New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-04-14
CYRUS y. FIELDS TESTIMONY.
no WIsHTO RUIN THE NEw-ENGLAND ROAD
THE BEST "EDrTED' ROAD IN NKw-ENGLAND-
DEP0sIrlON or MUssELL sAGr.

THE BEST EDITED" ROAD IN NRw-ENGfAND-
DEPOSITION or RUSSELL SAGE.
BosroN, April 13.-Tbe New York and New
England bond hearing opened to-day with the reading
by Mr. s;ackpoe OF the affidavit Of Russell Sage taken IN
NewYork on April 8. David Dudley Field Was present
for tho first time since the opening week OF tho hearing
Mr. sagos testimony tho effect that both lie and
Mr. Field urged by Mr.. Clarke to subscribe for
preferred stock which they did to the amount Of $4,000
lie told Mr. Clarke to purchase from the credo rs their
claims against tho company up to 100000 at 10 cent
dollar and he did purchase claims to the amount
OF $4,000 and witness paid for the same The whole
purpose OF the meeting Of September 30 to dscua
means Of saving the road TO tho stockholders, and
one at that meeting proposed to wreck the road 10
would not have been profitable venture for witness
and Mr. Field TO have bought tho second mortgage
bonds Of the state and forecosed,
Tho dispositions OF Robert VI. Galloway AMI o. D. Ash
ley were presented show that Mr.. Field not eE
gagged in wrcckng tho New York CITY aud Northern Rail
road Company or the Wabash company.
Mr. Field thcn sworn. lie said that lie was sixty
SIX years OF has lived In New York hftyon years.
is IN no business that of managing his property.
and is director in ten corporations, all OF them pros
porous. lie never had any connection with the Ncw-
York City and Northern Company. IIo tho other
side of the world when the Grant fund was Invested in
Wabash bonds He told OF his receiving lately COM
plimentary copy OF General Grants book, with per
sona note from the General. on inquiry he found that
a few hours before tho Genorars death he wrote the
naues OF few persons 10 whom lie wished compi-
mentary copies and he
To MI Stackpoe he said he had mover been engaged In
wreckng any property and had never Injured the prop
crty the stockholders Of company Then he passed
to tell how General James H. Wilson, when president
OF the NewYork and New England Company. persuaded
him take an in IT, offering him and hs friends
block OF stock at less than market price. lie never
bought sold y share of the stock on speculation lie
anxious to have the road successful and was wiring
sacrifice large amount OF money. because he thought
it dsgraceful % be associated with road IN tho
hands OF receiver he attended he directors meeting
OF September 20 He wanted all the creditors to take
preferred stock for their claims especially Mr. Grswod
son.inaw of 10 Grand b. Cannon lie never saia me
preferred stock scheme was nonsense lie SAID that tho
utter MISREPRESENTATION Of what he ud say. lie used
ali his efforts to induce teop!e to take pro,
sI.o5oooo of the stock but Mr.. Vanderbilt said the
road had never earned dollar and he did not believe II
ever would and refused 10 take share. MI Field de-
med utterly the truth OF Mr. CFkcs testimony that lie
out Of the stock lie never said that Mr. clarke was
doing we'll lie did once make the remark thaf II
me Sunday Herald Of April that the road was doing
well He put In as reply TO nis copy 81 osD
sioner FOR tho quarter enlng December 81, 1852 mat
tho deficiency was ?GiG39 55 win nohlns ieft Tor
dividend the preferred STOCK IL also APPEARED mat
the deficiency OF the load for 1850 was 5000 more 'han
Mr. Field denied that Mr.. Sage said anything
about wrecklng the road. witness never pro-
TO wreck eS iis the road As consequence
connection with the road he had lost Flll-0i IL He
III the in crest Of the road to represent that IL was pop
lar and then plead poverty to tle GIedtor Inal WA
september 20. lie had conversation on The cars WIN
Nh Potter. bat said anything about foieclns
Ing the mortgage and freezing ont the creditors NJ
Sage was reelected director, and wanted 10 rcrrct
witness hut wuuld back into tho dircc-
tory ali real and personal property IN Massach
sett-.
At the afternoon session Mr. Field test fed III he ana
his As ates held in al 1858 share, OF stock In the
New England road. against 2ll shares o! both Kinds
by the fifteen other directors II SAID thHt
Edward smct 4 Co.. Now-NOrk, Brewster. Com X
Estabrook. Lee. Ilggnson Co., Boston. were the
brokers' who SHARED tc profit ID the trans
action had the bonds been purchared. Nh Field gave
figures showing that had he purchased the bonds and
oreclosei them be would have realized on thr - IS
$50 SO by the rise bat his $40 shares OF common
aud prcforrcl stock he would have losf s7, OIL king
net personal SOS 296 In addition ih' re would
Lave been by David Dudley Field and the ATm OF
Field, LinIlcy Il CO.