The San Francisco call., 1898-05-03

c p Huntington appeared before the Railroad Commissioners yesterday and ad- | mitted without reservation that ne was | president of the Southern Pacific lie | indicated a cordial willingness to admit 1 other things, and may yet have the op- l portunity, as the inquiry was hardly | more than opened when 1t was cut snort | by adjournment until 10 o'clock this morn | ing. MT. Huntington was on the stand | from l o'clock until 3:45 At the end of this period he was somewhat weary, the shorthand man had mass of notes and | the spectators were ready for rest l Of course it is generally understood that the Commissioners are acting under decision lately given by Judge Morrow or the United States Circuit Court Ihey are given statutory power to hx rates, but not until the company at interest shall be making profit. Judge Morrow declared that 1t was competent TOT them to find why the company was not making a profit: if the earnings were being di- verted to the corruption of courts, Legis- latures, newspapers or individuals; that II this could be shown to be the. case the power of the Commissioners still inhered The first endeavors in the direction of ascertain.ng the facts had been baked temporarily by an injunction, and that Judge Morrow dissolved the injunction was the ClTCuHlSlduCS WHICH HiSuO POSSA- ble the proceedings of yesterday.
 C. P. Huntington is an impressive in- diVidual When he entered the room there was ripple of excitement. Falth. ful attendants were with the man of many millions. H. E. Huntington was at his elbow, Dave Neagle, known as a gum fighter, was close by; "Old Pard' Bas- sett brought a farmer-hke presence into the scene, and glowered upon Hunting ton, who either did not know did not care. The President sat at the end of long table. On one side were ranged the members of the commission-La Rue, Clark and Hinton. La Rue sat in the center and asked the questions from an extensive list prepared in advance. Clark said nothing. As to whether he sawed wood there was no evidence. Hinton did not often speak. but when he did he demonstrated that he was watching the trend of the occasion, and was anxious to get just the kind of information Hunting ton was anxious not to give.
 There were many little by-plays which were interesting. These did not appear as answers to direct questions, but were thrown in by the witness or by Hinton. MT. Huntington adverted several times to his sense Of qualification at being able to enlighten the commission, and MT. Hinton intimated that if the witness would only tell all they had right to know the sense of joy would be mutual. The absence of a lawyer or of somebody accustomed to examination of witnesses was noticeable Attorney General Fitzgerald had been there at the opening, but he withdrew, as the commissioners thought they COulu get through without him. Mir. Huntington adjusted his skull cap, got the head Of his cane where he could consult 1t readily, took the oath administered by President La Rue, and was ready to be interrogat- ed Previous to this the resolution under | which action was to be taken had been 1 read According to this resolution acton | had been set for May Il, but at the re- | quest of the witness the time lad been | advanced.
 In a voice not particularly strong or | clear MT. Huntington explained the | status of the Southern Pacific. It was a | company operating many roads, but or | ganiZed particularly for the operation or | lines in the West. Its stock was, the wit S15O. .O00 900, of which about $120 1000 had | been issued. The present value of the stock was l2 or 13 cents. The road had no 10 l income that is, 1t earned no dividends. It never had earned dividends, and if the rates were to be cut 1t never would. The witness detailed how various minor lines l had been absorbed, but the attempt to get him to state the value Of these lines was | a failure. They had been secured in ex- change for Southern Pacific stock the proportions being different in different | instances Sometimes ten shares of stock ] had been secured for six of the Southern l Pacific, and sometimes the stock obtained | had been worth more per snare than the stock given for it.
 But in trying to find out what any par ! ticular piece of property had been worth at the time of purchase or absorption. or l its worth at present the commissioners were utterly baffied Tt had no market value was the invariable reply. If asAed it's worth now he would say that 1t
 If any one wanted to buy 1t, ne contln- ued. we might fix price But he gave out the impression that nobody would 1 want to buy anything which had to be l operated at a loss. It was peculiar Iact brought out during the examination that no matter what had been the market value of a stock, when once embraced in | the Southern Pacific system It lost that value and became part of the load that Huntington and his associates were car | ryinp There was no explanation as to
 why they persisted in making this load
 Mr Hinton persisted in knowing how certain individuals had seemed to acqulre | so much property from the Southern Pa- cif1c; but he did not find out. Mr. Hunt ington informed him that no money had that the builders of the Pacific lines did not receive from the Government a suf- ficient subsidy to reimburse them that he
 roads in the hope of some day making them valuable and getting the money out again.
 | At this point Hinton was observed to
 It was suggested to MT. Huntington that
 when the stock of the Southern Pacific was exchanged for other stock the gentle. have had an idea as to the relative values The suggestion was lost upon the witness l He sought still to eStaDllSH HIS point tllal 1 the Southern Pacific was a burden. He had worked for many years. had pu,
 much effort into the building of this sys
 tenn, and his reward in his old age was
 road which had never paid anything an6
 the income of which. pitiful as it was. un'
 grateful people were anxious to curtail
 He told how he had worked as a boy or
 a farm, but this was incidental and not
 directly drawn out by anything that haf
 been asked him. "I am not so young as
 I was seventy years ago." he remarked, 1T
 brackets.
 The examination would have possessed
 no element of interest except for the ex
 cursions taken by the witness, and al
 though these might be wholly irrelevant
 he was never checked. but came back tc
 the subject in his own good time
 1T am very glad he said once. ito b,
 able to tell all about the Southern Pa
 cific There seems to be a misunderstood
 ing in relation to it." Yet, stripped O.
 extra words, all he told about it was tha
 it was struggling corporation, to whicf
 good men had devoted their lives and for
 tunes, getting no return He distinctly
 averred that he had never made cen fin Ia hoI