Hopkins to CPH, Nov. 23, Nov. 29, 1872, CPH Papers, ser. 1, r. 5.
This would have come as news to investors. The annual report for the year ending Dec. 31, 1872 said the company had $6,952,361.73 in earnings over operating expenses with interest payments paid that year of $2, 722,244.88 and $988,170.57 in other expenses.
Annual Report of the Board of Directors of the Central Pacific Railroad Company to the Stockholders for the Year Ending Dec. 31, 1872 (Sacramento: Record Book and Job Printing House, 1873), Tables 3 and 4, 38-39.