New-York tribune., 1879-08-29

Oh III relations Win the wagner Gar Company, ana
the necessity for through rates in order tlat New
York may retain her share Of the Western trade.
Mr.. VANDERBILTS TESTIMONY.
SARATOGA, y. Y. Aug. 2S.-The Railroad
Committee resumed its investigation at l0ij this
ing with SIR Vanderbilt the stand, Mr.. sterne
conducting the examination.
Mr. Vanderbilt asked by tho committee TO pro-
duce documents showing the amount OF sock capital
invested earnings and dividends declared OF
and all other Information pertaining the fnancal
management OF the Wagner Sleeping Coach and the
Wagner ParlOr Car Company.
Mr. Depew objected, saying that MI. Vanderbilt,
simple stakeholder had right TO produce
the documents referred to. He thought all the facts
called for by authority the committee either
before them In evidence in documents. AS 80 Der
cent OF the Wagner Com psny's business done out
sdt OF SewIork State, he thought 1t out o che power
Of she comitteo to compel production Of documents
relating thereto. Tho committee Ouly inquire to
the contract between the railroad company and the
sleeping and pzror company, and the nahcisl
tstics relating thereto.
Mr. Hepburn explained at length the circumstances
the formation " the committcc the committees ela-
uon3 with the Chamber ~ Commerce. Board OF Trade
and other oanatons throughout the state the scope
aud powers Of the committee, etc Ho OF the OPINION
hAt ho committees cal loT tns Information WaS not In
Itself au assumption that there anything wrong
toe management Of E1o company He thought. however
dncton oi tho staristlcs called for
Mr. DepeW Thought qucs ion should be divided, "a
tee Of wnich Sir Vanderbilt had EnOwedge. He
thought that ths railroad company and its counsel
should be separated vIn tEe car company and It's cOun-
sell and That tue latter should be called ON for the nfor
nation desireG
OD exlmi1s, ion Mr. Vanderbilt understood that the
Wagner com p8ny composed Of ono two hundred
people lncorporaed) hNa no positive Information on
the subject thOught Mr. Wagner had all tLC O
mSnagemOut Ia own hands whatever he docs is
acquiesced IL By the stockholders.
D. IA der "A A. .
4 the Payments therein to the railroad company from
| tBe car company were gross or net.
Mr. Vanderbilt stated tnat the amount mentioned
go per oeu was OF gross earnngsi we keep cars 10 re
pair / think Nr. Wagner pays the poFteTs and con-
daetOrs; the contract made At my ggestIon :;
there large StUCkhOlGllg Interest IN common IN
Se,y-YOrz Ceatral LAC shore and Canada S0nthern
the stock / own In tbs Wagner Company Is al iu my
name have 10 have these CrdWIugToJm cars in
co1petuop With other roads think il pays In rra-
tOn 10 the OH matter, IL shipments we're sstisfac-
Of the standard Company; when the road was
built Tor Shippers, before mentioned, aud they
| violated agreement, arrangements made
vita about twenty shippers; Dunkirk PIttsburg and
Allegauy valley tue road alluded to; wo did get
share OF the business from that IOcaIty under
slOod that many renors OF uat district Wee bought out
by the Standard Company failed hold no stock in
the Merchants Dispatch Company the New York Cen
ra las DO agency wueIe tue AercaGuts Dispatch Com
psuy has tank that for years tat company pad
dividends Dut put all Ia edrnng- into It's equipment
tns Is an old company owned b. tie American press
Company tie rOsGB west OF US wished 10 cripple IT, and
preferred the cooperative opposition inoj opposed
tns. the EewYJrk Central cOuld not afford tO lose
the business when II contaDed tho express company
had about 1000 agents. we boIgAt sone Of The stock
the express company. and the other roads di the
same the business OF the Merchants Dispatch Com
paly almost all rst-clAss, wncn the cooperative
lines could get the ils freight lines were originally
owned by private individuals, ana were subsequently
merged into coo ,eratlye companies ain not = stock
holder IN the Union Stock Yard and Market Company
TINS company leases and occupies the yards owned by
the New-Iork Cintral He reason FOR leasing
t that the New York Central could not run the cattle
yard business at terminal point very successfully the
parties who lease 1t control shipments ana understand
| IL Detler tRaD We uoi We mou4ht IL Eoou
| thng that the g eyenCr system was broken up
| ue broke il up because Of the dishonesty Of the
eyeners the present pan Is Oetteri lhe .! stem ~
II now exists that every acts az hlsOwn cyener y
we give shippers rate OF 80 cents II they snip as
road directs, ana ~ cents II tuey snip as thty
please-thus giving the shippers tne rebate formerly
gwen TO "eyeners = up TO thls tlme rink tuat tue
system has been successful we 2rt more oushcs1
from people, and it Is not concentrated IN the
| hands OF a rev eyencrs."
As tOthe Nestcott Baggage express Mr. Nesteott mas
charge of all baggage from NewIOrk 70 Buffalo, and Is
responsible for al losses th4k he gets tne paronaee
from passeDgers ne pays Tor handling baggage al Ter
mina points. ana We pay zoe baggage men emp0yed on
OF freight to England, his attention has not
to the fact that through bills are less from
combined aud railroad rates on separate bills; ne
tlOught tbs fact only In ihe exceptional case
! when We were in competition with the Grand Trunk
Road thought tnIs so about two years agO there
vas tleu much excitement ~ New York about ~, and
the New York Central and Ere lowered their rates with
out d denomination botweeu N3H-IOtA and BOotOni did
NOT know ihat It WIS done now. ,
Rcgani n the consolidation Of NewYork Central and
Huoson River Railroad n 1869. Mr. Vander2l IL tes-
oI "cn OF hrs roads lrom 1854 to 1863 SAID Tas
i matter In the hands OF Mr. CLARK ana others have
no know ledge yIce-presdont Of the Hudson
River Road, ana was atterHard connected Win tue
Central, of his own knowledge ne knew nothing about
br details of the matter; did remember that the so
per cent stock dividend was declared upon the com
hned capital tho combined capital raised 10 about
500 600 900; don't know whether it was from
s, VntsrnlIt mo 20 give tne ssion
that snow but don't want to tell don't really know
ANYTHING about matter. IL was Ecner'lly "a der
pDInGsS Tpon being asked whether or no sucn
tho fact he repeated that he did not know anytuns
Mr. sterne referred to Joint letter in which Mr.. Van
darb stated the charge OF the Chamber 0i Com
erce that the stock OF his road was watered 10 the eX
tent of S45 OOOO and represented nothing, was un
true ana fact that increase OF STOCK Was Is,
srad for M oneys actually expended IN construction, and
as cd han ne that portion before he signed the
Mr. vanderbilt repled-Wny, Mr sJerne. did jlst rs
won DO when that young man hands You one or yOnf
papers took IL for true, tat DO you suppose keen
100 or 500 plOyes for, II am 70 90 tbe WORK yst
When asked whether, when aa Old ralI or locomotive
4. Iepaccd by Aew one, IL should 10 90 thS expense
account construction account, hr' fahuerput
thought there difference Of opinion on 1ho sugecti
ne i AZ 10 dividends he said We try keep the
road In rt-ca conditions me per cent DIVIDEND Is
secondary matter; II, at the END OF year thete -
surplus, II Is paid his attention was nScI o"lG ~ NV nv
law OF 1880 requiring railroad oompanyto show the
surplus OF the road In tue annual report 20 tne o,c
Engineer; do not know whether hAt pto'l9ou Mas ~
I.ted by Mr. Worcester n there really was surplus lOl
which thls increased capital stock was isSueu
knew Of inventory or the roiu Win the falIatI0
ATTACHED think II could not be rup!hoel or ~iaU "
cost; paid any attention 10 lno coHs,i ur ~
count kue y any the requisites Oi the report 10
be made only know that blanks were sent Tor such re-
nort. think the bonded Indebtedness represents NJ"
ronstruetiou, extra tracks, etc. lie thouEht the
600 900 Increase OF stock of the New YORK Centra
and Huis0u RIVER Railroad should have been charged
10 the construction account Instead OF tha IL hau peen
charged annually 30 mat account IN inst3imehts.
lie did not know to what account unpaid ivaIonuS ~ ~
CHARGED; thoue eht they did not amount 10 mucA nc
understood elevator charges were hRner III Se" Vrb
mn mn Baltimore or Philadelphia; never allowed
man VINO leased an elevator Of ms company 70 nave
any interest In gram did not know tha any corr
a. 10 the cattleyari had been made AGAINST he pefSos
no mad charge OF il aud VINO are Interested III esttIe
bu less; was referred to one instance D9I tnAt Vv
currgd before the present arrangement DONG away
win eyeuers" was made issue annual reports ~
storkhodsr. as " ell as the state Ehg'hccti uOu
know uner head our legal or legislative expenses