The record-union., 1891-01-11

d .c.'i, Il Civil engineer, mao mace some
OF these experimental surveys over the
mountains. The newly acquired national
significance of the enterprise had strongly
attracted Mr.. Huntingtons attention.
Hearing that Mr.. Judah had returned
and would hold meeting for the pur-
pose of securing aid for the completion of
the survey, Mr.. Huntington attended the
meeting.
Mr.. Huntington, though present, did
not give anything, and when asked
whether he was going to subscribe replied
that he did not think great transconti-
mental road could be built ltbycontributions
to apicnic. At the close of the meeting he
approached Mr.. Judah, making himself
known to him, and invited him to come
to his house on the following evening.
The appointment was kept, and this first
meeting between the engineer and the
financier constituted the incipient be-
ginnings of the Central Pacific Railroad.
MI. Huntington agreed to form syndicate
to advance the sum of $4,000 in cash
toward the completion of survey. After
much persuasion he secured the cooper
alton of his partner, Mark Hopkins.
subsequently, he approached Leland
Stanford on the subject. This was but a
short prior to his election as Governor of
the State. Governor Stanford entered
into hearty cooperation with the scheme.
Later Charles and L. B. CroclSer were in
duced TO bear a portion of the expense of
the survey. The syndicate number six
Huntington, Hopkins, Charles Crocker,
Stanford, James Bailey and l.. A. Booth,
or seven, including T. d. Judah, who was
to give his surveys for that interest with
out contribution of money.
At the time of his subscription, Mr..
Booth had a mine at Virginia City, which
he thought was worth large sum of
money. A week or two later, and before
any of the money had been expended, he
told Mr.. Huntington that the indications
of a profitable mine has disappeared and
that there was, therefore, no longer any
inducement on his part to remain in the
syndicate. The understanding was that
a contribution To the cost of the survey
did not commit any party making such
contribution to any further investment.
A survey was to be made over the Sierra
Nevada mountains and an outlook taken
from the eastern slopes. The report of
this survey when completed was highly.
satisfactory. Notwithstanding many
mountain chains have since been sur
mounted, the summit of no range is ap-
preached a grade of like persistency of
| ascent. a line was run without losing a
| foot from tide water to the summit of the
Slerras, except loss of twenty-fOur feet
| near the town OF Colfax. The engineering
experiments having disclosed practi-
cable route for railroad, Mr.. Huntington
became convinced that the road could be
built. From this point the new purpose
of becoming the protector and constructor
| of a great overland railroad became one of
the fixed purposes of Mr.. Huntington'S
mind and one of the definite plans of his
life. The first point of safety in the con-
struction of the road resided in the fact
that road could be built to Dutch Flat,
where it would find connection with
wagon road to the ComStock mines. This
link of the road at least would be profita-
hlp oya itc obi OF
| determined upon. The undertaking was
formally inaugurated. One of the original
syndicate having fallen out by the way,
the other six paid in each month the OBJ
legations incurred by the construction,
until Newcastle was reached. After pay
ing about $500, 900 each, James Bailey be-
came distrustful OF the enterprise and
decided not to pay any more. Engineer
Judah also became appalled, at the magni
tude OF the financial phase Of the ques-
ton, and each sold upon satisfactory
terms to the five remaining co-partners,
and thus it was that Huntington, Stan
| ford, Charles and e. b. Crocker and Mark
Hopkins became the sole proprietors of
the road. The Central Pacific Railroad
| Company in California was organized in
! 1850. Aaron a. Sargent was Representa-
tive III Congress from California. APP
| preclatlng the new phases of national is
sues, which had revitalized the old
way to the Pacific Ocean, he compre-
hended fully the propitious character of
the opportunity, and with that directnesS
and energy for which he was so distin-
| guished, he introduced and passed the
Act granting Government aid in the
construction of a railroad and telegraph
| line from the Missouri river to the Pa
ciflc Ocean, approved March 2, 1862. The
road was constructed, however, to New
castle without Government aid. A por-
tlon OF the finances necessary for the
| prosecution of this undertaking was OBJ
tanned by the issuance of convertible
bonds, but which in fact were never con-
yerted; at the end of ten years they were
taken up.
In its every aspect, whether in the di-
| rection of the details or in the solution of
the broader and higher problems in
volve, the construction of the Central Pa
cific Railroad was gigantic undertaking.
TO fully appreciate its magnitude, the
discouraging features of the time in which
1t was undertaken must be considered.
These can only be generalized here. The
Government had granted aid in lands and
and had created bonds, but the perpetuity
OF the nation itself was rendered doubt
ful by the fast-gathering clouds of civil
| war. The national credit was scarcely
better than that of solvent individuals.
Personality is inSeparable from every
great undertaking. However feasible the
| undertaking, however aided by national
subsidy and credit, the standing of an en-
terprise must inevitably borrow its char
acteriZation from the character of those
directing it. The men who stood spon-
sors for this great undertaking We're citi-
zens of the most remote and most obscure
little group of Anglo-Saxon civilization
in the world. Thus the financial phase of
the undertaking became supremely para
mount, and by comparison subordinated
even to simplicity all the mechanical pro-
blems of construction.
Near the close of 1862 Mr.. Huntington,
armed with the full power of attorney
from the company, went to New York,
fully charged with the administration of
its financial affairs. Henceforth upon his
success or failure would depend the sue
cess or failure of the enterprise. He
knocked at the gate of the financial world,
strong i'll the consciousness of the legiti-
macy of the undertaking he represented.
Thus to Mr.. Huntington was confided
that portion of the task, the successful
accomplishment of which required the
highest diplomatic and negotiating facul-
ties.
In New York Mr.. Huntington had
already established a very high personal
credit. He had been purchaser of goods
IN the wholesale market since 1887 and
all obligations incurred in his mercantile
life had been met by prompt payment.
His acquaintanceship in the mercantile
community was extensive, and he availed
himself OF this acquaintanceship most
effectively to float the securities of the
new undertaking. The success which
attended his efforts is now part of the
well-known financial history of the coun-
try. At the time of the building of the
Central Pacific Railroad its capital and
securities constituted the largest aggrega-
ton of capital in the United States. In
addition to the procurement of money
necessary to the successful prosecution of
the enterpriSe. the duties of nrrchasino