Correspondence (incoming) - B

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Bank of CA: 1/2/1869 notes to Selby & others charged to Stanford; Barton: 5/7/1889 on problem facing wine grape growers; Bellows: 1/19/1865 introduction of Johannes Schlarbaum, engineer; 4/20/1872: introduction of Miss LeClercg; Benchley: 5/31/1893 reference for Albert Scheer; Berry: 5/9/1892 LS Jr. memorial tree in Anaconda, MT; Bey: 3/14/1886 asking help for Turkish soldiers; Boruck: 2/2/1885 as to McGlashan and the senatorial contest; Bower: 11/29/1890 Sunol's trotting times



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Robert [Bower?] N.Y. - Nov. 29, 1890 Leaving [Lindt?] at P.A. Farm for winter.

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Palace Hotel San Francisco, Cal. April 1892

Hon. Leland Stanford. [Trust?] Central Pacific R.R. Dear Sir: At the next meeting of the board I propose to move the following resolutions and as I understand you will not be present, I think it [cautious?] to submit to you the text of the resolutions, and briefly, the reasons why. I put them forward: 1. As [with?] the [sinking?] funds. "That Messrs [Holland?] and Huntington be appointed a committe to take charge of the investment of the companys sinking funds, with instructions to call in as soon as conveniently can be done the loan to the Pacific Imporvement Company, and to

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confine the [failure?] investments to just mortgage bonds of railways in the United States, or to bonds issued by this company. Reasons. I consider the loan to the Pacific Improvement (a)illegal: all the sinking fund clauses in the various mortgages [refer?] to investments, not loans: moreover a loan to the [P.T.Co.?] is virtually a loan by the majority of the [directors?] to themselves, and on that account alone both illegal and [impudent?]. The [P.T.Co.?] is not in any sense a [?] public company but merely a private partnership under corporate form: the money might just as well be lent to [Crocker?] or Huntington, Hopkins [etc.?] I brought this matter forward a year ago and the quarter part of the board is still [outstanding?]: I therefore bring it forward again so that the responsibility may be on [these?] directors who vote for the continuance of the loan.

Last edit over 3 years ago by rdobson
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Moreover the security given by the [P.T.Co.?] is insufficient: the bonds secured on [inconsistent?] [?] or on a railway in a revolutionary Spanish-American state are not such as any [binders?] in a [fiduciary?] especially are justified in accepting.

2. As to [scribing?] funds. "That the sinking fund committee so appointed keep the separate funds distinct in conformity with the mortgages, and [appropriate?] the existing securities to each as they may [think best and support?] their action to the board." Reason. Each mortgage has its own distinct sinking funds which cannot legally be mixed up with any other. The directors responsibility is to each set of bond holders separately.

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3. The Government [debt?] "That Messrs Huntington, Hubbard and Bresherton be appointed a committee to [watch?] the proceedings in Congress [relating?] to the extension and adjustment of the government [debt?], and to prepare such measures as they may think fit in relation to such matters, with power to employ counsel, and make each further expenditures as may be necessary and proper." Reason. The [acceptance?] of Senators [?] bill on which all proposed legislature is based is to [?] the rent now paid by the [Senator?] to the Central in whole and in part and apply it to the Government [debt?]. My own opinion is that we should do better by cancelling the lease, stopping the dividends, and letting the Government do what they please than by allowing the [Southern?] to become the intermediary of the settlement: but in a matter of such importance [?] not

Last edit over 3 years ago by rdobson
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