The San Francisco call., 1899-11-16


Vconveyed 10 the public the first
news that Mrs. Stanford had sold
her Southern Pacific stock for sum ex-
ceeding 81 600 600. The intelligence pro-
duced a profound and gratifying sensa-
tion throughout the State. The news
comprised highly acceptable reading, as
every town in California manifests a keen
interest in the growth and development
of Stanford University.
Additional advices by wire from New
York corroborate The Calls story in all
| the essential particulars.
The number OF shares of Southern Fa-
cifc stock sold by Mrs. Stanford was
2S3. 900. The Huntington-Speyer syndicate
paid $40 per share.
Yesterday word was received by wire
that Mrs. Stanford had transferred s11,-
900 900 to the endowment fund OF the uni
versity. Mrs. Stanford still retains 20 900
shares Of Southern Pacific stock. which
she can readily sell for $500 900. but the
shares may be so Joined with others tt at
she cannot now place the remaining block
on the market.
From inside sources The Coll ascertains
that Mrs. Stanford sold a portion OF her
10000 shares of Central Pacific stock for
$25 per share. When she sold the residue
the price paid by the purchaser was s57
per share. 1t is ascertained from trust
worthy sources that the sum she derived
from Central Pacific holdings approx
mated $3.50 goo. From the sale Of her Mar
ket-street Railway stock the sum OF ST.
500 900 was derived. The Call is informed
that the proceeds of the Central Pacific
and Market-street holdings were also
conveyed TO the university endowment
fund.
It is known that Mrs. Stanford still
retains a one-fourth interest in the
Pacific Improvement Company News
that will surprise and crafty all
those interested in the university is
now coming to light. The Call ascer-
tains that her one-fourth interest in
the Pacific Improvement Company is
worth at least $7,OOO,OOO and may
produce an ultimate cash return of
$40, 900, 900.
The company was established py Le-
land Stanford. Charles Crocker, c. p
Huntington and Mark Hopkins as the
bank Of the great railroad corporation
Each one Of the founders took 25 per cent
of the stock. The operations OF the bank
were vast and varied. At one time.
when C. p. Huntington was employing
every resource of personal energy and
Government and other creditors. the OBJ
legations resting on the Pacific Improve
ment Company were tremendous. One
could hardly believe. even after inspect
ing the records of financial transactions,
that single company could borrow as
much money as the Pacific Improvement
Company was obligated to pay.
Readers are advised to bear in mind
that the Santa Fe. Union Pacific. North
ern Pacific and many other railroad cor
porations succumbed to the pressure and
consented to settlement by appointment
of receivers. AT this time G. p. Hunting
ton. Mrs. Stanford and the sons OF
Charles Crocker resolved TO raise the
money to meet every obligation. redeem
every bond and pay 10 the United States
every dollar OF principal and interest.
even If the payment required a pledge OF
their personal fortunes. When the de-
mand for money was greatest c. p. Hun
tington mortgaged his New York man.
sion. AT that time he secured assurance
that the Crockers were ready to assist
with their real estate and personal prop
erty-in fact were ready to pledge their
private fortunes.
Ii is matter of history that the Gov
ernment was paid in full. There was no