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Palace Hotel
San Francoisco Call

L.S.5 189

pretend to have formed any definite judgement. But I am convinced that the interests of the stockholders of the Central Pacific requires fuller consideration than they have so far received: the all important matter to them is not what the Government will be content with, but what will be their interest in the property, after the proposed settlement is effected: on this point your report for the year gives no information, nor have I personally ever obtained any satisfactory assurances from the Southern Pacific board. At present the Company is tacitly pledged to accept the Frye bill as some modification of it, which in my opinion will in a few years again plunge the Company