4084                 U. S. PACIFIC RAILWAY  COMMISSION.
OUTSTANDING STOCK.
By Commissioner Anderson :
Q. Did the Northwestern buy the rest of the stock ?
Commissioner Littler. The outstanding stock.
The Witness. I think not. I guess there is some outstanding yet. It may be, though, that they bought it all in.
Q. Do you know what they paid for the outstanding stock ?—A. No, I do not know, but I do not think they paid over 10 or 15 cents. People used to offer me stock for that.
PRESENT TALTTE:  CONTROL OF ROAD.
By Commissioner Littler :
Q. How much is that stock worth to-day, considering the fact that it controls the property—the Northwestern Company having a majority ?—A. The only value I consider it to have to-day is for the purpose of contr< lling the road.
Q. You would not take that for it, would you ?—A. Tes; I would sell it for that, only that I want it to control the business.
Q. The Northwestern people would not sell it for that, would they ? —A. I do not think they would.
Q. Is it not worth 30 cents, at least, to the Northwestern Company!— A. I do not think so.
Q. Would you, as a director of the Northwestern road, advise the sale of a majority of this stock at 30 cents on the dollar ?—A. No; I should not advise them to sell it, because they keep the control of that road by it. They had better keep it, not sell it; but if it was not to keep the control of the road I should be glad to part with it for 10 cents on the dollar. The only object of the bonds of the Sioux City and Pacific Eailroad was to take care of the people who owned the bonds. We have protected the bonds.   We have contributed to pay them.
By Commissioner Anderson : Q. By "we" you mean the Northwestern, do you?—A. No. The Northwestern contributed by giving rebates, and all that. But I mean the Cedar Eapids, which has 300 or 400 miles of road, and the Elkhorn. and such roads. We have got to take care of the road. If they could not pay it we had to take hold and borrow the money and pay it.
THE  GOVERNMENT DEBT.
By Commissioner Littler : Q. In view of the fact that the Government debt threatens at an early day to wipe out this stock, and thereby wipe out the control of the Northwestern Company in this property, and in view of the fact that the Sioux City forms a part of this system, I again ask you whether, under all the circumstances, the Northwestern could not well afford to pay the Government $1,500,000 for a release of this debt ?—A. I do not know what they could do when the time comes arouud, but at present I should think it would be generous to pay $1,000,000. I am speaking now as, if I were the United States. When the Government comes to take the road, if it does take it, we can make as good a bargain as any other road, and if we cannot, the Government could keep it and run it, and it could see how it would come out then. That is all there is about it.