Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-02-26
pany paid for the actual construction

pany paid for the actual construction
and building Of the road is not known.
The Contract and Finance company
destroyed their books. The amount paid
by the four to themselves for building
and equipping the whole road from Sac.
ramento to Promontory point, where it
joined the Union Pacific road, was SOL,
1870, 724.7S.
The commission Of course could not
find the missing books. and they speak
in their report with decision, though
with grave and gingerly reserve, upon
the nature OF the disappearance of them.
They say after stating the evidences:
1T is impossible to avoid the conclu-
sion that the suppression Of these books
has been intentional and willful. And
they add that this suppression RAISES
the very strongest presumption that the
suppressed evidence if produced would
testify against the party suppressing the
Same. y 1t would have been shorter and
palmer and just as true to say that the
suppression Of the books was the con-
trivance OF thieves to hide the evidence
of their theft.
The commission, however, hxying
made long and careful investigation, say
with confidence that the whole actual
cost Of the road from Sacramento to
Promontory point did not exceed $780,
900, 600. If, therefore, we deduct this
sum from the sum Of over SCI, 900, 900
paid az above to the four as contractors,
the difference will be the amount voted
by themselves into their own pockets:
Paid to the four as contractors SCI, l29 724 70
Actual cost Of tho road not over. ae.oooooo GO
Difference going into the pockets Of ~, W.
Or. fox each Of them, one-f fourth "
OF 6,282, 431 10
A handsome payment for seven years
work, being at the rate of nearly $780,, .
900 year for each man besides their
salaries, about 81, 900 month each.
But this $4,000, 900 and over does
not show the extent Of the acquisitions
OF the four up to May, 1859, when the
Central Pacific Joined the Union Paci-
fic. 1t only shows what they required
out Of the one sum Of SOL, 900. 900 and
over which they paid to themselves on
the construct ion contracts from Sacra-
mento to Ogden. They had received a
great deal more than that. Their whole
receipts sum up somewhat as below:
Advanced by the United States
second mortgage bonds. ...... 81, 1888, l20 90
First mortgage bonds Of the com
pany to same amount. ......... q 1855, l20 90
Aid from state. counties. etc,
Public land grant worth not less 0'''0'' W
than. ...... ..:.......... 9s32. 5Sl 90
Absolute s,oI net earnings Of the ~
sto S oct to Of $ ssSa issued 81 S Us 81
Note that the government lands actu-
ally sold brought more than Sc per acre,
so that if the whole were worth as much
the total value Of this item would have
to be more than $72, 900, 900 instead Of
$4,000, 200
Add the value Of the right of way,
400 feet wide, land for stations, etc. :,
all the timber, stone, coal, iron and
other materials which they might
choose to take from the public lands
and it iS moderate estimate which
has put the value of all the receipts
of the four up to Nay, 1869, at
$lS5, 900, 600 To fpd therefore how
much the four had in their hands at
the completion of the road in May,
1869, we must deduct the $50, 900, 900
which the road cost, not from the SOL
900, 600 and over which was paid for it,
but from the 1885, 900. 900 which had
up to that time been trusted in the
hands of the four.
Total values intrustcd to the four $iS5, 0OO, coz
Actually paid by them for the road
Leaving in their possession at that
GATE .$l49,UO.UUO
besides the road fully equipped.
Now, w0at was it the duty Of the
four to do with this sum? Plainly to
invest for the company an amount suf
ficient to pay interest on the two issues
Of bonds, together $50, no, $40; to pay
off the bonds at maturity, beginning in
1896; to pay annual interest OH the stock
of the company (of which they owned
pretty much alN, and if there was any
thing left to pass it to the credit of the
company. Was any of the money used
for any of these purposes? Not one cent
Where did the money 60 to? Into the
pockets Of the four.
Each Of them got in stock. ........ $13, 5OO, 600
In other values. z, LIE, 600
Each mans total share ........ .*s77 ,2a5, 900
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