Collectively the fortunes of the associates, while considerable, were not sufficient to cover more than the preliminary expenses of the work. Judah had but little capital, while, according to Huntington’s own statement some years later, the combined assets of Stanford, Crocker, and the firm of Huntington and Hopkins, amounted to something like $1,000,000 when the construction of the Central Pacific was begun.[23] Other estimates put the figure at $160,000,[24] or even as low as $109,000.[25] We do not know, as a matter of fact, how much property the associates possessed, but we do know that it was slight compared with the undertaking which they had in hand. Earnings and Stock Issues Probably, indeed, the earnings of the Central Pacific Railroad during construction were more important than the contributions of the partners. Between 1863 and 1869, according to the calculations of the United States Pacific Railway Commission, the gross earnings of the Central Pacific amounted to $10,807,508.76, its operating expenses to $4,700,625.56, and its net earnings to $6,106,884.20. The surplus after the deduction of interest and taxes for this period amounted to $2,427,533.80.[26] Most of these earnings came from local business, although an attempt was made to provide facilities for through travel before 1869, by arranging stage accommodation for stretches not yet covered by rails. If we add three or four million dollars to the receipts listed in Stanford’s table, we shall have made liberal allowance for railroad earnings and partnership contributions up to 1869. This allowance would not be materially increased if account were taken of sales of Central Pacific stock. The authorized stock issue of the Central Pacific Railroad in 1862 was $8,500,000. In 1864 this was raised to $20,000,000, and in 1868 it was made $100,000,000. In spite of these large issues, the evidence is perfectly clear that there were substantially no cash subscriptions to Central Pacific stock, nor any market for this stock when issued. It is on record, for example, that one M. D. Boruck opened an office at the corner of Bush and Montgomery streets in San Francisco on behalf of the company, and kept it open, off and on, for about twenty-two days in November and December, 1862, and in February, 1863. He secured three subscriptions to an aggregate of twelve or fifteen shares.[27] We know also that Crocker went personally to Virginia City to sell stock, but without success. He says of this experience: They wanted to know what I expected the road would earn. I said I did not know, though it would earn good interest on the money invested, especially to those who went in at bed rock. “Well,” they said, “do you think it will make 2 per cent a month?” “No,” said I, “I do not.” “Well,” they answered, “we can get 2 per cent a month for our money here,” and they would not think of going into a speculation that would not promise that at once.[28]