The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-03-07
IN THE RAILWAY WORLD,
The Senate Committee Resumes It's
Pacific Road Investigation,
uNEARTHlNG SOME STARTLING FACTS
os'"ent Huntington Attacks the Pat
'orson Commission Central stock
Sold for Song.

washington, March 6.--After n vacation
OF TWO weeks the senate committee on
racine roads today resumed the consider.
auon OF the Pacific debt question. Mr.
G. +. Huntington was called. When SEN.
ator Morgan appeared the linguistic dre,
between himself and MIR. Huntington he
gun me senator began Immediately by
asking Mr.. Huntington as TO his objections
10 the Pattison report.
Mr. Huntington replied that he objected
10 IL as u whole. He admitted that he
had been before the commission. but com
tended that the commission had certain
theories to work out and did not pay much
attention TO his statements.
J Know he said. "ail about the buI,d-
ing of the Central Pacific"
IT Is not so much about the building a,
the road" replied Mr., Morgan. What va
want to know about it is about what was
made out of it"
we did not responded Mr.. Huntington
make any more than we were allowed ia
make under the statutes"
continuing. as to the division of tho
profits, he said he could divide n ,htnc
III winch two were interested exactly In
the middle.
senator Morgan--Can you do that whom
other? ~ f'Vf'e "ii '"u
Mr.. Huntington-I can.
senator Morgan-I am going To give Won
chance before we get through
&C. referring TO the construction of th,.
southern Pacific road to Yuma. Ariz Nr
Huntington said that Mr. Cotton was in.
.erested IN that transaction. He stated
that he did not find Cotton. private ma
peis IN Mrs. Colton's house as charged.
ok, re could not remember how much ac-
struction OF the Central Pacific. More
than so,o00.Op had been put into that COM
pahy by himself aud his associates, but
much OF the money had been borrowed.
some OF II on the governments bonds .
He resented with some show of indigna.
tloh a question tending to show that 1t
was the government and not the COM
pany who had conducted this construction
lie added that the company had built thlr-
tN-one miles of the road without any gov
ernmeut assistance.
Taking up the report of the Pattlson com.
mission, MIR. Huntington said that part
OF the read west OF Ogden from Bonneville
1able to Promontory mountain had cost,
according to General Dodge. So 100 per
mile, whereas the commission had put the
price at $4,000 He gave this as an Illus.
trallon Of the lnnccui0rcy of the comms-
sipns report.
Mr.. Huntington said the road paid well
for the first ten years and until the AT
Gibson and Northern Pacific had come in
as competitors.
Mr. Morgan asked why the dividends had
not been put in "A sinking fund and used
in paying the government aud first mort
gage debt. to which Mr.. Huntington re-
piled that ii might have been done "eX-
cept for the novelty of H." Such things
are never done, he added. The stock was
entitled to Its dividends. Furthermore,
the government had interfcrcd With the
purpose to do this through the Thurman
act
Mr. Huntington said ne could no; remem-
her how much had been received on ac-
count of the dividends but he did not
think the amount was large. lie thought
the dividends had never exceeded ~ per
cent
The Finance and Contract company had
begun to sell it's stock when 1t began to
appreciate and this was done In order to
pay their debts, which amounted TO from
Of a great deal Of the stocks for the pur-
nose The prices Of the stock sod had
ranged in price from % TO ~ cents.
Mr. Huntington said he had sold stock
raying dividend for ~ cents on the dollar.
nut declared in reply to IA question mat
this was not done to break the market.
He also declared this was not remarkable
and that he had made the sale because ne
Mr, huntington said that so Ear as he
know these low sales had no effect upon
Union Pacific stock He had sod no Cen
tral Pacific stock to bear the Union
'" "rhen what did you sell FORE" asked Mr..
"To pay my debts"
ITO whom were you indeotea ,ro.r.o,
TO those from whom h"' oo''0"''
money" .,.,
.Those who had let me, have money
Mr. Huntington then declared that ne
s,5 a, NOT know who his creditors We're.
The committee adjourned uhui ''''o'
row,