Gould-Huntington_0005

[top right corner:] 4

In the communication made by the Receiver of the
Texas & P. Ry. Co. [Texas & Pacific Railway Company] to your Board he states that the
controversy between the Southern Pacific Company and
the Texas & Pacific is in regard to the proper interpretation
of the term "Gross Earnings" and he says that the
Southern Pacific hold
"that pool [underlined] balances, subsidies, expenses &c [etc.] paid out by
them as members of the Trans-Continental Association,
(an association formed by formal contract dated Jan 20. 1885)
to other members of the Association are properly chargeable to
Gross Earnings and should be deducted from said Gross Earnings,
before reporting the latter to the Texas & Pacific under the
Gould Huntington Contract.

Then state the claim made by the Receiver in his letter to
the board.

Then the claim made by the Southern Pacific as shown in the
letter of Mr Stubbs its General Traffic Manager "by the"[crossed out] to the
Board —

The facts admitted by the parties.

The Opening Arguments