New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-17
NONE BLAME MIR. CAKES.
WITNESSES BEFORE THE MASTER MAKE
NO CHARGES AGAINST HIM.
CONTINUING THE HEARING go c. H. WRIGHT
EX-PREsIDENT OF TNE NORTHERN
PACIFIC. TESTIFIEs


croc,ators are sometimes quite as good Judges In
q court Of inquiry as a jury might be In couHt
Of Justice The Northern Pacific Railroad ihVeSu-
cation here has been going on for one week. 'ne Po
ecution has been presenting i;s evidehce' tne P'0
ceedings were begun with a view TO GUSHING l"oi"a'
r Cakes from the receivership OF the road' OH 'ne
charges OF yenal associa ton tending 10 DrinS ue
road into bankruptcy and the result OF II all IS
cha, every step of the way brings Mr. OaKes lot
ward az the one man in authority VINO diuh h''o"
ANYTHING about the secret negotiations "hich inuS'
have been going on during his term as presioeh''
The utmost liberaty in the Introduction OF 'esV-
monv has been permitted by Colonel McNapght'
counsel for the receivers. and ex-senator Johh -
snooner of Wisconsin, general counsel Ihere mas
TINS far rarely occurred attempt 10 introduce
testimony which was not permitted by co"ii'e''
Mr. Cakes sits in the room silent spectator MS
name is frequently used. but thus far ne mas MOI
appeared on the company's records or In the words
Of witnesses as in any way connected with the
large transactions through which the Northern "a
ci1c acquired the terminal facilities IN Chcaso
which form the subject Of the inquisition.
G. c. Beaman. a former director Of the road ana
its Joint counsel with John c. Bulitt OF Phiaoei-
phia resumed the witness-chair yesterday morning.
Mr. Petit in behalf of the complainants. conducted
the examination, but nothing was ELECTED or the
slightest value bearing upon the man question VI
alleged sharp dealing in disposing of the properties
connected with the terminal facilities at chicago 10
he Chicago
said that a large sum OF money was made by those
who stood in the capacity OF "middlemen between
the purchasers Of the property and the dsposers
of that property to the corporations but mus i'i
not one single CLEAN of light has been thrown Oh
this feature of the transaction and nopOuy seei"S
10 know whence that CLEAN is 10 issue Mr.. Bea-
mans testimony bore upon the question OF values.
He had made a report, and that report was oaseo
unon information gathered by real estate men IN
whose Judgment every one has confidence; ana the
sross outcome was that the existing value at the
time of the requirement of the property and the
prospective value, looking far into the future IuSt
fed the action that was taken by me b0aTu oi ~
S afternoon session was marked by the appear
ance of the venerable C. b. Wright OF fn bHe
phia former president of the Northern facHc;;
and one who has been familiar with the details OF
It's history since the day when Jay Cooke enteI h
own financial downfall in 1873. Mr.. Wright testified
yesterday that he had been identhed WIN ,ba ra" a
tbe meetngs of the directors Of the Northern Pacific
he had had 01isd sS me M Admitted that when the
first proposition was made looking to Chicago
the advisability of the undertaking.. but that when
through negotiations It was revealed 10 MN tndS
w EScao aforded BY the Chicago and Great West
srn the Chicago Harlem and Batavia and the
Chicago and Bridgeport lines He looked upon the
TSSncs not Of dhy o
from the rights and franchises em)qyed py mem lei
of OFT the CITY city '1'''' ''9', - ~
The examination OF Mr.. Wright hrancned OH az
one point to an inquiry 70 his acquaintance WIN
the value of the Duluth and MANITOBA line ne
said that the line strongly desired by the w IN
nipeg people. and that II was regarded as strong
branch of the Northern Pacific system ana II. case
OF a settlement OF the territory would become eX-
ceedingly valuable Mr.. Wright showed his faith
in the different undertakings by taking 5000 OF
bonds OF the Chicago and Northern Pachc at 20,
and by taking one-for;ieth Interest in the trust
Certificates of the Rocky Fork and Cooke city ine,
for which he had paid $1,000 ne recovered his money
with the execution of about $500 Mr.. Wright was
asked by Colonel McNaught as to Mr.. cakes re-
lat fba thorn
Cakes certainly understands his business as tra'ic
man. and | have never seen him engaged IN any.
thing detrimental to the interests of the company
Stewart, OF the United States Trust company SUD
posed to be in the previous days examination as
crepancies to the amount Of cash received by
the United States Trust Company and the amount
paid out. In the statement as originally submitted
by Mir. Stewart there was difference between me
amounts of about 100000. Mr. Stewart explained
that the difference was represented by certain new
subscriptions paid for both classes OF stock. The
price for the preferred was 50 and for the common
80 or thereabOuts.
The session will 60 on this morning, but II was
not known yesterday VINO would be the first wit
ness. -,
1t Is not likely that the Investigation will come
10 an end before the latter part of next week E%-
Senator Spooner said yesterday that the receivers
would call a number Of witnesses.