Chapters on the History of the Southern PacificDaggett, Stuart
History
Chapters on the History of the Southern Pacific
Daggett, Stuart
Pacific railroads -- History; Railroads -- California -- History; Southern Pacific Company
Upon all the activities which have been described, Colton’s death in
October, 1878, in the prime of life, fell with crushing force. In the
first place, Colton’s manipulations were such as to be unforgivable
by his business friends. Devious as Huntington’s ethical code was
at times, he had no hesitation in pronouncing Mr. Colton guilty of
robbery; that he himself was partly responsible was not likely to occur
to him. In the second place, Colton’s assets at the time of his death
were such as to render immediate liquidation impossible, and yet this
was precisely the thing most likely to be demanded. Mrs. Colton, the
sole heir, was a woman of unusual ability, clear-headed, definite in
speech, and, although inexperienced in business, apparently quickly
able to understand business problems. She had, moreover, a good adviser
in the person of a San Francisco lawyer named S. M. Wilson. Her
position was, nevertheless, one of disadvantage, which was intensified
by her wish to shield her husband’s reputation.
It does not appear that the associates were aware of the true state
of affairs during the weeks immediately following Mr. Colton’s death.
Mr. Huntington wrote cordial though not altogether sincere letters
to Mrs. Colton, expressing willingness to serve her in those matters
in which General Colton was interested with the associates,[234] and
Crocker called at Mrs. Colton’s house and wept there while speaking of
the death of Mr. Colton. This attitude soon changed, however, and Mr.
Crocker became less friendly in his intercourse with Mrs. Colton, and
at last ceased to visit her altogether.[235] In fact, all pretense of
sympathy with Mrs. Colton was presently abandoned, and negotiations
between her and the associates were continued upon a cold business
basis.
The attitude of the Stanford-Huntington crowd was officially that they
were willing to have Mrs. Colton pay her obligations and continue with
them. This meant a settlement of claims arising out of the improper
withdrawal of moneys by Mr. Colton, but also more particularly the
payment of the $1,000,000 note. It involved, also, for the future
continued investment of funds in the Western Development Company, and
the payment of assessments which might be levied upon Southern Pacific
stock. It was insisted, however, that the matter be settled quickly,
partly because Mr. Huntington was about to leave the city, and partly
because the period for filing claims against the Colton estate would
soon expire.[236]
Public-domain text, read in full here on John Shaqi.
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