New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-21
PACIFIC RAILROAD HEARINGS
SENATOR MORGAN STILL CROSS-EXAM1N-
ING c. p. HUNTINGTON

CONTRACT AND FINANCE COMPANY GONE
INTO Observation-Disclosures d.
RECTORs FAVOR SELLING THE ROADS
Washington. Feb 2o-Cols p. Huntington presiI
dent Of the Southern Pacific Railway Company.
again before the Senate Pacific Railroad Com
mittee this morning. and Senator Morgan continued
his examination to the relations between the Cen.
trail Pacific and the Contract and Finance Company.
The stock received by the latter company for build
ing the Central Pacific. Mr. Huntington said. was
sold and the proceeds used to pay of the debts
OF the Construction Company. He could not recall
the exact amount remaining after the debts were
paid. but thought 1t Appropriated 2Ooc.0o Mr..
Hopkins his partner, had attended TO the book
keeping and he could say what his share OF the
division was He owned, he said 5000 shares
of Central Pacific stock and had never owned q
larger block.
Mr. Morgan then produced the report OF the Gov
eminent Commissioners. Messrs. Anderson and Lit.
tier. 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 MI.
Morgan then asked Mr. Huntingtons Views on vari-
Gus statements made in the reports (whch no
read) but received non-committal replies. Mr.. hun
tngton saying that it was so long ago that ne couio
not be positive. Regarding the report OF Governor
Pattison Mr.. Huntington said he thought from
what he knew Of 1t that 1t was largely copy OF the
Sam Brannon report. Mr.. Morgan expressed inc
hope that Mr. Huntington would read the Pattison
report for he wished examine him on 1t 10 see II
that report had misrepresented him In any way.
Mr.. Huntington remarked sarcastically that he was
glad the Senator was looking out for his interests
Mr.. Morgan said that he Intended the examination
should be absolutely impartial In every way. He
was not making personal fight on Mr.. Huntington.
but was trying to do his duty as member OF the
committee in getting at the facts In the case he
then turned his attention TO the Contract ana FL
nance Company. its organization and the awarding
farh q RI.
Gus sections of the Central Pacific. Mr. Huntington
said the company formed because no one could
be found to take such enormous contracts on ac-
count Of the uncertainty OF the liability involved.
The Contract Company formed. where the Ia
bility would be known. He had tried TO place stock
OF the company in New-York and Boston. and was
in the East when Mr. Hopkins had teegraphed to
him as to how much stock the firm of Huntington q
Hopkins should take He had replied. rake -
little as you and much as you must
In response senator Morgan question as 70
what DEBTS were outstanding wnen the central Pa
cihc was competed, outside OF the bonded DEBT, MI.
Huntington said he did not know That there were
any, but there might have been. AT the time OF the
completion OF the road the Contract and FINANCE
Company owed considerably more than slO0oo,Wo II
had something like N,ooO,vo shares OF the central
PACING ana sold IN nelgnoornood or S,vrtO:
some OF these snares so,d ngn as s. cents ana
as low as ~ cents In }ne TURNER course OF
after the Contract ana Finarce COMPANY s9t
through the construction or the Centrai fdc'"e
had some money 10 divide but no ponds. , -
Mr. Morgan called attention 10 the majority re-
port OF the Government directors in whicn me STATE
ment was made mat the evidence appeared to DO
and of the Contract and Finance Company had Deen
DESTROYED on the order Of Stanford. Huntington and
Croker. This was denied by MI Huntington. II
the books had been destroyed or ordered 70 De .e
stroyed Mr. Huntington said. he knew nothing OF II.
And n they had been destroyed It because the
work of the company had been finished ana nnauy
settled and the books were an incumbrance usetui
TO no one II they had been thus destroyed tney
probably went to some junk shop; . su.,-
In discussing the report Of the Government dt r
tors Mr. Huntington said that they mad accused him
OF almost everything bat pIracy on me nlgh .s
there was no water along the line of your property
oh yes. there was plenty OF water there salo
Again when the cost of the construction OF tn, the
road a. set 9SS IN s me b must have
its Information through the Suro-ixam,ner CON- IN,
bine or tho Examiner" Sutro combine he did not
know which was the head and which the tail -.
Without further incident. the nearing "a' ~"'
journed until tomorrow morning
BEFORE THE HOUSE COMMITTEE.
The House Committee on Pacific Railroads to-day
heard f. Ellery Anderson and W. J. Coombs. Cow
eminent directors OF the Union Pacific. matters
per,anlng TO that road. Mr.. Anderson favored the
sale of the Central ard Union Pacific together he
thought the Government would realize more IN
Sh dsS way tSr man ne from the Missouri River to the
Pacific Ocean unrivaled for business d
30 many railroads would be interested IN ootaIlis
such a road that it would bring a good price. Ee
spoke of the difficulty o, adjusting the Paeinc toa1s
AMI the elements 10 De cOrs.lervu III uV.ns
80 and said that II especially the case Wien
the matter was presented 20 Congress; ne Wa
unahla TO see how any funding BIZ. could pe forineu
giving 10 the Government a first lien on the mon
Pacific which the road could carry INTO enec' eve"
m a rate OF interest az low az per cent
Mr. Coombs said that IL was the orglnal inten.oI
~ the Government to have the Union ana Csntrdi
pac,ic form one grand trunk line from the Missouri
RIVER to the Pacific Coast. He had carefully con- con;
silered the various reorganization schemes ana haA
reached the conclusion that the matter should De
taken as a business proposition This was 20 nave a
the Government put the roads in such condition thae
the business interests of the country couid pld LOT
them II offered for sale He favored having IN;
Gnvernmsnt foreciose It's liens the roads ana
sell them AT auction II this were done those IN.
terested would contest for their rights Inc enioh
.nd Central Pacific the Kansas Pacific. the New,
York Central. Pennsylvania Southern Pacinc ano
other big roads would all bid for the properly ne
Ji moi think that the House would agree 10 any
bill extending the debt of the roads. Inc county
could really afford to give the roads away pue !"
whom was il TO give them?
l.Au,uAA-,>. DID REI,0l ERI