New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-07
CP. HUNTINGTON UNDER FIRE
SENATOR MORGAN STILL ON A HUNT FOR
INFORMATION.
MR. HUNTINGTON DENIES THAT THERE Is ANY
THING TO CONCEAL IN CENTRAL PACIFIC
AFFAIRS AND SAYS HE NEEDS NO
WHITEWAsH RRUsH-HE NEVER
MANIPULATED THE STOCK
NOR TRIED TO BEAR

WHITEWAsH BRUSH-HE NEVER
MANIPULATED THE STOCK
NOR TRIED TO BEAR
~~- THE MARKET.
Washington March 6-The Senate Committee on
! Pacific Railways. after vacation OF two weeks
this morning continued its hearings matters con-
nected with the Pacific Railroad debts. Senator
Morgan resumed his examina ton of Coils L. HUNT
| ington, president of the Southern Pacific Company,
4 who was prevented by Illness from attending the
| last meeting of the committee. When last Delore
the committee a bound volume OF the Government
| Pacific Railroad Commissioners report was given
! to Mr. Huntington. with the hope of Senator Nor
gan that he would read il carefully In order that
he might be In d position to affirm or deny the
| statements contained In the report. in regard TO
which Mr.. Morgan wished 10 question him.
Replying TO Mr.. Morgan's questions, Mr. Hunting
| ton said the report generally was wrong 1t con-
! tanned so many contradictory statements that ne
was convinced they evidently did not know what
! they were saying.
| Mr. Morgan called attention TO Mr.. Huntingdon
statement in that report and Mr.. Huntington said
his statement was all right.
/ Mr. Morgan asked why Mr.. Huntington. MI
Stanford and others who did know about the mat
ters and who were examined by the Government
Commissioners did not set the latter straight MI.
Huntington replied that Mr.. Stanford did not know
much about the business affairs of the roads or
their construction As for himself he had en-
deavored to the Of his ability to furnish all the
information Of which he was possessed.
Mr. Morgan then took up the contract OF the
Western Development Company for building por-
\ tjorN of the Southern Pacific. and receiving a
nonscommittai reply TO one Of his questions. said:
"Mr Huntington. there is no use trying to use a
whitewash brush" 81 have done nothing that
needs whtewashing." Mr.. Huntington replied.
Asked if he had not destroyed the papers OF Mr.
- he rkar nhn n
Western Development Company. after Coltons
DEATH Mr. Huntington wished 10 know II Senator
Morgan made such charge; II he did he would
answe' 1t.
Mr. Morgan said that persons in San Francisco
had written to him saying Mr.. Huntington. after
Coton's death. bought the house of the latter and
destroyed all the private papers found there
Mr. Huntington replied emphatcally that he had
DESTROYED no papers: the only paper in the house
when he bought II was the wallpaper. He denied
that he had settled the controversy with Mrs COL
ton by buying the house. Messrs. Stanford, Crocker
! and Searles and Mrs. Hopkins had settled with
/ Mrs Cotton for her husbands share In the con-
|, structon company giving S9p'W IN southern d
cifc bonds TO her.
Mr. Morgan then endeavored to establish the
business relationship between Mr.. Huntington and
Mr.. Hopkins. They were partners In the hardware
business Mr. Huntington asserted, but not In rail-
road transactions.
Mr.. Morgan wished 10 KNOW now Huch money
was taken out Of the firm and placed In the rail-
| road business
Mr. Huntington did know. He was unable at
this day, he said to give the details of a business
Of thirty years ago.
Senator Morgan said that Mr.. Huntington APP
peared to know all about everything In his own
favor and nothing against
ooh no." replied Mr. Huntington. I'm trying 70
give Senator Morgan all the Information OF which
l am possessed"
MR. MORGAN GETS ANGRY.
ct want facts and you must give them" said
! Mr. Morgan somewhat irritated. IF you do not
intend to answer. why don't you say sou
II am doing the best can, and you must give
me the credit of being honest in my replies. an
swered Mr.. Huntington.
Again Mr.. Morgan pressed for a statement as to
! how much money Mr.. Huntington had put into the
construction Of the road which was taken from
| his private purse specific answer was not gwen
but Mr.. Huntington said he furnished much OF the
| money and took stocks or bonds OF the company
! When he bought stock he paid for It, and when
| he bought bonds he paid for them. That was the
only way money could be put into the construction
| Of a railroad
How much OF this stock did you have?'
! 81 had. think. about 1900 shares
Did you pay up your subscription on this STOCK!
Il should probably say that did,
Il didn't pay for i personally for was mot no,
the stock PAD 70. in ins,alnents ,s Maid in
Mr. Huntington said he did not, but that the Con,
tract Company got some properly n the end when
phatcally denied Mr. Morsans question whether
the Contract and Finance Company was not capital
n MONEY nj" It's capital stock was 5000 ooc but the
was borrowed on the bonds of the Central Pacific
In response to further questions MI Huntington
least was borrowed on the Government bonds until
! tt6s company could sell them ,,.. ..s ,o 90, =.
s sas Contrast S and Finance Company the credit
much e' Of Your individual funds You or all Of YOU
put in the construction Of the Central Pacific road
s. 100000" said Mr.. Huntington; our money and our
But" urged Mr.. Morgan. 'how much in money
Of your private means did you put in? g..
debts, was Mr.. Huntington's reply; but we could
not have built the road without the aid Of the first
Mr. Huntington again took issue with the report
Of the Pacific Rsroad Commissioner ana deSare e
know where the Commissioners got their alleged
information. but wherever II was found the conciu
Revertng to the financial condition Of the road
again Mr. Huntington SAID that no dtyldends weI,
dividends Of the road amounted to about 10 per cent
Mr. Morgan asked Mr. Huntington why the com
period of ten years, and by funding them in thi.
WAY PAY of the hst riga bonds d
dends extended over period Of ten years later con
ditions caused reduction In the dividends
'"Why did you not Mr. Morgan asked, put any
dividends that declared into a sinking fund &c
pay of the Government debt?"
Mr.. Huntington replied that the stock was en-
titled to the dividends. The company wanted Il
fund enough of II In this way so II could have paid
the debt when 1t fell due. but Congress would moi
let II do that.
Senator Morgan, pursuing this line of examina
ton further. asked II there were not enough divi
bends declared to aggregate at least twothlrds O.
the first mortgage on the Government debt hat
they been funded
Mr. Huntington replied that that would not hav,
been wise; the shareholders were entitled to thel
dividends.
ON this line when Senator Morgan called a halt
saying that he did not care TO hear review OF thu
| vitnegs's life.