The morning call., 1894-03-28

The last issue of second mortgage bonds
Will mature January Q. 1898. They are as
follows:
series F-...-....-...,.....,..s3,9e9 % ,9e9, 600
Series G-.................... 3,999.OO0
series h..'.............-... 3,999,OOO
series l'.'................... 3,b11,OOO
frlnc1p2l. ,70S 600
Interest per cent 80 years........ %, 74.4OO
Principal, first mortgage bonds...... l5,7OS. 900
Amount due January /, 1898. .s59, $50. 900
RECAPITULATIoN.
Due and payable July I, ls95........s1l. .3Sl 900
Due and payable July l. 1896. l2s65,4O0
Due and payable January l, l597..... 1878. 500
Due and payable January 1, 1885,. 90 go. 400
GRAND total. S99 l25, 400
$50 far the company has paid the inter
est on the first mortgage bonds, and if it
continues TO do SO until the last bond
natures, January 1, 1898. the principal
only of these bonds. S27, ,SS5. $50, will be TO
pay. The entire property of the Central
Pacific Company will no more than suffice
TO pay the first mortgage bonds. There
will then remain unpaid the principal and
interest of the second mortgage or Gov
eminent bonds amounting TO S72, 239, 100
Against this liability the company
has or will have when the last series of
bonds mature. January l, 1898, credit at
Washington for mail service and the small
amount paid under the provisions of the
Thurman act. some S8,OOO.GO0 or S10,-
100000, leaving q balance OF say S60 OGO 600
due to the people with no company prop
erty in sight out of which to make the
money. The 100000 worth of unsold
Central Pacific land is mortgaged for every
dollar that can be raised upon it,"
The reduction in working forces of the
Southern Pacific road from all indications
will be sweeping one before the powers
that be succeed in getting expenses down
TO satisfactory basis. The latest rumOr
of change affects the land deI artment of
the Southern Pacific and Central Pacific.
For some years past these departments
have been under the control of Jerome
Madden and William II. Mills respect
lively. 1t is now said that Mr.. Madden will
either retire or be transferred to other
work and Mr.. Mills will assume control of
both branches Of the land Office work.
1t is an oten secret about the big build
ing that Mr.. Madden and Mr.. Mills do not
dwell together in unity. In fact the for
IL
Mills official career with no friendly eve.
This feeling has become so intense that
when any transaction occur. in which
both the offices are interested the princi.
pals are not the ones who conduct the
business. but it is done through some of
the employees entirely.
For this reason it is not to be presumed
that Mr.. Madden would consent to remain
longer connected with the land depart
ment when his position would naturally
be an inferior one to that held by Mr..
Mills.
Several weeks ago an indication OF this
impending change came 20 the surface
when Mr.. Singer. who had been the legal
adviser Of Mr.. Mills in the Central Pacific
land tffice, assumed control Of the work of
both the Southern Pacific and Central Pa
cific IN that line and Mr.. Joseph Redding
retired.
If Mr.. Madden retires from the services
OF the company il must not be inferred
that 1t Is because OF the estrangement that
exists between him and Mr.. Mills. That
move will simply be one of the many made
in the economical contortions which all
reports indicate the load is about to
undergo. 1t was probably with this move
in view that the recent negotiations for
the sale of the Merced lands to Chicago
arties were so theoretically pressed. The
transfer of all the work upon the shoulders
OF Mr.. Mills proved more of burden than
that gentleman had anticipated. When he
started in TO boom these LANDS for settle
ment an immense correspondence devel-
oped. 1t became necessary that the head
af ha nfr
upon and in large measure investigate
the merits of each would-be purchaser. IL
it was not necessary, at least Mr.. Mills
did the work. When the proposed consoli-
0ation of the two land Offices was broached
Mr.. Mills is said TO have thrown up his
hands in dismay. The work of his de-
partment, in connection with the sale of
the Crocker holdings In Merced County,
was enough for any one man to handle,
and the other officials probably looked
upon the matter in the same light. At
any rate. the Chicago parties appeared at
this opportune juncture and proposed to
take the whole Merced tract off the hands
of the company in lump. AS the terms
offered were favorable, and as this would
afford Mr.. Mills the necessary time to tax
up the work of the additional department,
the gentlemen from Chicago probably met
with more cordial reception. so far as
their mission Is concerned. than they
would have received had it not been for
the peculiar existing state of affairs.
Another rumor land it is but proper to
state right here that these statements do
not come from body high in authority
deals with the Southern Pacific land
Office III der its present management, and
it is to the effect that Mr.. Huntington and
bis brother officers are not satisfied with
the way certain delicate questions have
heen handled by that department. The
lieu lands In the southern portion Of the
State, about which the Southern Pacific
has had so much trouble. have been within
the jurisdiction of this department. and
certain questions have from time to time