How much money did Stanford give Central Pacific to build a railroad?

Stanford persuaded the California legislature to give more than $750,000 to the cash-starved Central Pacific to allow it to build part of the first transcontinental railroad. For its part, the Central Pacific would get five miles of land on either side of the track it laid and up to $48,000 per mile.

Who was the first president of the Central Pacific Railroad?

Stanford remained president, first of the Central Pacific and then of the Southern Pacific Company, until 1890. Huntington was agent and attorney for the Southern Pacific Railroad, vice-president and general agent for the Central Pacific Railroad, first vice-president of the Southern Pacific Company, and a director of the two lines.

When did Southern Pacific merged with Central Pacific?

On March 17, 1884, a new Southern Pacific Company was incorporated (under a special Kentucky charter) to act as a holding company for the several operating railroads; the Central Pacific was leased to it until 1959, when they merged. The Editors of Encyclopaedia Britannica This article was most recently revised and updated by Meg Matthias.