The record-union., 1896-03-09

term, to promote the interest of his
road but that he had always had
trusted men, lawyers and others, to ex-
plain legislation and protect his inter
ests, and that the outlay from the first
on this account in the National and
State Capitals had amounted to about
s., 100000.
Morgan asked if Mr.. Huntington was
pursuing that plan to procure the legis-
lstion which he is now seeking to OBJ
tain.
He replied that he was doing most of
the work now himself. Nevertheless
there We're still some. expenses. He said
he had always employed men in this
work whom he could trust.
1T is a case" Senator Morgan said,
OF trust and say nothing-a case in
which faith removes mountains"
Morgan examined Huntington at
length as to contracts with shippers for
rebates and other purposes looking to
discrimination, but he said he knew
nothing about the details of these mat
ters. He said, however, that the rebat te
system was legitima g.
At 2:43 o'clock Morgan announced
that he had concluded his examination
of Huntington.
Huntington then presented a state
ment giving in concise form the facts
which his examination had developed
in regard to the cost of building the
road, the resources upon which the
work was done and the difficulties it
was necessary to overcome. This state
ment contained an estimate of the value
of the properties received in pay for the
work at go cents in gold for each dollar.
1t was as follows: S2S,000,000 in Gov
ernment bonds on the basis of 60 cents
in gold, SIC, 500, 600; SIS, 100000 in first
mortgage bonds, $16.S00, 600; $500 900
San Francisco bonds, $240,000; S10,-
100000 in land bonds, S6,000,000; &c.
100000 capital stock at 10 cents, or in
gold at 6 cents, $3,600000; total $43.-
44O, 900. He said the thirty acres of
land on Mission Bay had not been equal
to the value of the improvements on it,
and that the principal value of the
Oakland water front came from the
Central Pacific improvements He re-
verted to the cost of construction over
the Sierra Nevadas, told how coal had
to be brought from Australia and Eng
land, how it was necessary to bring ma
SA4AAtC4S e1AOu1lO SdpS VI lilG QIlll-
Guilty of procuring water, and of pro-
tecting the track against snowstorms.
In view of these facts he thought any
one had a right to be able to see that
the company never would have been
able to accomplish its work without
good credit and the exercise of the most
rigid economy. I'VE have he said,
done all this work, and we have al
ways paid our bills, and we should con-
tinue to do so even as to the great debt
of the Government, had it not given
larger aid to construct roads to the
north and south than it did to the Union
and Central Pacific line, thus destroy
ing the earning power of the Central
line"
Still he thought it wise to build all
these lines to police the country. Con-
Guiding, he said: ''It does seem hard
that nearly thirty years after the work
has been completed the representatives
of this great nation Of some 70,000,000
should be asking the builders of these
roads to answer charges made by prob
ably as worthless a set of men as ever
undertook to block the wheels of com
merce or dog the heels of an army of
war or a great industrial army like that
which works within the ranks of the
Central Pacific Railroad Company"
The committee then adjourned until
next Friday.