Sacramento daily record-union., 1888-09-01
ISLANDERS REFUTED.
Newspaper Scurriiities Banished by ON
cial Statements and Facts.


With reference to a statement published
IN morning paper that Timothy Hopk ms
was to be reduced from the rank and title
OF treasurer of the Southern Pacific Com-
pany and given an inferior office. that gen.
tleman stated yesterday that he could not
imagine how such q false report got abroad,
he said with firmness and emphasis that
he was still a Director in all the corpora
uon under the control of the Southern Pa
enc Company, and that he had no fear that
the office OF Treasurer would be taken from
him. He knew that no change with re-
spect to his position had been contemplated
by the high officials of the company. He
represented the interests of his mother in
the company's property together with those
OF MessrS- Stillman and Hubbard He de-
clIned to state what the interests of those
gentlemen consisted of intimating in a
Joking way that it was nobody's business as
long as their associates were satisfied.
70 ali OF the reported inquiries regarding
the financial affairs of the company over
which he presides, he made most courteous
answers, and was perfectly willing that a
statement of his operations should be given
for publication. He did not have the sum-
mary OF the figures at hand, however, and
asked General Manager Towne to give them
to the reporter
MIR. Towne said that statement of the
great increase of earnings of the company
during the past few months would show,
as well as anything could, the condition of
the property and the manner in which it
was being managed. He produced figures
which showed that the Southern Pacific
Company earned for the first six months of
the present year, in round numbers, $22,-
100000, as against $16, 81 GOO for the cor
responding period of last year, an increase
of ~ per cent.
The Pacific system alone" said the
General Manager, earned above SO per
cent. greater earnings for the first six
months of this year than for the same
period in 1887. In fact, that system earned
during the first six months of 1888 within
81, 900 of as much as was earned by the
entire Southern Pacific Company for the
same period last year. The Pennsylvania
Railway showed the largest earnings of any
road in the United States for 1887, or $40
$4,000. Every indication shows that the
Southern Pacific Company will this year
run within $5000.000 of as much as the
above figures"
Speaking of the freight tonnage of the
company for the first six months of the
present year, Mr.. Towne remarked that
there was an increase in through tonnage
on the Pacific system for that period of 63
per cent over that of the corresponding
period of 1887; of local tonnage more than
26 per cent; of through passengers As per
cent, and of local passengers % per cent.
From high official source it was ascer-
tained by the reporter that the company
has no intention whatever, despite the re.
Gently published reports to that effect, to
reduce Treasurer Hopkins to a lower rank
than that which he now occupies.
Messrs. Sillman and Hubbard have filed
with the County Recorder the power of
attorney by which Mrs. Hopkins-Searles
gave them the authority to manage her
affairs in connection with the Southern
Pacific Company.
In en- interview yesterday Mr.. Hubbard
is quoted as saying: 1T is quite true that
we have made a report to Mrs. Searles, and
she is satisfied with the way that things
are going on out here. 1t is not true that
Timothy HOPKINS is going TO be deposed
from the position of Treasurer. He is to
retain that position and perhaps get others
Mrs. Searles empowered me 10 place him
as Director for any of the companies in
which she is interested, if | saw fit"
Mr.. Stillmau left for New York yester-
day.
The publications regarding the mission
of Mrs. Searles' lawyers to this coast were
the topic of the day among the officers and
employees of the railroad company at
Fourth and Townsend streets yesterday
What has been printed about the shortness
of the company's funds, and its inability
to pay salaries, was laughed at, as were
other statements made during the past two
days.
4 prominent official of the company said
that the telegraphing abroad of the rumors
of the company's financial condition would
have no effect whatever on the market
value of its securities. In New York,
where considerable of the stock is held,
such q tissue of misstatements would not
be believed for an instant except BY those
who knew nothing of the true condition of
atfairs--S. +. Chronicle