The evening world., 1894-05-10
HAD TOO MUCH STOCK.
Sensational Disclosure in the
Northern Pacific Hearing.
Shares for $4,000, 900 Issued on
a Capital Of s740, o00.
yice-Presldcnt Searle, OF the Farm
ers' Loan & Trust, u Witness.

The investigation into the affairs of
the Chicago and Northern Pacific Rail-
road. and the doings OF the Willard
cakes management was resumed this
morning at 10 o'clock before Master in
Chancery Cary, in the Mills Building.
Mr.. Bouteli, who was examined yes
terday, was not present. having left
on a night train for Chicago.
J. b. Haggin. the millionaire horse
and mine owner, was present in re-
Spouse to a summons requesting him to
appear and testify, but after a few
minutes delay he was dismissed, to be
examined at a later day.
L. ID. Searle, Vice-President Of the
Farmers Loan and Trust Company. was
the first witness called. He was asked
to produce certain receipts and vouchers
relating to the issue Of the Chicago and
Northern Pacific bonds. and the certif-
Gates OF stock of the three roads which
were consolidated into the G. & N. p.
The orders were to the Trust Company
to deliver the stock.
At this point It was suggested that all
the vouchers, orders, &C., which were In
eUunsei p TeSala D and f*a explsine6 9y a ens
marked for Identification. Accordingly
the examination of witnesses was sus-
pended until the papers could be looked
over
In examining the certificates OF stock,
vouchers. &c, the lawyers came across
certificates of 10000 shares in the Rocky
road was bought by the Northern Pa
cific Company during the Willard re-
gime. These certificates are now in
the hands of the Farmers Loan &
Trust Company, unde the provisions Of
the Northern Pacific consolidated mort
gage.
One Of the certificates, No. ss, repre-
Of the Rocky Fork and Cook City
Railroad. was Endorsed in blank by
Thomas F. Cakes. Seven other certlf-
Gates for one share each were also
Williams. c.. H. Earl, George II. Bax-
ter, H., c: Payne and H. c. Rouss. in
order that they might sit in the Board
Mr.. Petit asked IL certificate No. 6S
represented a collection of smaller GER
ttfcates.. Nice-President Searle, of the
Farmers Loan and Trust, replied that
When was the capital stock of the
Rocky Fork and Cook City Railroad
increased from $1,000 0 to 5000, OO0?''
asked Mr.. Petit.
IL don't know" answered Mr.. Searle,
II can give no explanation"
Have you anything to show that the
eSP,t miI, %as ever actually increased to
No; I don't think so, but I will see."
was the reply.
n; This p y; stGaH samissioa that twG
Of $4,000 created n sensation.
Mr.. Petit said he intended to find out
who owned the 10. 1893 shares represented
Farmers Loan and Trust Company on
july IA. 1890: regarding the Northern
PACIFIC and Manitoba deal. inclosing, the
tors relative to the acquisition Of the
Manitoba road.
These resolutions were passed on June
10. 1890. n authorized an issue Of North
and bonds of the Manitoba. There were
s9,9OO.0O 0 Of the stock and s.. 100000 Of the
In reply to Mr.. PettIt's request tina,
he tell what he knew about this deal
yice-President searle said that he knew
little or nothing Of i; T%hsreupon Mr.
the Northern Pacific and Manitoba
\ signed by George f.. Baxter, and made
out to the Farmers o and Trust
twas dated in August, 1893.
Before Mr.. Searle could explain nc.
fthe Trust Company came by this certify
: cate OF stock the hearing was ad'
After the recess Mr.. Searles testified
that the first certificates of stock of the
Rocky Fork n Cook City Railroad
Loan and Trust Company were eight in
number, mad were dated June 20, 1890.
One certificate was for IL, 1893 shares
made out to the Northern Pacific Com
pany. mad was transferred to the Farm
\ ers' Loan and Trust Company against
the consolidated mortgage. The other
certificates were for one share each,
made out to Henry Willard, George W.
Nichols, Thomas f. Cakes, c. l.. Colby
and four others, qualifying them as
directors.
Regarding the $500 shares Of Manitobs
stock, Mr.. Searles said they were dated
July Q, 1890, and made out in the nam,
of the Northern Pacific Company, blu
were subsequently transferred to tn
Farmers Loan and Trust Company a.
trustees for the consolidated mortgage
hnd the bonds issued by the Trust Com
pany to George S. Baxter. Treasurer o
the Northern Pacific Company. Thi
Tended the examination for the day o
MIR. Searles, and he retired.
The name of c. A. Spofford was ther
Icalled, but met with no response. Mr.
iSpofford was at one time President o
1.-THE Rocky Fort and Cook City Railroad
end also acted as Henry Wizards prl
Rate secretary. He is now President o
he Milwaukee Street Railway.
Col. Mcknight asked that as Mr.. Spot
FORD was not represented by counse
that he be given time to appear and no
put In default.
1t was explained that he had beel
heard from by telephone and would b
N here tomorrow IL not to-day.