New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-18
POOLING SHOULD BE ALLOWED
AIR TuIrRBER SAYS he HAS EAPhhl-
rNCED A CHANGE OF FAITH
,,,erruoNy At TIE PACIFIC RAILROADS HEAR
rxc-sI,N ATOR MORGAN TRIES TO lNfo""
HIS CONSCIENCE BY QUESTION

r,-rrruONY AT TIE PACIFIC RAILROADS. HIRAM
,xc-srx>ToR MORGAN TRIES TO INFORM
HIS CONSCIENCE BY QUESTION
ING c. =. HUNTINGTON
v-osbncton Feb 1.-THE Senate Committee on
,,,a vo,,roads this morning resumed its hearineS
- poc,ac Railroad matters. 7. Il. TnurOer' ..
,w-york representing the National Doa'" u
Trade appeared and made an argument Il. Opp ,
suon 70 Government ownership OF the fac"'9 ''"
roads and in favor Of adjustment OF the u,'srn''
d.h, on the best terms practicable Such an ar
tustment he said, would be an important s'a''"e
ro,t for placing the railroad interests CT the couh-
,rv on a better basic and would thus nave an '''i-
portant bearing the entire conlInerc'al n'.e'
y, tho country He had aided Mr. Reagan, OF ieNa''
IN urging the enactment Of legislation against ran
road poong but experience and the logic OF events
had convinced Mr.. Reagan and himself that ths
nrohibitlon of pooling unwise. ire prop'e'h
now was TO eliminate unjust determinations
Mr. Thurber had changed his opinion IN regard ID
pooling because the experience OF the aSt 'is",
years in which pooling had been prohloite1 ha'
demonstrated that 4 greater inequality, more III
Justice and more favorltlsm In rates now existed
Than before The railroads said they were p'"er'ss
tn enforce agreements between each DINER anu
e.crc ratc-cut.ing nourshed in spite o. al TN IN
/ ,ors,,,e Commerce Commission could 90 H. thought
the Patterson Pooling bill was the best remedy yr'
nrasented That would strengthen n hands OF inc
interstate Commerce Commission. and would give
,bor, mower over pooling contracts power u reSn-
late cancel and annul. 1t would also enape t"e
railroads to enforce contracts between themselves.
Replying 70 questions. Mr.. Thurber said ne n
v,red Governmental control OF tn bond-ideI ro'u'
/ hut not Governmental ownership
Senator Moran asked Mr. Thurber IT, fro the
BEGINNING. beard of directors appointed by the
President AMI confirmed by the senate. and o. an
orable character. had been selected whether ne
thought the Credit Mobilier would ever have grown
in that company
Mr. Thurber replied that he thought the chanc' fyr
f had raaraieineni increased a soon the manage
nent Of railroads was taken into politics. The
Credit Mobi.er was largely due TO the Government
having anything 10 DO with ownership and mAnag :
mont OF railroads
Senator Morpen cndcavorcd 10 get the opinion or
,he witness as to whether the Government or the
private dircctors responsible for the Credit
Mohicr bat Afr. Thurhcr either did not know or did
. no, care 20 express an opinion Mr.. Morgan pressed
his question in various forms. but Mr.. Thurbor was
inclined 10 believe that Government directors were
probably no better than any other class.
Senator Morgan IN his crOss-eXarnlnation was
somewhat sarcastic in his reference to the Credit
Mobilier and finally Senator Frye. who had been
growing restless said CURLY: You would never
have had any Pacific Railroad had you not had
Credi, Mohnior II was nothing and IS nothing but
a construction company. and you have the same In
connection with Tho Nicaragua Canal !, t. IN every
great public work"
IT | thought so for one minute" replied Senator
/ Morgan Emporium, as | consider that great work.
| | would abandon IL at once"
Continuing his argument Mr.. Thurber said that
be- believed. by a cooperation Of all interests con-
the orst and second mortgage bonds the Govern
mcnt could - repaid ia full ana something remain
Mr Thurber favored Mr. Frye's bill relating to the
central Paciac Tho adjustment OF tho indebted
hes OF the Pacific roads To the Government would
be- he thought. important starting point FOR plac-
r the railroad OF tho country on better
I ial entire
forests OF the country Tor the better
called attention 20 the that rates the Pacific
roads are now less than-onc-third what they were
he believed. agument in favor Of treaiims these
roads literally In the adlustncni Of ne 3higatqns
they had incurred. Tn" adjustment OF tn" facinc
railroads indebtedness ana the passage OF a iaii
and rcasonnhl' BANKRUPTCY ON would MI Ihurorr
We dil not get a solution of the currency question.
cinc X ir'll. Wa thr rst Witness al ~" afternoon
I meeting Mr. Huntington was examined closely
deayor 10 show mat The computation % the South
+ orn Pac!nc and the Central iacihc under one man
ne mercy Of the combination in regard to transp,r
iation rates. But Mr.. Huntington denied that The
consolidation would create monopoly OF The Pacific
Hfter spending considerably over an hour IN try
ing To- worry iir Huntington over this phase OF the
q,ciom n"ma,1' IA r.ccn rhlr nice, ~
! The government debit Of the Pacific railroads This
memorial Was aFsg n'd nP on @
/ cracker and Hopkins ir connection with the Con
! tract and Finance Company. which built the Cen
trail Pacific road. All the charges and allegations
/ Of fraud were denied 10y Mr. Huntington, who more
! than once remarked that the fact OF such state
mrn,s being made BY Adolph Sutro and the others
whose names were given was 4 sufficient indlca-
/ ton of their being false
: Finally. at abou; o'clock. the other members Of
TN. committee who had taken part In these lines
! of inquiry lutcrfcred with suggestion that while
/ the examination might he interesting 1t had no
b,arng whatever on the real question before the
/ committee. which t. tho adjustment TO be
made between the Government and the Pacific rail-
roads Mr. MORGAN Insisted that he had right. a. a
! Senator to have his conscience informed on the
whole history OF the building of the Pacific rail-
roads and "a "a that he would continue that line OF
Investigation the next meeting of the committee.
row morning.