The record-union., 1896-02-21

Pacific Railroad, was again before the
Senate Pacific Railroads Committee
this morning, and Senator Morgan con-
tinued his examination as to the rela-
tions between the Central Pacific and
the Contract and Finance Company
The stock received by the latter COM
pany for building the Central Pacific.
Mr.. Huntington said. was sold and the
proceeds We're used to pay off the debts
of the construction company. He could
not recall the exact amount that re-
mained after the debts We're paid, but
thought it approximated $2.000,O00. Mr..
Hopkins his partner, had attended to
the bookkeeping, and he could not say
what his share in the division was. He
now owned, he said, 5000 shares of Gem
trail Pacific stock, and had never owned
a larger block.
Morgan then. produced the report of
the Government Commissioners, Alessrs.
Anderson and Littler, and the minority
report of Governor Pattison, and asked
Mr.. Huntington if he had read them,
to which the latter replied that possibly
he had.
Morgan then asked Mr.. Huntington's
views on various statements made in
the report (Which he read), but received
non-committaI replies, Mr. Huntington
stating that it was so long ago that he
could not be positive.
Regarding the report of Governor
Pattisen, Mr.. Huntington said he
thought from what he knew Of it that
it was largely a copy of the Sam Bran
non report.
Morgan expressed the hope that Mr..
Huntington would read the Pattison re-
e. 1--.
it to see if that report had misrepre-
senred him (Huntingtonl in any way.
Mr.. Huntington remarked sarcastic
ally that he was glad the Senator was
docking out for his (9untington's) inter
ests.
Morgan said he intended the examin-
alton should be absolutely impartial in
every way He was not making
personal fight on Mr. Huntington. but
was trying to do his duty as a member
of the committee in getting at the facts
in the case. He then turned his atten-
ton to the Contract and Finance Com
pany, its organization and the awarding
of the contracts to that company for
building the various sections of the
Central Pacific.
Mr.. Huntington said the company was
formed because no one could be found
to take such enormous contracts be-
cause Of the uncertainty of the liability
involved. The Contract Company was
formed where the liability would be
known. He had tried to place stock of
the company ia New York and Boston,
and was in the East when Mr.. Hop
hins had telegraphed him as to how
Inuch stock the firm of Huntington &
Hopkins should take. He had replied:
Take as little as you can and as much
as you must"
In response to Senat tor N1organ's ques-
tion as to what debts were outstanding
when the Central Pacific was completed,
outside of the bond debt, Mr. Hunting
ton said he did not know that there
We're any, but there might have been.
At the time of the completion of the
read the Contract and Finance Com
pany owed considerably more than S10,-
O00000. 1t had something like 10000,
600 Of the shares Of the Central Pacific
and sold in the neighborhood of 2S,-
O000O0. Some of these shares sold as
high as eighty-five cents and some
sold as low as nineteen cents.
In the further course of the cross
examination, Mr.. Huntington said that
after the Contract and Finance Com
pany got through the construction of
the Central Pacific it had some money
to divide, but no bonds.
Mr. Morgan called attention to the
majority report of the Government di-
rectors, in which the statement was
made that the evidence appeared to be
conclusive that the books of Charles
Croker & Co. and of the Contract and
Finance Company had been destroyed
on the order Of Stanford, Huntington
and Crocker.
This was denied by Mr.. Huntington
If the books had been destroyed or or
dered destroyed, Mr.. Huntington said
he knew nothing Of it, and if they had
been destroyed it was because the work
of the company had been completed
and finally settled, and the books were
an incumbrance, useful to no one. If
they had been thus destroyed, they
probably went to some junk shop.
In discussing the report of the Gov
ernment in the case, Mr. Huntington
said they had accused him of almost
everything but piracy on the high seas
Possibly said Mr. Morgan, .fhat
was because there was no water along
the line OF your property"
"0h, yes. there was plenty Of water
there" said Mr.. Huntington.
Again when the cost Of construction
Of the road, as set out in the report
was under discussion. Mr. HUNTINGTON
said the commission must have got its
information through the Sutro- Exam
iner' combine or the Examiner -Sutro
combine, he did not know which was
the head or which the tail.
Without further incident the hearing
adjourned until Tomorrow
BEFORE THE HOUSE COMMITTEES.
WASHINGTON, Feb. 20.-The House
Committee on Pacific Railroads to-day
heard f. Ellery Anderson and w. ].
Coombs. Government Directors of the
Union Pacific. on matters pertaining to
that road.
Mr. Anderson favored the sale Of the
Central and Union Pacific together. He
thought the Government would realize
more in this way than any other The
two roads. he said, would form a line
from the Missouri River to the Pacific
Ocean unrivaled for business capacity.
and so many railroads would be inter-
ested in obtaining such a road that it
would bring a good price. He spoke OF
the difficulty of adjusting the Pacific
roads question and The elements to be
considered in doing 50, and said that it
was especially the case when the mat
ter was presented to Congress. He was
unable to see how any funding bill could
be prepared which would suit the
House No such bill could be formed
giving the Government first lien on
the Unicn Pacific which the read could
carry into effect, even at q rate Of inter-