New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-13


per cent to tho stockholders. Tho large
stockholder had 10 sit there and take his
medicine or lose his proportionate Inter
est I'm the property-and take his rnedl-
cine on these very improbable returns
This law. no said. had done more TO re-
tard railroad development In Massa-
chusetts than any other one thing' IL
provided that II the stockholders did not
purchase the stock at price fxed py
tho Railroad Commission the amount not
taken must be sold by auction. 'Can you
imagine a method more complete ano
better fitted for destroying the value or
a railroad stock than that lie asked
These laws. he said have since been re
pealed
Mr.. Ledyard also said that he had told
General Lawrence. father OF to-days
witness. and the other directors OF the
Boston e. Maine why II was that the
American Express Company was dispos-
ing of its Boston & Maine stock. and II
tho New Haven would buy II and give
New Haven stock for II the express COM
pany was glad to take II. Another rea-
son. Mr.. Ledyarf said. WAS the great in
activity OF the Boston & Maine stock.
ut was a stock said Mr.. Ledyard,
that was practically unstable. As the
American Express Company owned 5000
or 10000 shares, / think-the amount may
not DO exact. but largo block-it was
practically an unstable and unrealizable
asset in their hands
That was not true Of New Haven stock,
or II true, II was true in much less degree
And the reason why went there and told
those directors, and said to them that we
had insisted the New Haven should give
the same opportunity TO all other pur-
chasers that they were giving to us. was
that / had stated to General Lawrence,
ono of the reasons that We would not dis
pose OF our stock without notifying him
Of what we were going to do. and L
thought It was only fair that the other
gentlemen concerned In the management
Of the property should also have the same
opportunity and possess the same infor-
nation.
"A suggestion is contained in this tes-
timony to-day that that offer was made to
the directors alone. II was made TO al
the stockholders of the Boston e. Maine
road. and the gentleman knows It; TO all.
by Lee Higginson & Co."
Lawrence Much Excited.
Mr.. Lawrence became much excited as
Mr.. Ledyard told the story. and when the
latter finished he jumped to his feet and
demanded that he be allowed to ask some
questions. He wanted TO know II 1t was
not a fact that William *. Vanderbilt
had acquired q block of 300 shares Of
Boston & Maine stock at a special price
from the road. saying that it was to lie
his personal property. and that he would
4 not cell 1t to the New Haven.
| Mr.. Ledyard replied 81 happen TO be
! q BILE to answer that question very clearly.
, Mr.. Vanderbilt happened TO be personal
! friend of mine. / never knew anything
about his acquisition of Boston & Maine
stock. He had acquired It, l believe, be-
fore | was director there. never knew
the terms or the conditions OF this ac-
B QUESTION by him.
I TT so happens, however, Mr.. Commits
/ sioner that l am able to throw light upon
the subject Of the gentleman's inquiry.
when the New Haven Railroad gave to
the American ExfesA Company and other
holders of Bostdp 3 Maine stock New
Haven stock. share G6r share Mr.. Wander
bilt came to me And said: Would you
mind my putting Sny Boston Il Maine
stock I'm your nameH and | said, 'WhyT
He said. 4 would rather put my stock In
your name and l@Fou receive in your
name for my account the New Haven
stock which am 10 receive for IT,
He did transfer Nhe shares Of Boston
& Maine stock to mn name-I have for
gotten the amount. 40 and some odd. CT
500 and something about there; II may
have been COCO. l turned that IN at the
Time with the other Boston & Maine stock
surrendered To- tho New Haven. And
received in exchange for IT. In my name
shares of the New Haven stock for Mr.
VanderbiIt's account. They continued IN
NV name. and | received the DIVIDENDS
and RENTED them regularly to Mr. van
derhilt-but not TO the New YORK Cen
tral Railroad. In which I have had no
interest at all until ! resigned from the
Nov Haven board year or two ago
Mr.. Ledyard's statement to-day i
looked upon as a forerunner OF some
thing more sensational when he taxes
tho stand. IL is believed he VIII pay MS
RESPECTS to Mr.. Mellen in way mat WIZ
be anything but complimentary ana VIII
Tell some inside history OF New Haven
affairs that will put Mr.. Mellen In an IN
favorable light
Other witnesses this morning
Timothv j.. Byrnes former vice-presl'