“In May, 1859, Jones, Russell and Company purchased from Hockaday and Liggett the contract for mail transportation from Missouri to Salt Lake City. Hockaday and Liggett had found themselves in a precarious financial condition. The reduction of their service to a semi-monthly basis by Postmaster-general Holt, carrying as it did a reduction in the compensation from $190,000 to $130,000, was sufficient to force them to sell at a sacrifice. Their contract was assigned May 11, 1859 to Jones, Russell and Company for a bonus of $50,000.”
