Railroaded

in collaboration with The Spatial History Project


According to the best estimates of accountants who later examined the Central Pacific's books, Crocker and Company had received $13,657,624.70 in securities and cash, while the Contract and Finance Company had received $32, 615,452. These figures represented the discounted value of stock. In the case of Crocker & Company, the par value of the stock was $14,701, 710.22 and in the case of the Contract and Finance Company $23,726,000. The discounted value of the Crocker & Co. stock was $5,121,609; it was all turned over to the Contract and Finance Company. The accountants put the discounted version of stock held by the Contract and Finance Company at $8,889,452. The Contract and Finance Company also acquired $23,726,000 in gold from the sale of bonds. The Central Pacific thus paid $46,273, 076 for a road whose estimated cost was $36,000,000. For the books, Report of the Pacific Railway Commission, 74. For the calculations, 71-75, Table p. 81. The Central Pacific also received $400,000 in county and municipal bonds (par value of $349,438), and 1,090,000 cash subsidy from California.

Public Aid to Transportation, v. 2, Table 16, 132.

Last updated on August 27, 2012 at 6:04pm