Description
Miscellaneous correspondence, ephemera and papers of the
Central
Pacific
Railroad Company, including one group of letters and reports related to the question of refunding
Central
Pacific
Railroad Company debt.
Background
The
Central
Pacific
Railroad Company was established in 1861. It was financed by the "Big Four," Charles Crocker, Mark Hopkins, Collis P. Huntington,
and Leland Stanford and by land grants, subsidies and loans from federal, state and local government resources. Construction
began on January 8, 1863 and on May 10, 1869 the railroad was completed to Promontory Point, Utah, where it met with the Union
Pacific. The "Big Four" also acquired the Southern
Pacific
Railroad. In 1899 after much negotiation between the
Central Pacific and the United States government settlement was made which eventually brought about repayment of the loan made by
the United States. The
Central
Pacific
Railroad was absorbed by the Southern Pacific in 1899.