The New York herald., 1879-07-28
What II Cost to Get in and +, How
% Millions Were Comed.g a.1

or these sO-caed leisure hours ana after ochArac-
tersticaly cordial welcome asked his host if he OBJ
jected TO being questioned concerning his connec-
tion with the elevated railroad.
.Not at all. SIR. replied Mr.. Field. 'Not ct all.
There is nothing secret about it. The HERALp-snd.
therefore, the pubic--is welcome to all know"
>.. HIS FIRST CONNECTION.
"when did you first take hold of the enterprise
and how came yout think of it?''
>s'Let me see; 1t was in May. 1871
'What induced you to go in?"
s.well. the subject was q vital and attracting
thoughtful attention. investigated it. found faith
in it as an investment and went in.
..But weren't there some pecuniary Inducements
made? We're not the parties then in power hard
up?" ~ fi-~ -
'.Oh. yes. the road was in difficulties. because it
needed money to carry out its design. 1t char
tered US far back 1866 At this time carry
ing about eight or nine thousand passengers day.
The parties who were then engaged had had tough
time OF it. 1t was uphill work. The public didn I
tackle kindly to it. There great deal of outgo
and very little income. They wanted to get out and
was willing to get in for thought its value
as permanent property"
..what was done?"
IL bought majority Of the stock at less than SIS.
and Of the bonds at less than fifty per cent. went
to william H. Vanderbilt and took him into my con-
fdence. told HIM what held and what it cost and
urged him join me. that we two might control
rapid transit in this city,.
:.Dd he joiny
Mot q dollars worth. He said there was no
money in and refused to have thing to do with
it. Later. went to him again and showed him that
our charter permitted US to make connection
with the Hudson. Harlem and New Haven roads,
and that our counsel thought no connection could
be made unless we entered the depot. Mr..
Vanderbilt begged that we would not cross
all the norsea
said 4 going abroad and have given my
coachman orders never to drive under an elevated
raflroad' And yet Mr. Vanderbilt who was afraid
OF soaring the horses of the public then driving
express trains by steam through the streets Of
Poughkeepsie: Buffalo, Cleveland and Toledo. week
days aud Sundays, when thousands Of people, with
and without horses, were passing along. And now.
after all his lack faith find him endeavoring to
obtain permission to pat up u road on Fourth ave-
nue. himself" ts@..
..What other men did you go tor" te
s'Oh, dozen OF the 'shrewdest men in New York.
There were Moses Taylor and some others, who
scotfed at the idea. ~
MIR. TrLpEN APPEARS sApA
ssHow about Mr.. Tlden--did he see the point and
Eyes, he came in later. He permitted to come
in on the same basis and has since sold out with
more than $1.0OO.0O0 profit. and has got it in his
pocket. His barrel il we'll filled tor the oani-
pagn.i am very glad he and Mr.. Navarro did sell
out. For have superabundant iath in the
investment haven't dollar OF stock to sell. l
don't care whether the stock is up down. want
my ten per cent, and as long as get that don't
why was it diticut to prove the certain value of
the enterprise at that timer"
because rapid transit at that time was lottery
and nothing else. Like every other enterprise OF
lnomeut this had its dark days aud hard
struggles. I took the risk and made money by it.
Others declined the same opportunity and have not
made the money. Why, just look ut 1T. 1t really
seems as If there had been q special Providence
the enterprise In the first place.
the price OF went down to fabuously low
figure. Labor drug in the market and we
could hire four men for the price Of one Then the
A1,nixxl xltvu lIs a n a ant
Everything you see favored and we being practi-
cal men or affairs availed ourselves OF it ALL"
"Who were i'll the Board when the Third avenue
IL was begunY'
..Cyrus W. Field. David Dows. Q. H. Barney. John
H. Hall. Josiah NJ. Fiske. A. >. Barnes, Edward NJ.
inlnwG W. L. Pelton, then the representative OF Mr.
Tilden aud Mr. Cowing. the old original standby of
the company chartered i'll 1906.
"what was the capitalY'
vi mean the nominal capitaiY'
"There nominal capital, 1t was real capital.
Every dollar represented dollar and must do SO by
law s-.' "a
:.of course 1t was, and forty per cent more were
sunk by the original holders before was induced
els it not fact that IL the road had been built for
cash trains could now be run day and night give
eight per cent dividend with fares Mt three cents
a headY'1
mo. sir. nothing of the kind. 1t is sn impossi-
biity.'
"a circular was sent out detailing the work. and
rendering the option OF taking $1,000 bonds nc LIS
and the stock at par. with obligation to respond
the full 81 900 If it should be needed to complete
the road. In other words, you could have u bond
whose tsce called ed for 81 900 for $l2s and your
plete road The stock had to be paid for IN full
OF course but averaging il and the bonds the ar
rangement was very profitable.
.Did Mr.. Tilden take any OF the bondsw
''Not in that way"
''Was he offered anyY'
sf,.rtu he ns plu fai NJ \
He preferred BUY them in the open market ut their
street value. He bought At s4OO the same bonds
bought $125. but he not liable TO called ON
tor ss75 anc was.
'.But you weren't?"
"No: That's where. as say. It seems as IL the
Almighty favored in every condition-iron, labor
Low FARES AND SUBSIDY.
"Are you stockholder in the Manhattan Com
..Yes. the largest
Are YOU on terms with Messrs Garrison and Ma
vsrro?'''
..Ithink So"
..it is generally thought that you are not en- rap
III know know; but have seen nothing OF the
kind III our Intercourse. The papers and general
public are apparently better informed than am"
"How about low faress Is there any prospect at
all for q reductionr
81 only of eight and say nothing to
what will be done because as yet VIC have taken no
vote on the subject But my plan is this-to
trains of four cars. two Ave cents fare ut
cents and one at fifteen cents. That would accom-
modate everybody and all classes. No one need pay
more than five cents unless he chooses. You or
and thousands would cheerfully pay ten or fifteen
cents tor room and comfort. Ii we willing to do
so whom do injureg You make trip ON the
Newport boat aud can have stateroom
for 50. 50 81. Either Is good enough, but
the four dollar room has two large windows
and double bed. Ii you are willing to pay 81 for
the extra comfort, that you stretch yourself
sleep soundly and wake up refreshed with clear
head, you have the right No talks about unfair
discrimination ON the boats. why then on the oars 7
There is no compulsion about it,"
what became OF the second mortgage of toO0,0OO
mile on the Metropolitan roadY'
"It was cancelled"
"whenY'
cat the time of the leasing OF the two roads TO tho
Manhattan 1t was stipulated that that second mort
gage should be cancelled at once, and II was done.
II war also stipulated that the contract between the
metropolitan and the Loan and Improvements Com
puny should be cancelled before the agreement
take effect That's an interesting fact that has mover
beun made public"
To return to the question of fares. II the public
insist on hvc cent rdcs, and u can't make money
at that rate would you be willing to set that price
per ticket IL the city would pay you q substdyf"
"Usrtanly, proviaed we got what we wantsd. ]