The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-09-05
1894.
1892. 1898. / Is
50, 77I,000I $3,O71 900 49,.
s,524,000 7,s72,000 .....
1892.
lslI, 2s5. GOO IsIO.e cool 1855, OOO

Special attention was called to the diff
ference between the passenger revenues OF
the years 1898 and 1894, showing decrease
of about 81 1886, 600 during the latter year
and to that between 1892 and 1893, showing
a net decrease of $685., 600 for the latter year.
The increased through traffic during 1893
was accounted for by the travel originating
by reason of the Worlds Fair at Chicago,
and the decrease in local traffic was &C
counted for by both the depressed con-
dition of business and the tendency to save
money to go to the fair.
Chairman La Rue-Didnt the strike of 1894
interfere considerably with business?
Attorney Martin-It did.
The latter gentleman suggested that the
freight figures be next given and explained
by Mr.. Lansing. but Commissioner Stan
ton, evidently with the purpose of saving
the time of the commission, said it was
unnecessary to do so, as those already SUBJ
mitted would suffice for the use the COM
mission wanted to make of them. He then
asked:
There is difference in the bonded indebted
ness of the years 1898 and 1894 OF about
S2,900,O0O-au increase during the latter year.
Lansing-There is nothing to show that.
amount of interest paid during that year of
$175, 900. which at 6 per cent would mean an
increase of about 81, 600 worth of bonds.
Lansing-Yes. But in figuring the interest
on the bonds of all the companies there are q
great many calculations TO be made. l will
prepare statement showing what l mean
latter long and involved explanatory.
Msrtin-There is an increase of interest
amounting to SIZE, 900. Doesn't that imply an
increase Of the bonded Indebtedness?
La Rue-It may be increased interest on
existing bonds.
Martin-Has the bonded Indebtedness been
increased OF any of the California lines?
Lansing-Not 10 an extent that would in
crease the interest TO this extent.
Marun-Roads were acquired in Southern
California between 1893 and 1894.
Stanton-The increase in interest seemed to
me to be inconsistent.
La Rue-There were bond issues on other
roads than those you state?
Lansing-I don't think there were.
Martin-HaVe they not redeemed some of
their bonds?
Lansing-Yes, sir They have redeemed
So 400 600 worth of them from the proceeds of
land sales of the Southern Pacific Railroad.
On the 18th of this month 100000 was ap-
piled in this way. A portion OF the net income
is also thus applied
La Rue-Are the bonds Cancelled?
Lansing-Yes, sir. Cancelled and retired by
La Rne-Does the Southern Pacific Railroad
own these lands, or have they been sold to the
Western Development Company or some other
inside corporation?
Lansing-They are owned by the Southern
La Rue-Is the expense of the land depart
ment charged in part to the other roads?
Lansing-No, sir. 1t is charged to the South
ern Pacific Railroad. The receipts are pledged
for the redemption OF bonds.
La Rue-How about the Central Pacific land
grant?
Lansing-The receipts from its land sales are
also applied to the redemption of bonds, and
the same is done in reference to the California
and oregon land grant.
La Rue-Was there not price limit placed
on the granted lands by the Government, and
was not sale of them made to other compa-
MES so as to be able to get higher prices for
Lansing-No, sir Land can now be brought
from the railroad as low even as 25 cents an
acre.
Lausing-Yes, but not much is sold at that
price. The value of these land grants has al
ways been greatly exaggerated in the public
mind, as they were at the start in the minds OF
La Rue~WRat amount was realized from the
sale of lands?
Lansing-I can't tell
At this point Mr.. La Rue returned to the
question OF what President Huntington s
salary is, as Mr.. Curtis stated on Tuesday
that for this information he would have
to refer the commission to Mr.. Lansing.
He said:
Mr. Lansing, we were referred to you to tell
airy is.
Martin-We don't think you should ask this
question. You have not the right to regulate
the expenses of the road.
La Rue-You have agreed to give us the ex-
pense so as TO allow US TO know how TO regulate
rates intelligently.
Martin-We don't know how far this inquiry
may go. If we are required to give the details
OF expenses, including individual salaries 1t
might embrace my own, which would en-
barrass me in the presence of all these gentle
men. You can't turn this into an inquisition
OF eyerybody's private affairs.
La Rue-What if we should ask where certain
money went? Would that be legitimate?
Martin-No, sir. We pay out certain amounts
for expenses and these you may know. How
ever, there seems TO be general desire TO know
Mr.. Huntington's salary II you wouldn't go
into the details in regard 10 the others we
would give you this.
Stanton-i believe we have the right to go
into the salaries of all the officers. 1t is mat
ter Of public value.
Martin-This board is not an inquisition.
Stanton-You object to give US all the IN