RAISING FUNDS FOR
NOT ALL THE PROVISIONS of the railroad bill were acceptable to Mr. Huntington and his associates, but they decided to accept them with the hope of procuring amendments to the most objectionable features later on. Acceptance of the bill was required within six months from the date of the Act, and the Central Pacific Company filed its acceptance in the office of the Secretary of the Interior on December 1, 1862.
The Act required that forty miles of the road be completed and approved by the three railroad commissioners before any aid could be had from the Government. Some means had to be taken to raise the necessary funds to construct those forty miles.
No stock was issued by the company prior to the Act of 1862, but there had been about one hundred subscribers to stock when issued, representing less than a million dollars. In his interview before the Senate Committee on Pacific Railroads in March, 1896, Mr. Huntington told of some of the difficulties faced at that time in the effort to secure the necessary funds:
When the Central Pacific Railroad was built, it was thought that the people who embarked their money and their time in it were taking great risks. Many of the men in New York and Boston of large means, I endeavored to get to join us in the building of the road, but