New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-01
ATOMS ISSUE MAY BE ILLEGAL.
WILLIAM MAHL ON STAND.

lines. was called 10 the witness chair at the re-
quest of Mr.. Lovett. for a brief examination.
Mr. Lovett-on the previous hearing Of this mat
ter by the commission IN this city IN January last
10 have occasioned considerable surprise passed
tee of the Union Pacific. believe. in July August
last authorizing Mr. Harriman ,oo amendiIng
Mr. Hartman 10 borrow money needed by the
also to pledge collateral VIII you please at
whose instance that resolution was passed, and
whether Mr. Hartman had any knowledge OF 1t
before it came before the 1,t committee?
AT NV request II became necessary some Of the
California banks wanted, in addition to the author
ity 10 borrow money-they wanted also the au-
thority To show that the chairman had the right
10 pledge collateral for the loan. This happened in
possibly one or two instances and recall now an
instance here in the city and l. therefore thought
as these esolntions We're asked for from lime 10
time, and l think l had talked to Judge Lovett
was passed then by the Union Pacific Southern
Pacific and Oregon Short Line TO meet the situa-
ton arising in connection with the ordinary hnan-
cial transactions of the company And Mr.. Harri-
man had no knowledge Of that, so far as 1 know.
Mr.. Lovett-I would like to introduce in that con-
ors of the Southern Pacific company at the time
that Mr. Huntington was president. I will read IT,
The following resolution submitted to the
board, and on motion OF Mr.. Thomas II. Hubbard
seconded by Mr.. H. T. huntington was unani-
Resolved. That the president of this company
authorized and empowered to borrow from time 70
such times and on such terms as in his 'fndeInent
may be for tha best interests of the company srch
sums Of money he may deem necessary to carry
on its business. and to that end, to execute In
the name and behalf OF the company prOInis-
sorry notes or other evidences OF indebtedness and
to secure the same. 10 pledge or hypothecate Sc
rurtieS, stocks, bonds, other personal prOpertV
or mortgage any real property Of this company
and that the assistant treasurer OF this company
securities now hereafter held TO secure such
promissory notes other Indebtedness of this
company and replace the same by others whenever
such change shall In his judgment be advisable
said assistant treasurer Is hereby authorized
10 receive and receipt for matured maturing
coupons appertalnlng 10 any such hypothecated
That is a copy of the resolution passed by the
Southern Pacific hoard the 26th day Of January,
1900 Who was president of the Southern Pacihc
Company at that date the Goth OF January. 1900?
Mr. Mahl-C. Il. Huntington.
Obs there anything unusual in resolutions Of
.his character: are they customary in financial
institutions in this city, in borrowing money? A
In an companies that l have been connected with
the president is always authorized To borrow money
o tBv Mir Kelogg)-Do yoI remember when
.bst last resolution authorizing the president To
borroy money and pledge stocks was passed? A
/ think some time in July.
tbtn shown bv the statements you have furnished
urg A-None that recall 49,
O-Were notes given for the Baltimore ONO
puTchase? A-Yes
- What stocks were pledged? Alt was mixed
coIiateral. / don't recall nov what they were.
- VriiI tou finnish n statement Of the notes Mr..
tyerriyaan has made since the ADOPTION or that
rasoiution aud what stocks he mas plecgeu 70
sac,.re them? May that be done
Nr f0veif--We vii !rrn.sh shat later -
sir Kellocc-All obligations MAZE anu st9SNs
pIedced TO secure them up to the present tmeE