New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-27
THE NET-ENGLAND BOND CASE.
TESTIMONY OF PRESIDENT CLARK.
WHY HE THOUGHT THAT MEssRs. SAGE AND FIELD
WERE ENEMIES OF THE ROAD.


WERE ENEMIES OF THE ROAD.
BosToN, March 20 (Spcc,aD.
Clark appeared again to-days before the Legislative
Committee Claims and made long. interesting and
clear statement relation to the sale OF the securities
OF the New-York and New En- gland Railroad Company.
which Messrs Field and sage have called In question:
In the course he referred to the special
meeting Of the directors Of tho road September 20,
1883 and said:
Mr.. Field sat opposite me and next to him eat Mr
Sage The irst questions were asked OF tne uiIestos
In the discussion some of the directors thought
mpraccable that creditors should take cut preferred
shares for cash debts some Thought wise ana SONS
thought 1t their duty 20 make the attempt, but when IL
to those gentlemen FIed and sage, was aston
ished as never had been astonshed before i9r tIey
spoke AFTER other and calmly proposed that Tue
second mortgage bonds OF the state should be bought III
force creditors. They proposed distinctive
y ut the time 10 buy the second mortgage bonds as
means OF making money for themseyes Ihey SAID tnat
the property had been managed too WE'LL had shown too
good results and impossible to make money out
lowed to settle and not show what II was capable OF 40
recall but in ali of those heads the Language was clear
and unmstakabe and repeated and II vas 700 nch loi
man who had stood out and taken the thuhuer ana
lightning for eighteen months the subject OF CRITICISM
because he dared to do his duty and take the appoint
Of the court for tho protection or all lnerest
STOOD at the table and SAID
"Gentlemen. this Is not honest thing" Seventeen
gentlemen present and that was too many
confirming to be denied. l said This
is not honest, gentlemen. We are here as tee
representatives Of the stockholders OF this
road individuals. not directors. not rs CAPT
al!ss We here take OF their interests and
It just honest for them TO their debts as Is Tor
us TO pay our personal debts. Applause we cannot
pay them any money until now; II has not been proper
offer them certificates Of preferred STOCK about the
value OF which, owing the trust complication,
would have been doubt but they entitled
preferred shares and It ought to he made"
Fortunately, Mr. Chairman-and OF all TINS was en-
rey ignorant until three days ago-the secretary OF our
company, who been with 1t for years who Ia
an accomplished stenographer JoteI dOWu Yeru&tl
portion OF the remarks made on that occasion. nave
them here written out am not ashamed to read them
because they include the prophecy mat before Ions oo
preferred shares wod be sought Tor at par whereas
within ninety days they sold at lao.
Atthe request of the chairman Of the committee, Mr.
Clarke read the verbatim report OF his remarks on
that occasion which substantially as given above
Then he SAID
Now comes the last chapter with the knowledge Of
the spirit and intent of the gentlemen who had every
Cobb & EstabrOOk, l forDode at the meeting
of tho Council November 10 to specify
question OF the power to be derived from majority OF
deauted bonds of tho second mortgage the property
seemed TO seek rather their own good than to do right
because It was right seemed to me that the time had
the meeting Of the Governor and Council stated the
facts as nearly as have stated them to you In both
shey were at the time. | did without the
slightest hostility 10 any man present have n0more
tdult to find with Mr.. Field God made HIM. with
Nh sage COD Hade him, than have with any one OF
you But | have been taught from my earliest youth
Mr. Stackp0e-is TINS testimony
The Chairman-Mr. Clark, think yOu have this morn
ing exceeded the latitude which Is given you.
Mr.. Clark want 10 keen IN II, but 1t is pretty hard
The ChaIrman--lOur opinions on the evidence are
certainly not fair.
Mr.. Clark don't mean to be unfair.
The Chairman think comment should be entirely
avoided and the statement confined 10 facts
Mr.. Clark went into the meeting Of tho Governor
and Council and told the truth. tGreat anghter The
Governor asked IN the presence OF the Council
whether the facts that then and there stated
confined 10 my own knowledge. or whether there
others who could te- Ify to the same. L said
there others that could testify to the same. The
Governor said Mr.. Clark, not to distrust
for instant your tTuthfulness, we must remember
you may DIE thar yOu may forget, and 1t would
be well If you could produce some testimony cOrrobora-
tive Of your own. and / would like copies OF
respondence which you have read US" That is pre-
cscly the spondencr that have read you here
to-day without knowing then what the amount ~ the
bid suspcctn. anything except that II must bo
larger Than the bIl which did not know about, lett
that The next day a rainy day and tried 10
this matter with these gentlemen the wire
but was unsuccessful and WAS notified TO be in at
tendance again adjourned hearing OF the council
that night, the night OF November 10. was in waiting
but dd before the Council, but sat ia the
adjoining waiting a call which never came
Mr. SackpOe, OF the attorneys for Field and Sage.
then examined Mr.. Clark for two three hours but
failed shake his testimony in the slightest degree
Mr. Clarks straightforward sincere manner left
dOubin minds OF those present II any existed be-
fore that the purpose OF the NewYoIk tlemen
wreck the roads the expense of hundreds OF
others and 10 their own pccunlary gain.