The San Francisco call., 1896-03-07
Denies That He Destroyed the
Private Papers of General
Cotton.
PARTNERSHIP WITH HOPKINS.
Peculiar Pretext for Selling Dividend
Paying Stock for Nineteen Cents
on the Dollar.

WASHINGTON, D. c.. March 6.-The
Senate Committee on Pacific Roads this
morning continued its hearings on mat
ters connected with the Pacific railway
debts. John Rooney of New York pre-
sented for the consideration OF the COM
mittee the plan OF the minority OF the
bondholders of the Union Pacific for COM
peling cash payment Of the Pacific
railroad debts to the Governmentitirst and
second mortgages), and to individual first
mortgage bondholders by foreclosure and
reorganization, to be administered by Gov
ernment Commissioners, the privilege to
be conferred on junior bonds and stocks
of the present companies to retain their
interests by subscribing to the new issues
of well-secured obligations, whose pro-
ceeds are to be used in paying the first
mortgage and Government debts.
President Huntington's examination was
then resumed Huntington said that he
had looked over the volume Of the reports
of the Government Pacific Railroad Com
missioners. given him by Morgan, and had
EN- bodied in typewriter form his conclu-
sions thereon. which he would give the
committee. He said the report generally
was wrong. 1t contained so many contra
dictory statements that he is convinced
the Commissioners did not know what they
were saving.
Morgan asked why Huntington, STAN
ford and others, who did know about mat
tiers and were examined by the Govern
ment Commissioners, did not set the mat
ter straight.
Huntington replied that Stanford did
not know very much about the business
affairs of the road or their construction.
As for himself he had endeayored to fur
nish all the information of which he was
possessed.
Morgan then took up the contract of the
Western Development Company for build
ing a portion of the Southern Pacific.
Upon receiving non-committal reply to
one of his questions, he said: "Mr. Hunt
ington, it's no use trying to use the white
wash brush"
Asked if he had not destroyed the pri-
vate papers of Cotton, one of the share
holders in the Western Development Com
panv, after Cotton had died, Huntington
replied very mphaticaliy that be had not.
Morgan inquired if Huntington had not
framed the contracts for building the vari-
Gus sections of the Southern Pacific, and
the, latter said he supposed they were
drawn by Judge Sanderson, the company's s
attorney. Hopkins had managed them,
Huntington thought, though they were
not done without the latter's consent.
Morgan then endeaYored to establish
the business relationship between Hunt
ington and Hopkins. They were partners
In the hardware business, Huntington as
serted, but not in railroad transactions.
The two enterprises were separate and
distinct, the only connection being that
they might have loaned money to the rail-
roads, just as any prosperous firm would
do The hardware firm had paid, he said,
about u per cent per annum for the
twenty years of the partnership. Mr..
Huntington would not acknowledge that
Mr.. Hopkins had acted as his agent in the
various transactions with the railroads
and construction companies.
Morgan wished to know how much
money was taken out of the firm and
placed in the railroad business.
Huntington did not know. He was un-
able at this day, he said, to give the details
OF business of thirty years ago.
Senator Morgan, being unable to draw
anything from Huntington of satisfac-
tory nature, retorted to Huntington that
he appeared to know all about everything
in his own favor and nothing against him.
"Oh, no." replied Huntington. II am
trying to give Senator Morgan all the in
formation of which l am possessed"
While he was unable to state positively
Huntington said whatever money was
drawn from the hardware and metal COM
pany and placed in the railroad business
was charged to the individual account OF
those drawing it, for that was the only
business way in which it could have been
done. Hopkins was not, Huntington said,
partner of his in the railway business.
When he died he had very little, if any, OF
his Huntington prope rty in his posses
sion.
Much of the cross-examination by Nor
gan bore upon the business interests OF
Hopkins and Huntington, in an effort to
hiring ont their personal and business re-
lstions outside of the hardware and metal
company. Huntington said he had money,
real estate and merchandise. which he put
into the building of the Central racine
Railroad. He could not say how much,
but it was considerable always enough to
pay the debts when they came due.
Morgan pressed Huntington for spe-
ciic answer. stating that generalties
would not do. :.
"I want facts and you must give them, "
said Morgan, somewhat irritated. III you
do not intend to answer why don't you
say so?"
Il am doing the best l can, and you
must give me the credit of being honest IN
my replies replied Hunt ington.
Again Morgan pressed for statement
as to how much money Huntington had
put into the construction of the road that