1893] "The Crime of the Century" 



practically to cover its minimum value. Never- 

 theless, at Washington the pressing need of trans- 

 continental connection had seemed to justify the 

 risk. As to the wisdom of the loan there was later 

 much difference of opinion, accentuated by Hun- 

 tington's own cynical remark (for personal purposes) 

 that "the Central Pacific was two streaks of rust 

 and a right of way/' On the other hand, high TWO 

 authorities in railway matters urged that as it was valuatwns 

 the most direct route possible to the Coast it would 

 surely have a permanent and steadily rising value 

 over and above all indebtedness. But in bringing 

 suit the Government officials assumed the second 

 mortgage to be valueless. 



By a statute of California, each original stock- 

 holder in a delinquent corporation is individually 

 liable for his share of its indebtedness, provided that 

 suit is begun within three years after organization. 1 

 That period had long since lapsed, but in the official 

 brief it was claimed that statutes of limitation do 

 not hold against the Government. The question of 

 liability had not been raised in connection with the 

 earlier distributions of the Crocker and Hopkins 

 estates. Huntington was still living, and there- 

 fore could not be attacked. Some have suggested 

 that it was for the latter' s interest to have the matter 

 tested at the expense of the Stanford estate, a pro- 

 ceeding in which the sympathy of California was 

 sure to be enlisted on the side of the University 

 and its surviving founder. Meanwhile the fact that NO kelp 

 the two other owners of the Southern Pacific sys- fr ners 

 tern, the Crocker and Searles (formerly Hopkins) 



1 The purpose of this statute was to discourage "wildcat" enterprises, as 

 the phrase then went. 



n 501 a 



