, 1888-02-16

u'u not return IN work, the company had
The next day laughed In the striNers face,
The hearing will be continued tom orrow. )"
CENTRAL PACIFIC.
Huntington describing at length the dif.
hculties attending the construction ~ tie
Central Pacific road said that "Nobody
knew OF the difficulties except the men who
built II. Aud now we are brought before
the American people as II We had taken
something belonging to the government.
We ilnd nothing To apologize for" said he.
"ihrro ~ nothing ! want changed and
nothing | want to take back. do want u
fair settlement made so that this matter can
he taken out ui congress aud we can know
Just what we have to do"
AZ to the matter of settlement the witness
said; "My impression II that, if we are AL
lowed proper equities, and believe the
guvernment does not want to make any.
thing ont Of tho roud in the way of interest
hut simply to get its own, aud they Ger.
tainly do not need any more money in the
treasury At this time, T. put down what the
companies owe, equal interest and
liked debt as of certain
day, say July LIST next, dividing the total
into $50 semi.annual payments, that Is an
abOuts on the whole amount, (ud all great
RAILROADS in this country are increasing
rather than diminishing the lengths Of
niortgages) aud II then our equities are
allowed, bring 1t in where we could meet
IT,"
Witness said that the completion Of the
road seven years ahend of time was one of
the equities claimed by the company and
he believed that the proper tribunal would
so consider IL. Another thing which might
be considered as among tina equities, was
the fact that the country tributary to the
Central Pacific had been opened up to
other competitors.
The chairman asked il the Central Pa
cihc claimed that 1t could not pay its debt
on partial payments in tihy years.
Huntington-"You have a record Of
what II !" doing, aud it certainly will not
pay. There In nothing in sight"
Tracy asked the witness M to the
amount of the $50 semi annual payments
proposed by him.
He said that he expected to get some
thing of the debt on account of the
equities but lie estimated the payments
would he little over 81, 900, 900 u year.
Collins asked If the witness believed the
courts would allow claimed equities, such
ut franchises To the Atlantic & Pacific and
Northern Pacific Companies and the fact
that the road had been completed several
years ahead of time.
He responded: Eyes"
Hovey inquired whether Huntington
made his proposition in his individual ca
pacity or for the Central Pacific Railway
Company. Witness replied that he spoke
for the Central Pacific Railway Company.
The payments of 81, 900, 900 contem plated
by his proposition were based upon the
assumption of the cash value of road at
fifty million, The proposition also con-
templated the payment Of interest at 2 per
cent. Hollins inquired il the pamphlet
prepared by Conklin and ShpInan and
publishe in the New York papers did not
set forth the claims of the road.
Witness could not say positively but the
gentleman who prepared it had all the in
formation that he could give them.
AT the conclusion OF the statnent, Hunt.
inglon agreed to submit written statement
of the credits claimed by the company and
q memorandum of his proposition Us
worked out. The committee then adjourned
until Tomorrow when il is understood
ttN Chas. +. Adams, president of the
UNION Pacific Company will give his views
upon the various funding bills.