The San Francisco call., 1897-11-18
Would Reduce the interest
and Escape Payment Until
January, 1901,
SIR CHARLES r. WILSON
STANDS IN.
During His Recent Visit to London
Coils Gave Assurances to
Stockholders.
Special Dispatch to THE CALL

NEW YORK, Nov. IA ecal to the
World from Washington saws: Agents of
the Central Pacific Railroad Company are
on hand here to try a repetition of the
deal 10 beat the Government and the peo-
ole, which was attempted in the case Of
the Union Pacific.
c. P. Huntington is endeavoriag 10 pre-
vent the imm inent sale OF the Central Pa
citic by securing an extension OF the first
mortgage bonds. which fall due January
l, 1895 portion of the bonds became
due last January, but an extension was
obtained until January 1neXt.
Mr.. Hunting ton's plan is to have the
entire bonds extended Until January 1,
1901. He wishes the interest reduced
from 6 per cent to 5 per cent Hunting
toms idea is that through the extension n
he desires the Government debt may be in
the meantime settled.
The Central Pacific debt to the Coz
ernment now aggregates SO, 809 $40 70.
OF this amount $28. .S55 $50 represents the
principal. The interest due is SAT, ,954, :
139 7S. The total amount is reduced by
the sinking fund held by the Government
S15, $50. 1877 40. The net debt Of the Cen
tral PAci fic IS thus $59, 829, OBJ 90.
Until the time that the Schiff. Fitzger-
ala com mittee abandoned the idea of buy
ing the Union Pacific for $33, 600 900 in
cash Mr.. Huntington's plan was to secure
a cancellation of the debt to the Govern
ment OF the Central Pacific bv cash pay
ment OF about $4,000, COO The Govern
ment would thus lose about $31, 000, 600 of
its claim.
Speyer & Co. OF New York and London
are acting for Huutinglon's interests in
the matter. The so-called Banbury COM
mittee OF London supports Mr.. Hunting
toms policy. The committee consists of
r. d. PEBBLES, Joseph Price, Alwyne
Compton, J. B. Ackroid ami +. G. Ban
bury.
There is a difference of interests in the
committee. Tne first Two members sup
port c. L. Bretherton, director OF the
Central Pacific who does not approve Cf
the Southern Pacific Railroad pc pie
having 100 much interest in the Central
Pacific.
Sir Charles Rivers Wilson, who recently
came 10 this country to Investigate the
affairs of the Central Pacific, is acting
with Mr. Huntington. 1t was through
his influence that the majority Of the
proposal.
The majority of the Banbury committee
are in accord with the Huntingdon Wilson
policy toward the stockholders and secur-
1ty holders of the Central Pacific.
The Fairchiid committee was defeated
bv the Ban bury committee through the
influence OF Sir Charles Rivers Wilson.
The Fairchild people would have put the
Central into a receivership for the purpose
OF reorganIzipg it finally. The London
and Amsterdam security holders took
alarm at the prospect of a receivership
and will stand by the Banbury committee,
Sir Charles Rivers Wilson and Mr.. Hunt
ington.
There is now held in London and Am
sterdam $50 900, coo of u total of $67 000, 600
of Central Pacific stock. The shares cos t
the holders about S52 800, 900. At marke t
value they are worth now bout $40, ,000 000
During Mr.. Huntlngton's last VISIT to
London he, it is said, successfully argued
with representative stockholders that
within five years after the Government
debt had been adjusted the stock would
increase sufficiently to recoup them for
lhe price they paid for it.
What effect the failure of the Schiff SYM
dicaIe to 30" the Government out of
large portion of its inst claim Will have on
Huntington's scheme remains to be
shown