New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-26
Mr.. FIELUN BOND CASE
CRoss-ExAMIYATIoN OF MR. urGqryso,
RUSSELL sAGRs HOSTILITY 10 THg NEW.yorE Avn
NIW.EN4IANn pnAn

| RUSSELL sAGHs HOSTILITY 10 THg NEW-yor, Avn
NEw-FNGLAND ROAD.
| BOsTOS March 25.-The bond investigate
continued this forenoon. Senator Blaze Of B,ston
a director and OF the finance committee % the v
York and New England road was at the meeting on SON
tember 20 when Mr. Field alleged remark wa, n,ato
hostile to the road He had Information that wo,,s
lead him to think that Mr. Field had an Improper mo.
tive To Attorney General Sherman the witness said In
should regard proposition wreck the road coming
from the directors dsrePu,aDie tbIng but his opinon
wOuld depend upon its wording. II wolld re an i'm.
proper thing for director to propose make tho
creditoJs sacrifice their claims.
MI Chandler inquired IN regard TO tie Wabasi Road and
offered to show that Mr.. Field not concerned With
the wrecklng Of II Or OF the NewYok City and North.
ern and also that he mad charge Of the Grant Fund
Mr.. Dabney then began the cross examination Of ing
einson. As to the meeting OF September 30 the first ill.,
cdent the witness said, was Mr. Fields c0nvorsaii)n
vita him. The important business OF the meeting was
the issue preferred stock Every holder OF stock
asked to take 10 per cent OF HIS holdings in preferred
stock Mt par nigh price Mr.. Field and others objected
that IL was bad policy witness told the directors that
was fair ask the stockholders TO subscribe unless
they subscribed themselves. Mr. Pled made IFS remark
tnat the only way 10 make the road profitable was TO
force ont the holders Of junior securities General
Wilson. when president OF the road. had made au ar
rangement get iOur New York tAe boa d. who
to provide the means for carrying the road mo
New York They subscribed for 100000 bonds, anf
never paid an thing the subscription That was al
they ever did help When II was proposed 10
use the bonds a club, either Mr.. Firld or M sage
answered, " | eau take OF my stock As To the
meeting OF September % Mesrs CLARKE and Hart and
tue had been striving for years TO save the road.
and this of Mr. Field Ike blow IN the face
the eleventh hour. lie did not know As he would I'M
pute 10 Mr. Fl Id improper motives From his point OF
view the witness looked The office OF director
place OF trust Mr. Field looked at IL place for pr
ware emoument. That is the difference; but the stock
holders have been protected and the road Is safe. All
the coupons had been paid, aud this made possible
only by the sale OF preferred stock Witness sl he hal
not the remote information In regard 10 Mr. Fields
bl He believed that the reservation OF right to reject
all bids against the class Of men who mie desire 10
wreck ths road. witness told the Governor WAC lis
associates Tie Governor asked II that was tue
Uld lbs could make, and he replied substantially that
it was, but, If it not satisfactory for BIN 10 mase
witness offer. On September % either Mr. Field or
Mr. said that 20 per cent was enough 10 pfy tho
state. Settlements made with the creditors ny
paying some cash nat stock 40 lis par value and
come with half interest. Specific arrangements were
mads in each
Not until September 30 did Mr.. Hgginson suspect that
Mr.. Fiei was au enemy Oi the road. Mr. sage also
suggested the wrecking OF the road bat not win aS
much force as did Nh Fiel1 Mr.. Chandler replied 70
commuters query whether this had better ne gore
over again by saying that he wanted TO show that Nj.
Field was enough 10 make such statement in
open board. AS to the private conversation was
an issue OF Veracity whether Mr. Field thought sgin
proper subject 10 seduce