Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-03-07
POINTED
Were the Questions
Asked Huntington
CONSIDERATION OF PACIFIC RAIL-
ROAD DEBT RESUMED ny
SENATE COMMITTEE.
SOME SMART REPLIES
MADE ny HUNTINGTON IN THE
LINGUISTIC DUEL.
Dividends Paid by the Central Pa
clio Rond and What Was
Done with Them.
SOME SMART REPLIES
MADE ny HUNTINGTON IN THE
LINGUISTIC DUEL.

Washington. March 6.-After a vaca-
tion OF two weeks the senate committee
on Pacific roads today resumed the
consideration of the Pacific railroad
debt question.
Mr.. c. u. Huntington was called.
When Senator Morgan appeared the
linguistic duel between himself and
Mr.. Huntington began. The senator
began Immediately by asking Mr..
Huntington aa to his objections to the
PattiNon report.
Mr. Huntington repl!il that he oh
Jected 10 Il as whole.
Il know" he said, AL about the
building OF the Central Pacific"
1T Is not so much about the build
Ing OF the road" replied Mr.. Morgan,
what we want TO know about IL Is
what wns made out OF It,"
I'VE did not" responded Mr.. Hunt
ington, make any more than we were
allowed to make under the statutes"
Continuing, IA TO the division OF the
profits, he said he could divide thing
in which two were interested exactly
in the middle.
Senator Morgan--Can you do that
when you are on one side and the peO-
pie on the other2
Mr. HuntinEton--l can,
Senator MOrgan-f am going to give
you n chance before we get through.
Referring 10 the construction OF the
Southern Pacific road 10 Yuma. ArlZ.,
MIR. Huntington said that he could not
remember how much actual money he
had put into the construction of the
Central Pacific. More than s5.O00.00c
had been put into that company by
himself and his associates, but that
half OF the money had been borrowed,
some OF IL on the governments bonds.
He said that geyenty-four miles OF the
road had been built in seven years.
that s26, 600 COO In bonds had been re-
ceivcd from the government; that first
mortgage bonds We're Issued for s25.-
100000 more and that there was &c.,
coo 900 worth OF stock
He said he would not do the work
again for over twice the amount he
received.
Mr.. Huntington said the rond paid
well for the first ten years and until
the Atchlson and Northern Pacific
had come In as competitors,
Mr.. Morgan asked why the dividends
had not been put In sinking fund
and used In paying the government
and first mortgage debt, to which Mr.
Huntington replied that II might have
been done Except for the novelty of
It," Such things were never done, he
added The stock was entitled TO its
dividends. Furthermore the govern
ment had interfered with the purpose
to do this through the Thurman act
Mr.. Huntington said he could not re-
member how much had been received
on account OF the dividends. but he
did not think the amount was large.
He thought the dividends had never
exceeded 10 per cent.
Senator Morgan referred to the fiuc.
tuatlons in the stock as the result of
manipulation, but MIR, Huntington took
exception To the use OF the word. He
said there had been no manipulation.
and this u.s." he added. mot proper
word TO use" MIR. Huntington said he
had sold stock paying n dividend nj /.
cents on the dollar but declared In re-
ply to question that this was not
done 10 break the market lie also de-
clared this was not remarkable and
that he had made the sale because he
wanted money,
"Did you tell your broker 10 sell ns
low as he could getg
THAT IL a question" replied Mr..
Huntington, that the senator should
not ask me. But / did not tell him
that"
Mir. Huntington said that so far as
he knew these low sales had no effect
upon the Union Pacific stock. He had