Sidelights on the Investment Policies of Stanford, Huntington, Hopkins, and Crocker

Extract

Much has been written of the financing and development of the Central Pacific and Southern Pacific railroads. There is little information available regarding the investment policies and types of investments made by the “Big Four” subsequent to the eompletion of the Central Pacific. Stuart Daggett, in his book The History of the Southern Pacific, makes the statement that it is doubtful whether the history of the construction companies will ever be told. It has been my good fortune to acquire for the Library of the Graduate School of Business at Stanford University 279 ledgers, journals, and minute books, 42 transfer cases of correspondence, and 150 drawers of vouchers, all dealing with subsidiary companies. In general, these records show how Stanford, Huntington, Hopkins, and Crocker continued the investment of the large sums accruing to them upon the completion and successful operation of the Central Pacific.