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.

Nor was there any hint of a problem in the Annual Report of the Board of Directors of the Central Pacific Railroad Company to the Stockholders for the Year Ending Dec. 31, 1873 (San Francisco: H.S. Crocker & Co., 1874) which showed $7,894,681.46 in earnings over operating expenses with $3,179,649.13 in interest payments and a dividend payment of $1,628,265.00. Tables 3 and 4, 28-29.

Most interest payments were due in equal installments in January and July. Some came due in June and December. From the information given, it is hard to make the total interest payments listed as due in the reports match the totals from calculating the interest on the bonds when listed separately.