The New York herald., 1879-10-17
The Fortunate SpeculatiOns of Messrs.
Field and Tilden.
MORE ABOUT THE OIL MONOPOLY.
Ninety-fiye Per Cent Of the Business Controlled
by the Standard Company.
ITS ACTIVE MEMBERS UNDER INDICTMENT


in this State held yesterday in tho rooms OF tho
Chamber Of Commerce. No. 6s William street. was
very important one both to the diversity OF in
terests investigated and the developments brought
ont in the inquiry. The subject of the IL" roads
and the connection with them of Messrs. Field and
Tlden was first touched upon; then very unwilling
witness from the Standard Oil Company was tortured
for few hours. during which he refused to answer
many questions and the afternoon was mainly taken
up by discussion of the management OF the Erie
Railway under different administrations 1t is under
stood the examination behalf of the people will
close to-day.
THE 'L" ROADS AGAIN.
At tho opening of business Mr.. Benjamin Brewster.
of tho Manhattan Company; was recalled and re-
sumed his testimony. He said that bonds of the
Manhattan were issued under the tripartite agree
ment representing amount equivalent to the
stock issued of the other companies. and imme-
diately thereupon Manhattan stock was issued to
represent the bonds and the bonds cancelled;
the leasing of the two roads from the physical
impossibility of operating them laid out by the
Rapid Transit Commission.
O. Why was not the stock issued at once instead
Of in this roundabout way? A. presume
legal questions involved in that; am not able
to state.
Q. In the public press letters have appeared from
Messrs Field and Tlden. in which it was stated. and
from which the inference necessarily flowed, that
upon Investment of little more than S2o0.000 in
this New York Elevated Railway profit of 81 10000
resulted; that would be four dollars to one. How
do reconcile that with the statement of the cost
per mile that you have estimated here-the actual
cost? A. only speak for myself. had none
of the stock. imagine that the resulting profit
from the fortunate period at which Mr.. Field
and Mr.. Tilden went into this enterprise 1t was
then practically broken down and required money
to develop it; it was in a crippled condition, with
broken credit. This previous to the decision of
the Court of Appeals and certain parties VINO had
large interest in It, being unable to manage it, put it
into tho market as football and Mr.. Field acquired
his interest at purely speculative price.
Q. Did he acquire it from tho officers Of the COM
pany? A. No. sir; he got it in open market; Mr..
Tdcn had nothing to do with it at first. but got his
part OF it afterward through Mr.. Field; the stock
was squeezed out of the original holders during
time OF bankruptcy.
Witness was also asked whether any of the direc-
tors stockholders of the New York IL" road had
any interest in the Passaic Rolling Mills. He said
that of them had. had they any interest in
the New Jersey Steel and Iron Company tanother
name for Messrs. Cooper, Hewitt n Co.. nor with
Kellogg Maurice, j. b. < j. NJ. Cornell or j. II.
Whitney, Witness was then excused.
Mr.. sterne then stated that he had been requested
by many to go into the question OF the damage done
to property by the I'll" roads, but no thought that
the committee was not the proper tribunal to take
Chairman Hepburn said that tho committee did
not intend to investigate that subject. He wanted
time to examine further the evidence presented that
related to the L roads and promised to give notice
In case fuller evidence was needed.
THE STANDARD" MONOPOLY.
J. A. Bostwick OF the Standard Oil Company
then called He had been in the oil business ten
years; remembered Mr. Harley the oil agent Of the
Erie Railway; ut one time had lease of the Vice.
hawken docks from tho Erie; MIR. Gould was then
president OF the Erie Railway; witness paid $4,000
wear for the lease: at that time hc did two.thirds
MI ba ni1h nes n in
q. Did you pay Mr.. Harley large sums OF money
independent Of the money due the Erie under your
contractf A. The transactions were through him
largely; think the settlements for the Weehawkcn
docks were all made through him.
Q. Didn't you pay Mr.. Harley sums out of the
profits of your business which did not 90 to the Eric
Railway or for the weehawken docks? A. don't
know
the weehawken docks to the Standard Oil Company;
they paid five cents BARREL you paid $4,000 year.
How were You reimbursed for that? A. had all the
revenue obtained from the handling OF oil at the
Woehawken docks; our charge ut that time was
thirty cents barrel.
o. That was SO much added to the cost of trans
portaton for parties getting their oil to market?
A. Yes, if the freight was 81 and the handling thirty
cents the total cost for them would be 81 80.
Q. BY Mr.. Sterne-Did the Eric deliver oil at any
other point except the weehawken docks? A. Think
not.
O. SO that substantially all the oil that went over
the Erie hallway during the years 1869, 1870 and 1871
passed through your hands? A. AS warehouseman.
Q. We're you then large shipper and receiver of
oil? A. Yes. SIR.
vented by payment OF money to you. A. don't
know.
O. Can you give your rate on oil since you were
In business? A. must decline to that ques-
lion. owing to the fact'that in a county in Penn
sylvania an indictment has been brought against
me for conspiracy in connection with others with
The New York Central and Erie Railroad in forcing
The Pennsylvania TO make certain rates of freight
which and tho other parties might dictate
NOT DE cRrMSArEp.
How would the effect of your giving the rates in
1865 1869 aud 1870. tend to criminatc you?
Ex-Judge John X. Porter counsel for the witness,
objected that the answer might tend to criminate
him Mr. sterne said that the witness was not to be
the judge of that but the tribunal before which he
was brought. Otherwise the witness might pretend
that 1t would criminate him to answer what he had
for breakfast or any other question aud thus block
the investigation. The committee decided to pass
over the question.
After the lease OF tho weehawken docks passed
from his hands. witness said, they reverted to the
Erie Railway Company; for the last fcw years wit
Central road lie with Others owned the terminal oil
station at Sixtyfh street; this the only termi-
nal facility for handling oil on the New York Gen.
because the railroad had no oil tanks of its own;
witness succeeded to Lombard, Ayres Il Co., buying
up all their and shipping by them his oil;
he took this course to put himself in position
not TO DO excclled by anybody else In transporting
oil; Others might ship there in barrels. but they
York Central got the crude oil at Salamanca from
the pipe line OF the American Transfer Company.
q. Is not that part of the standard Oil Company
A. No. sir; IL is owned by parties mainly connected
with the Standard Oil Company.
O. How does IL that tho property at Sixty
NTH street which you say you leased was leased by
tho New York Cent? al and Lake Shore roads to tho
Standard Oil Company How is 1t that the agree
ment was with the Standard instead OF you? A.
don't know.
q. How docs IL como that this contract for your
yards made with the Standard Oil Company
A. woll, sir. am working in harmony with tho
standard OIL Company. and we do great many
things In cooperative way.
y. Was this contract made with your knowledge
and consent? A. decline to answer on the samo
grounds as before.
HARMONIOUS WORKERS.
BY tho Chairman--I have this opinion from the
evidence before us that this Standard Oil Company
consists of community of interest or harmony
between different firms holding stock In the stand
ard and the Standard In thcm. thereby begctting
harmony between them. l would like to have you
tell mo whether that is so? A. Wo arc in harmony,
aud II wo meet any ono In competition with wc
buy him out or mako some arrangement with him