Los Angeles herald., 1890-04-12
Stanford Resigns the Presi-
dency of the Road.
Coils P. Huntington the New
Head of the Combination.
All Not Serene as Might Be Between
the Millionaire Magnates.
The Speech of Mr.. Huntington the Seven
Days Wonder of the State of
California.

on assuming control of the Southern
Pacific Company, which was telegraphed
over the Coast three days ago, became at
once the seven days wonder OF the
country That it was aimed at Senator
Stanford was too evident, and there was
where it was so difficult of comprehen-
sion. The San Francisco papers that
arrived here yesterday contain many de-
tails not sent over the wires. The
Chronicle says
A pretty little story in explanation of
the change in the presidency comes
quietly stealing from the inner
labyrinths of railroad circles. 1t is an
amplification OF the generally known
story that differences have existed be-
tween Messrs. Huntington and Stanford
for years. and the story seems rational
deduction from Mr.. Huntington's
speech. 1t is told that during the past
winter, while Huntington, Stanford,
Judge Stillman and Charles F. Crocker
were together in the East, Huntington
and Stillman went for Stanford with a
sharp stick, and his retirement was a
forced, though perhaps not particularly
distasteful, result. 1t was Hunting
toms opinion that Stanford was
neglecting the interests OF the COM
pany, which were consequently suffer-
ing. In his remarks yesterday Hunt
ington plainly said that Stanford had
not only been neglecting the interests
of the company, but using it and it's
money-Huntington's money-to fur
ther his political ambitions. Mr..
Searles, Mrs. Hopkins-Searles's hus-
band, and Judge Stillman, Mrs. Hop
kins-Searles's manager, thought so too,
and the latter joined with Huntington
in calling Stanford's attention to the
state of affairs.
Senator Stanford's latest scheme for
loaning Government money at very
low rate of interest brought declar-
alton of war from Huntington and
Messrs. Stillman and Hubbard. They
were disgusted The scheme would work
financial injury to the company. If
Stanford was willing to sacrifice his
financial interests to the people and pos
terity, they were not. 1t is said that
two or three local capitalists who were
handling Southern Pacific bonds, re-
fused to do so any longer when Senator
Stanford's scheme began to be pressed.
Then certain sums in the company's ex-
pense bills, set down as 'incidentals"
made the objecting directors wrathy.
They objected to footing Stanford's pol
itical bills.
All this is said to be partial explana-
tion of why Senator Stanford has re-
tired. He was told that he must do so
or give up politics. AS chairman OF the
,sexecutive committee of the company he
: will enjoy prestige enough, and while
there is no breach wide enough to hinder
his participation in the counsels of the
company, and due regard for his ad-
vice, he will find plenty of time to de-
vote to national affairs, his university
and the contemplation of Presidential
possibilities. Colonel Crocker has ALWAYS
been a warm friend and admirer of the
Senator and has not apparently joined in
the hostility to him.
For the first time almost since the in
ceptiOn of the Central Pacific road, Mr.,
Huntington will now become resident
of San Francisco. He will abandon the
very extensive personal interests he has
so successfully built up in the East dur
ing the years that he has been the East
ern representative OF the Southern Pa
cific Company, and will bring all his
ability, time and experience to the exc
cution of his new duties. The substitu-
bIOll VI Ihl lIuOUdIO lOI lIdbIlIOD
still further increases the influence of
the Huntington-Searles part of the firm,
and some changes in policy may be
looked for now that Huntington has
taken hold of the reins.
The following extracts are from the
Examiner:
The new directorate makes Il change
that strengthens the interest of Mrs.
Searles and weakens the Stanford inter-
est, Ariel Lathrop, Stanford's brother
in-law, being dropped, and Thomas E.
Hubbard put in his place. Hubbard,
with T. E. Stillman, is Mrs. Searles's
attorney. This change gives Mrs.
Searles two directors. Without includ-
ing Huntington himself, his interest has
three directors, who are Towne, Stubbs
and w. V. Huntington. The Stanford
interest is represented by S. T Gage and
Stanford himself This arrangement
gives the Searles-Huntingto interests
six directors against three for the
Stanford -Crocker interests, Colonel
Crocker being the only director of the
latter interest. Messrs. Miller and
Brown are not classed with any particu
lar interest, but no matter where they
stand, the Searles-Huntingto interests
have majority of one in the new di-
IcCUOIdGc, anu III SHOWS very Clearly uIldC
that wealthy lady and the New York
magnate own between them the con-
trolling interest in the Southern Pacific
Company.
1t is needless to say that Huntington's
address produced some CONSERVATION
throughout the Fourth and Townsend
streets offices when its purport became
known, but no one cared to openly
criticise it. In TACT The only man in the
building who would speak about it was
the man who made the address. 1t was
shortly after he delivered it that an
Examiner reporter saw him in the office
that was formerly the apartment of the
late Charles Crocker.
"Mr Huntington, you have addressed
the directors of your railroad company
in way that will occasion great deal
of talk" said the reporter, "and de-
sire to interview you about it,"
"What more can l say than is con-
tained in my remarks to the directors ?''
"Do you mean to say that politics
have entered too much into the affairs
OF the company"
eyes, sir, / do. This building has
been overrun with politics, and it is
time to call halt"
4 II L.. .A,,