question of
the policy of the company. They retain it because
it seems to them proper to do So"
Being reminded that 1t was journalists business
to seek information. MIR. Navarro reented and
Distribute the Manhattan stock, and that any di-
who should vote to do would be liable to
disagreeabe consequences.
WHY THE MANHATTAN STOCK Is HELD.
The stock is part OF the capital of the Loan and
Improvement Company" no said, land to dissrib-
il in dividend would be to impair their capital
This is thing that no company has any legal right
TO do. The company is IN relation to the Manhattan
Company simply III the relation OF a stockholder.
In relation to their own stockholders they bound
to main tain the capital
"Why, then. could they distribute the Metropoli-
tan stock and not the Manhattan
''They could not distribute both. They retain in
the treasury 5000 shares of Metropolitan stock and
the $4,000 900 Manhattan stock in order to keep
their capital of S3.000,U00. The Metropolitan
stock is worth about So, and the stock OF the two
kinds about make up the capital. We have some
other assets, but not OF considerable value. The
Manhattan stock came in the lease Transaction,
,t,l,
Company OF S90oo0O0 by the two rapid transit
roads"
CONFIRMING THE HERALD REPORTS.
In speaking further OF this matter, AIR. Navarro
incidentally made remark which completely corrob
GRATED the explanations of the rufnors already made
by the HERALD. 1.-The stock is now about &c. he
said. land bought some awhile ago at 5OM," thus
confirming nat has been said in these columns abo
the hve directors of the Loan and Improvement
Company who control the whole rapid STEM
Controlling, as these five directors do the majority
or the Loan and improvement Company's stock it
only necessary for them to buy little Man
haitian stock in the market to control majority of
that: also to control the Manhattan Company's
operations absolutely, rs one-nalf the Manhattan
stock in lot already in the Loan and I'm
Irovenent Company's treasury, and the Manhattan
Company controls rapid transit. Mr.. Navarro said
he bought some. and the balance thus secured,
according to the opinion OF the late James Fisk, Jr.,
expressed to u confidential friend --'If q company
las thousand millions OF stock" he said. ''al
want of IL Is i've hundred millions and one share
more
Renewing his assurances that there was nothing
true about the rumors Of reduction In fares, and
trouble between Mr.. Field and the other Manhattan
directors, Mr.. Navarro babe his caller exceed
ingly courteous good day