Correspondence (incoming) - B

potential 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

in a similar financial strait to that in which it now is. The pressure of state legislation on [rates?] may not [improbably?] prevent any decided growth of the Company's business [and?] then further legislation with all its attendant [evils?],must be looked for; as the instruments become heavier. Whatever force there may be in these arguments, it cannot be [proper?] that these matters of vital importance should be [virtually?] left to a committee of one, that is, Mr. Huntington, who as President of the Southern Pacific [represents?] other interests than those of the Central Pacific stockholders. I do not [include?] your name [on?] the proposal committee, because as you are [a?] member of the Senate, the stockholders cannot expect you to undertake the advocacy of private matters in the house of representatives and elsewhere.

Very sincerely yours C.[S.?] [Brelkerton?]