The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-06-17
COILS :: INCORRECT.
Figures That Upset His
=: :. =; Assertion.
=.
-.
: CENTRAL PACIFIC SHARES.
Huntington Held More Than One
- Hundred of Them.
o..
BAssETT SPRINGS THE FACTS.
An Argument to Show That All Heirs
-. Are Liable for the Railroad
- Debt.

q: WASHINGTON, June 16.-1n contradic-
: ti0H of c. P. HuntingtOn's statement made
several days ago that he never owned more
than 100 shares of Central Pacific stock
and that be did not believe Leland Stan
. ford ever owned any more, j. NJ. Bassett
. of the San Francisco citizens committee,
tonight furnished THE CALL correspon-
!: dent with the following. which ought TO
refresh Hunting gton's memory: The stock
). hook statement submitted to the Pacific
Railway Commission in 1887 and sworn to
by Leland Stanford and the secretary of the
:: company. E. H. Miller Jr.. makes the fol-
: lowing showing as to the stock account of
&c. P. Huntingdon: During the years
1866 $3.50 Huntington received for the
expense account S109. 400 on the consolida-
tion of the Central Pacific and Western
:: Pacific on June 80, 1870. Each of the FIVE
!. partners-E. B. Crocker, brother of
Charles CTOcker. was then in the firm-re-
ceiyed 81, ,549, 900 of the Central Pacific
stock. On the consolidation of the Cali
fornia and Oregon Railroad with the Gen.
trail Pacific August % 1870. each of the
partners received 1896, 300 of the Central
Pacific stock. On the consolidation of the
San Joaquin Valley Railroad with the
Central Pacific August %. 1870, each of
the partners received $50, 900 of the Central
Pacific stock. On the onsoldation of the
San Francisco, Oakland and Alameda
J. Railroad with the Central Pacific August
%, 1870. each of the partners received S2O,-
600 of the Central Pacific stock.
This stock was exclusive of each men,
ber of the firms share in the profits on
construction contracts of Charles Crocker
3 N Of ha FRO nd
pany, of the Western Development Com
pany and of the Pacific Improvement
Company. The par value of each share of
stock was S100.
The sworn statement of Stanford shows
that Huntington received Central Pacific
stock as follows: On expense account
S109, 400, for cash S1O3.5 Oh consolidation
and distribution S2,O25, 800; total. 50, 23S.-
100.
E.. B. Crocker or his estate was the
81 ifRrer in all the distributions and profits
ets the construction, and his estate is
equally liable with the other four interests
for the debt of the corporation.
Bassett does not believe that this Con-
-gress will pass any extension or fore
closure bill and that there will be de-
fault, under the ruling of tho Supreme
Court. which would apply in this case.
. The $4,000, 900 now in the treasury as a
sinking fund. deposited as the 8 per cent
or net proceeds under the act of 1862, and
the 25 per cent Of the net proceeds under
the Thurman act, with 100000 on the
.transpoI tation account, could not be ap-
piled to the second mortgage account, but
could TO the first debt of S2S, OOo, 900 for
the Government to pay the first mortgages,
If a foreclosure was made. The road.
with its land grants. is estimated to be
. worth S35 0OO.OO or $40, 900, 900, and Bas-
sett says the balance due the Government
could be recovered from the stockholders
and heirs. There is no doubt in his mind
but that Mr.. Russell Of the Department of
Justice is in earnest about bringing other
suits, although Acknowledgement Olney
himself is Indifferent.
Bassett believes that the Government
can recover from both stockholders and
heirs with the same equity that one can
recover stolen horse. wherever found.
- The House Pacific Roads Committee will
not take any action on Reilly's bill until
Boatner, a member Of the committee, re-
turns from Louisiana in about a week.