JOINT CONGRESSIONAL COMMITTEE ON THE INVESTIGATION THE NORTHERN PACIFIC RAILROAD LAND GRANTS N. J. SINNOTT, ROBERT N. STANFIELD, Oregon. Oregon, Chairman GEO. A. HOSSICK, Secretary п CONTENTS Page Letters of Onslow Stearns et al. to Thomas Canfield with reference to Memorandum by D. F. McGowan relative to financial history of North- Record of third meeting of executive committee of L. S. & P. S. Co.- 4457, 4482 Report of Western Land Association of Apr. 4, 1871- Letter of A. B. Jordon of Mar. 20, 1872, to Thos. Canfield_. Letter of Jay Cooke to Thos. Canfield, of Sept. 12, 1872---- Letter of Thos. Canfield to Geo. Tollett, dated July 23, 1872_ Letter of Geo. Sweet to Geo. B. Wright, dated Nov. 22, 1873_ Oberholtzer's Life of Jay Cooke (Vol. II), excerpts from---- Item No. 34 by James B. Kerr relative to Tacoma Land Co------ Record, etc., of July 8, 1870, meeting of executive committee of L. S. & Tacoma Land Co., excerpts from Smalley's History relating to‒‒‒‒ Statement from Directors' Record of Northern Pacific (Vol. 3) relative Joint resolution of May 31, 1870, excerpts relating to-- Excerpts from Congressional Globe concerning joint resolution of May 4672 Creation of corporation by act of Congress- Instruments referred to in the hearings. Repeal of sec. 4 of act of Mar. 3, 1891- Prior and general lien mortgages of Nov. 10, 1896---. Proceedings in Congressional Globe relative to passage of joint resolution LIST OF CASES CITED IN PARTS 7 AND 8 Northern Pacific Co. v. U. S. (256 U. S. 51)____3584, 3589, 3594, 4150, 4156, 4668 U. S. v. Oregon & California R. R. Co. (164 U. S. 526-544) St. Paul & Pacific v. Northern Pacific R. R. Co. (139 U. S., 1). JOINT CONGRESSIONAL COMMITTEE ON THE Tuesday, June 15, 1926. The committee met at 10.30 o'clock a. m., Hon. N. J. Sinnott (chairman) presiding. The CHAIRMAN. The committee will come to order. Mr. McGowAN. Mr. Chairman, shortly after Mr. Perham passed out of the picture the control of the Northern Pacific went into the hands of Mr. J. Gregory Smith and his associates. Mr. Smith immediately proceeded to engage a representative for legislative work in Washington, this representative of the Northern Pacific being Mr. T. H. Canfield. It will be recalled that during the years subsequent to July 2, 1864, there was passed by Congress, on May 7, 1866, a bill providing for the extension of time for the completion of the Northern Pacific Railroad. This appears on page 77 of the hearings. And again the time was extended by act of Congress approved July 1, 1868, which appears on page 77 of the hearings. And by resolution of March 1, 1869, the Northern Pacific was authorized to mortgage its railroad line. This appears on page 77 of the hearings. A further act was passed giving to the Northern Pacific a right of way for railroad construction between Portland and Puget Sound. This appears on page 77 of the hearings. And the joint resolution of May 31, 1870, authorizing the company to mortgage its land grant, which provided for the second indemnity limits, is on page 78 of the hearings. In addition to these bills there was another bill before Congress in connection with subsidies to be granted to the Northern Pacific, but this failed of passage. There was no construction of the Northern Pacific Railroad prior to 1870, and apparently the efforts of the men who made up the company up to that time were devoted to legislative matters. Journal A of the Northern Pacific Railroad Association, page 46, shows that there was awarded to J. Gregory Smith, $100,000; to R. D. Rice, $100,000; and to Thomas H. Canfield, $75,000, by the Northern Pacific. These three items were payable in the first mortgage bonds of the Northern Pacific Railroad Co. at par. The item that I read is from page 46 of this journal. Mr. DRIVER. Under what date? Mr. McGOWAN. This is February 21, 1870. Mr. KERR. That was before the mortgage was authorized? Mr. McGOWAN. That would be prior in time to the Jay Cook mortgage, but I take it that these items were like several of the other items in connection with these bonds, that they were to be payable upon the execution of the mortgage. Mr. KERR. I asked if that was before the authorization of the mortgage by the joint resolution of 1870. Mr. McGowAN. You know the date and you know the date of the mortgage. The thing is self evident. The entry reads this way: J. Gregory Smith. For this amount awarded you for services by the committee, Ogden, Fargo, and Cheney, for four years previous to January 1, 1870, in organizing preliminary details of organization and attending to legislation at Washington, D. C., $100,000. |