Trans-Mississippi Railroad Construction to 1900 Volume 1

Trans-Mississippi Railroad Construction to 1900 Volume 1

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...idea of influencing legilation, but he certainly felt that the distribution would aid his cause by producing a favorable sentiment. The doubtfulness of the affair is emphasized by the fact that at the time when the stock was distributed the company did not need additional capital which could not have been secured more easily in other ways. Thus it aeems that the vote of censure that was passed, while being extremely hard on Ames personally, was entirely justified. As to exorbitant profits, it would certainly seem that the Credit Mobilier was run with the idea of making a profit on the construction which could not be made on the operation of the 19 road. The most conservative estimate of the profits would seem to indicate approximately 320 per cent before 1869, or over 60 per cent per year. This figure is based on the dividends declared by the Credit Llobilier translated into money values, estimating the Union Pacific stock as worth thirty and the bonds as worth eighty-five, on a total capital of $3,750,000. It does not take into account the original bonus in Union Pacific stock, the later increased value of the stock, or the fact that not all of the capital was invested for the full five years. Considering that this figure is an absolute minimum, it would seem that indirectly the lien of the government had been injured, and that excessive profits had been made, Beginning in 1865, actual construction was begun and 21 pushed. Colonel Dodge was put in charge of the surveying in in 1865, and in 1866 was given complete charge of all the work, Under his leadership many of the discharged soldiers were employed and the work was organized on a military basis, which was rendered particularly necessary because of the trouble with the 21. C. G. Countant, The...show more

Product details

  • Paperback | 52 pages
  • 189 x 246 x 3mm | 109g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236547136
  • 9781236547132