Jay Gould: His Business Career, 1867-1892 9781512816488

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JAY GOULD His Business Career 1867-1892

JAY GOULD His Business Career 1867-1892

by

JULIUS GRODINSKY

PHILADELPHIA

UNIVERSITY OF PENNSYLVANIA PRESS

© 1957» by T h e Trustees of the University of Pennsylvania Published in Great Britain, India, and Pakistan by the Oxford University Press London, Bombay, and Karachi

Library of Congress Catalogue Card Number 56-12389

PRINTED IN THE UNITED STATES OF AMERICA AMERICAN BOOK-STRATFORD PRESS, INC., N E W

YORK

To My Mimi

Preface This volume is an examination of the policies of a businessman in the field of speculative or equity capital in the free enterprise era between the Civil War and the Theodore Roosevelt Administration. It is not a biography. The research work for this volume has been financed in part from a grant by the University of Pennsylvania, Committee on The Advancement of Research. JULIUS GRODINSKY

Philadelphia

*957

Index to Abbreviations of Companies WHEN A COMPANY IS FIRST MENTIONED, ITS F U L L NAME W I L L B E USED. THEREAFTER, AS FOOTNOTED, THE ABBREVIATION W I L L B E USED.

NAME OF COMPANY

ABBREVIATION

American Union Telegraph Atchison, Topeka & Santa Fe Atlantic & Great Western Atlantic & Pacific Telegraph Boston, Hartford & Erie Burlington & Missouri River in Nebraska Burlington & Southwestern Central Branch Union Pacific Chicago & Alton Chicago, Burlington & Quincy Chicago, Milwaukee & St. Paul Chicago & Northwestern Chicago, Rock Island & Pacific Chicago, St. Paul & Kansas City Columbus, Chicago & Indiana Central Cleveland, Cincinnati, Chicago & Indianapolis Delaware, Lackawanna & Western Denver & Rio Grande Denver, South Park & Pacific Gulf, Colorado & Santa Fe Hannibal & St. Joseph Houston & Texas Central International Great Northern Kansas City, St. Joseph & Council Bluffs Lake Shore & Michigan Southern Manhattan Elevated Metropolitan Elevated Michigan Southern & Northern Indiana Missouri, Iowa & Nebraska Missouri, Kansas & Texas

American Union Atchison Atlantic Atlantic & Pacific Boston B. & M. B.S.W. Central Branch Alton Burlington St. Paul Northwestern Rock Island Stickney Road Indiana Central Bee Line Lackawanna Denver South Park Gulf Hannibal Houston International Council Bluffs Lake Shore Manhattan Metropolitan Michigan Southern Iowa Kansas & Texas 9

10

Index to Abbreviations of NAME OF COMPANY

Mutual Union Telegraph New York, Chicago & St. Louis New York Elevated New York & Harlem New York & New England New York, New Haven & Hartford Pacific Mail Steamship Philadelphia & Reading Philadelphia, Wilmington & Baltimore Pittsburgh, Fort Wayne & Chicago Postal Telegraph Quincy, Missouri & Pacific St. Louis, Fort Scott & Wichita St. Louis, Iron Mountain & Southern St. Louis, Kansas City & Northern St. Louis & San Francisco Toledo, Peoria & Warsaw Western Union Telegraph

Companies

ABBREVIATION Mutual Union Nickel Plate New York Harlem New England New Haven Pacific Mail Reading Wilmington Fort Wayne Postal Quincy Wichita Iron Mountain Kansas City Frisco Peoria Western Union

The Wabash, Erie, Pennsylvania, New York Central, and Delaware & Hudson, will be used at all times to identify these properties. The names of these railroads changed from time to time; but they were sufficiently well known by these names to justify their use.

Bibliographical Note 1. Am. R. R. Journal (American Railroad Journal). In the sixties and seventies this source made available a large number of annual railroad reports and of other documents pertaining to the railroad industry. 2. Burlington archives. The records of the Chicago, Burlington & Quincy Railroad throughout the period under consideration in this volume are deposited with the Newberry Library in Chicago, Illinois. They are a significant and valuable source of study, not only for American railroad historians, but also for students of American history in a variety of aspects. These papers reflect far more than the views, actions, and policies of an individual businessman—a description which characterizes most of the collections of business papers. In the Burlington archives are found the expression of conflicting views of officials of the Burlington and of many other railroads, some of them friendly and some unfriendly to the Burlington. Furthermore, these views are not screened, as are those normally presented before public investigating bodies. These papers reflect the hurried business judgments composed under the anvil of red-hot necessity, as well as the calm and deliberate judgments slowly matured over the course of years. They reflect, furthermore, no censorship or selection of material in such a way as to disclose favorable, and to eliminate or minimize unfavorable, conclusions. The dynamic aspects of a large and growing American business enterprise are presented in this unique collection of business documents. 3. Chron. (Commercial and Financial Chronicle). This weekly publication beginning in 1865 reflected the opinions of the financial community. Its editorials were frequently critical of the policies of particular railroad managements. There were from time to time, particularly in the late seventies and in the eighties, detailed studies of individual railroads, with emphasis on earning power and financial strength and financial weakness. Beginning in the late seventies, the Chronicle made available, more than any single source, the full, and in some cases only a 11

12

Bibliographical Note

slightly abridged text of, railroad annual reports, as well as many other significant documents such as reorganization plans and reports of investigating committees. 4. Dodge papers. The papers of General Grenville M. Dodge are deposited with the Iowa State Historical Society in Des Moines, Iowa. Though they are not fruitful with respect to the business career of Gould, they do throw considerable light on the building program of the Texas & Pacific in the middle seventies; on the expansion of the Mexican railroads through the use of American capital; and on the strategic problems of the Union Pacific in the latter years of the administration of Charles Francis Adams, Jr. 5. The Minutes of the board of directors and of the executive committee of the Erie were examined in the offices of that railroad in Cleveland, Ohio. 6. H.V.P. This refers to the papers of Henry Villard deposited in the Houghton Library of Harvard University. These papers throw light on many of the business activities of Villard. They disclose in detail the conflict over control of the Kansas Pacific (1875 to 1879) between Villard and Gould. The papers also illustrate the way in which large amounts of foreign funds were attracted to the American railway industry through the initiative of American promoters and investment bankers. Also illustrated is the combination of investment and speculative motives that characterized the raising of funds for a growing industry in a dynamic economy. 7. Herapath's Ry. Journal. Herapath's Railway Journal is an English periodical devoted largely to the affairs of the British railroads. Because of the investments made by English investors in American railroads, the coverage also includes numerous American railroads. Aside from a number of documents made available from this source, the Journal is valuable because of the almost continuous optimism expressed over the future of American railroads. The analysis of financial prospects is on the whole superficial and reflects the kind of reasoning usually found in stock brokers' letters. 8. Joy papers. The papers of James Frederick Joy are deposited in the Burton Historical Collection in the Detroit Public Library, Detroit, Michigan. Particularly significant in the study of

Bibliographical Note

13

Gould's career are the letters concerning the progress of the Wabash in its expansion stage in the Detroit area in 1879 and 1880. Significant also are the activities of Joy arising out of the reorganization of the Wabash in the middle eighties. Of interest also to the railroad historian are the numerous papers bearing upon the negotiations between Joy as the head of the Michigan Central and T. A. Scott and W . H. Vanderbilt of the Pennsylvania and the New York Central, respectively, in the early and middle seventies. 9. M.M. These are the letters between Collis P. Huntington, Charles Crocker, Leland Stanford, Mark Hopkins, and David D. Colton, deposited in the Library of the Mariner's Museum in Newport News, Virginia. These letters bear upon Gould partly in the relationship between Gould and Huntington in the middle seventies and again in 1881. In the early period Huntington's opinion of Gould and the references to the business conflicts between the Central Pacific and the Union Pacific are of value; and in the latter period, the letters between Huntington and Crocker reveal their determination to thwart Gould's ambitions to invade the Pacific Coast. Aside from the references to Gould, these letters are of value in tracing the unique methods used by Huntington in financing the Southern Pacific expansion program in the middle seventies, the Central Pacific's critical financial problems in 1872 and 1873, and the subsequent growth of the Southern Pacific's system between late 1878 and the early eighties. 10. Northwestern archives. A collection of letters in the seventies and eighties were found in the accounting offices of the Chicago & Northwestern in Chicago, Illinois. They reflect, though on a minor scale, many pressing business problems in the process of their formulation. They reflect also the opinion conservative businessmen held of Gould whom they considered primarily a speculator and stock trader. Probably through some oversight these letters were later destroyed. This author has photographic reproductions of some letters and typewritten copies of many others. 11. R.R. Gaz. The Railroad Gazette represents probably the most complete coverage of the affairs of the railroad industry in the seventies and eighties and in the early nineties. This is the

14

Bibliographical Note

period covered by this study. Its discussions of the traffic problems of American railroads are the best available in secondary sources. Many of its editorial analyses cast interesting lights on significant phases of American railroad development. Its obituary notices on American railroad leaders are also valuable. 12. Ry. Review. The Railway Review was published in Chicago. Its discussions of the affairs of western railroads were frequently illuminating. The journal's value in reflecting western railroad affairs increased with the passage of time. The coverage was more complete in the eighties than in the seventies. 13. Ry. World. The Railway World began its publication in 1875. It was a successor to the United States Railroad & Mining Register. The Railway World in its earlier years supported the views of the Pennsylvania Railroad and of its President, T. A. Scott, especially in the Huntington-Scott struggle over the Southern 32nd Parallel Transcontinental Route in the seventies. During the eighties little is found in the Railway World that is not covered in the Railroad Gazette. 14. Union Pacific Historical Museum. Papers of the Union Pacific are deposited in the Omaha offices of that road. They have not, however, been made available for public examination. Mr. Paul Rigdon of that road sent the author a number of these letters bearing on Gould. The author expresses his appreciation of this courtesy. These letters are footnoted as "Union Pacific Historical Museum." 15. The United States Railroad & Mining Register was ably edited. Its contributions and opinions were valuable in the late sixties and the early seventies. The paper suspended publication in 1875. Other sources used are newspapers in New York, Philadelphia, Chicago, and Boston, and a number of periodicals. These are footnoted. The most valuable of these periodicals is Bradstreet's, which began publication in 1879. A number of Congressional documents were useful, and these, too, are all footnoted.

Contents Preface

7

Index to Abbreviations of Companies Bibliographical Note i

Introduction

n

The Pre-Gould Erie

9

11

19 27

HI Gould Acquires the Erie

38

iv

Gould Expands the Erie

56

v

Gould Manages the Erie

71

vi

Gould Leaves the Erie

93

vn

Gould Acquires the Union Pacific

vin

Gould Utilizes the Union Pacific

131

ix

Gould Merges the Union Pacific

165

x

Gould Acquires the Wabash

xi

Gould Tempts W . H. Vanderbilt

xn

Gould Battles C. E. Perkins

112

189 209 225

xra

Gould Moves into the Southwest

252

xiv

Gould Acquires the Western Union

269

xv

Gould Acquires the Manhattan Elevated

xvi

Gould Creates Empire—East

xvii

Gould Creates Empire—West

KVIII

W . H. Vanderbilt Takes the Offensive

xix

Gould Fights the Burlington

xx

Gould Holds in the Southwest

xxi

Gould's Empire Crumbles

XXII

Gould's Empire Reorganized

317 338 378 395 411 427

357

i6

Contents

xxm

Gould Monopolizes Western Union

xxiv

Gould Trades: To 1884

xxv

Gould Trades: September 1884-1886

xxvi

Gould Expands in Kansas and Colorado

xxvii

Gould Contracts and Expands in the Southwest

xxviii

Gould Experiments

xxx

Conclusion

Index

479 501 516

534

Gould Stabilizes Rates

xxix

448

554 572

595

611

MAPS Erie Railroad, 1868-1872—Competitors and Connections

Page 68

Union Pacific, 1873-1880—Competitors, Connections, and Extensions

Facing page 186

The Wabash (C. E. Perkins and W . H. Vanderbilt), 1879-1881

Page 206

Gould and the Chicago, Burlington & Quincy, 1881-1885

Facing page 248

Gould's Southwestern System, 1879-1881

Facing page 266

Empire East, 1882

Facing page 336

Empire West, 1882

Facing page 354

Gould and W . H. Vanderbilt, 1882-1885 Gould in Kansas, Colorado, and the Southwest, 1885-1889

Facing page 374 Facing page 530

JAY GOULD His Business Career 1867-1892

CHAPTER I

T

Introduction

JLHE bustling little town of Roxbury, N e w York, produced in the year 1836 a man who was to disturb the economic theories of this country, and to die, at the age of fifty-six, the possessor of one of the greatest single American fortunes. T h e youngest of six children, five of whom were girls, he was always soft-spoken, small, and frail. He had one wife, and two daughters, and four sons. There was no whisper of scandal about his private life. Although he loved fine houses, steam yachts, flowers, and formal gardens, he worked twelve, fourteen, sixteen hours a day and had few diversions. How could he have diversions? Once he went to Amsterdam to confer with Dutch bankers and investors. It took him an hour to conclude his business conference; in another hour he was back on his ship, impatient to get home to his family and to more complicated affairs. Jay Gould, born Jayson, will always be a subject of controversy. Gould has been accused of betraying his friends, but he lived in an age when this was not uncommon. Daniel Drew and Jubilee Jim Fisk might easily have been in the penitentiaries to which some of Gould's friends did go, and to which some of his enemies gaily would have consigned him. O n the other hand, he did keep many stanch friends. John Pierpont Morgan, with grim humor, called his (Morgan's) yacht T h e Corsair. Gould indulged in no such histrionics. W h e n he testified, indeed, before a Senate Committee in 1883, he had to be urged to keep up his voice, for he could not be heard. It will of course be obvious to any careful or even desultory reader that the ethical standards of his time, the business practices, would today scarcely be tolerated. Gould used every stockrigging device then known, and some he originated or at least improved. Although the convertible bond and the proxy to conJ9

20

J ay Gould

trol companies were by no means unfamiliar, Gould could use them as a dentist uses a drill, or as a butcher uses a cleaver. The story of the Erie is so well known that the writer hesitates to include it. Yet the Erie was one of his failures. But he was young then, and perhaps he was associating with inferiors. Inferiors? He battled the Vanderbilts and C. P. Huntington and Charles Francis Adams, Jr. He controlled the telegraph business and the Manhattan Elevated, and he tried to corner gold, and came close to doing it. Gould was one of the first to recognize the power of that valuable house organ, the daily newspaper, He owned one, and controlled the financial and editorial pages of others. Gould was born poor; his father was a respectable failure, but he rarely lacked money from the day he was seventeen. He was a surveyor, as Washington was, and a self-taught one, as Washington was not. He was not at all above making surveys of New York counties which would list the properties of those who could be useful to him, or of writing to newspapers which could help him and buying half a dozen subscriptions. There were financial transactions in his early life, when he was in the leather business, which seem dubious and to need explanation. One man shot himself in consequence of one of them. It may not have been Gould's doing; at all events he seems to have emerged from the debacle of a bad leather market with a substantial stake, and a thirst for greater enterprises. His life was a progression. He began as a speculator, a stockmarket manipulator. At the end, he was building railroads, not with a printing press but with steel, and seeing himself, as perhaps essentially he was, not a pirate, not as a conniving president selling his own stock short, not as a man who was running a road into the ground, in defiance of the bondholders, but as a builder of roads. "I am not interested in eastern roads," he said, once. "I am interested only in roads to the West—I am interested in Mexico." Gould was scarcely more than five feet tall, with a predisposition to both neuralgia and tuberculosis. How interesting it might have been to see him, had he lived but a little longer, slipping gracefully away from that awkward behemoth, the Sherman AntiTrust Law, yes, and engaging the great Morgan with his net and

Introduction

21

trident. The man who loved flowers, who was all his life the close friend of John Burroughs, the man who lived sedately and without much ostentation, and who had the adroitness, the ruthlessness and the splendid courage of the mongoose or the trapped tiger—this was Gould. He was trapped many times. His was no unbroken record of success. His failures were many but when he gasped out his life at last with his children around him, he could laugh at his enemies and perhaps at the gathering shadows, for he had achieved the success which apparently was his goal. In considering Gould, it may first be useful to think of the time in which he lived. It was an age of individual enterprise. There was little government interference. Business ability had a chance. The local bank was ready to lend funds. A supply of labor was available. The essential thing, was to keep costs low. The first to reduce costs was the successful man. There was Andrew Carnegie in steel, John D. Rockefeller in oil refining, Ogden Armour in meat-packing. In the railroad business there was James J. Hill, Albert Keep, C. E . Perkins, J. E . Thompson. These men made quick deliveries, sold dependable products, carried out their contracts—and reduced costs. These things were not always enough. Open-mindedness and constructive imagination were necessary, too. There was George Westinghouse, who was not merely a great inventor but also a clever businessman, though not a good financier. Carnegie was no inventor, but he knew an inventor when he saw one, and hired him. The merchandising faculty was also important. James B. Duke had this, and Rockefeller had it, and Marshall Field and Julius Rosenwald. In none of these fields did Gould show any particular ability. The Manhattan Elevated was not well run. The service on his railroad systems was poor. He was no innovator, no quick adopter of new ideas. He was of no help in developing the telegraph except for eliminating competitors—and after he had done that, improvements were fewer still. Merchandising? There was no need to increase the demand for railway service. People were clamoring for it. What did the man have, then? T o understand his work, it is necessary to sketch briefly the evolution of American business. In the beginning, normally, every enterprise was a means of ex-

22

Jay Gould

ploiting a local opportunity. Rockefeller opened a small refinery in Cleveland. Carnegie sold axles and forgings and fittings and bridge sections in western Pennsylvania. Even the Central Pacific was organized to do a local business between California and the silver country in Nevada. These small local companies grew largely by consolidation. A t times this was the result of coercion; often it was the agreement of reasonable men. W h e n a company had many stockholders, the task was difficult. A first-mortgage bondholder, for instance, might have his own view of his own interests, and the second and third bondholders quite another. T h e interests of stockholders and bondholders might readily be at variance. A small decline might easily eliminate the stockholders' interest. It was not an easy task to buy control of a heavily bonded company with a widely scattered army of security holders. If the company to be acquired had defaulted in its interest, the question presented was whether control should be acquired through the purchase of bonds or stock. In the years after 1865, when precedents had not been established, the rights of stockholders as compared with those of bondholders were not thoroughly known. Suppose the businessman had solved the question of reasonable price: he then had to take into account the question of timing, for the price might not last for long. Surprisingly enough, there is little discussion of this problem in economic literature. Gould's abilities lay largely in the field of corporate negotiation and security trading. A t the age of thirty-one, in the fall of 1867, he went on the Erie board. W i t h i n less than six months he became both a corporate manager and a stock trader. Sometimes his interests in a corporation were primary; often his stockmarket interests were primary, and he used his position on the board to further his stock speculations. In still other cases, he had a continuous interest in both his capacities. Strictly speaking, he was not a good corporate manager. It was not until late in his career that he made any serious efforts to manage a property. After a short term as president of the Erie, he decided that he was not fit for such an office. After this, he accepted executive positions only temporarily, and usually because of financial necessity. In 1882, for example, he took over

Introduction

23

the presidency of the Wabash. On the other hand, he declined to become president of the Union Pacific, and he would not undertake the nominal management of his three major telegraph properties: the Atlantic and Pacific, the American Union, and the Western Union. His great strength was in detecting opportunities to seize control and in his ability to maintain it. If this control led to a rapid rise in security values, frequently he sold out. The sale of his holdings did not necessarily mean the loss of control. He sold most of his Union Pacific stock by January of 1881, but he remained in control for another three and a half years. In 1882 he sold most of his stock in the Missouri, Kansas and Texas, although through a lease he dominated the destinies of that road for another six and a half years. He was forced into the stock market, or perhaps it is more accurate to say that his earliest interest was the market, and this led him to corporate acquisition and expansion. His knowledge was profound. There is nothing in his environment, his education or his early training that explains this. Nobody knows how he may have learned it. Quiet, soft of speech, he was a secretive man. There were no public agencies to force him to publish any facts. There were no institutions representing security holders to compel him. There were courts and legislative bodies, of course, but these supplied relief only after the event. Judicial reviews and legislative inquiries produced a mass of facts and many curious and interesting stories. They rarely stopped the aggressions of an active businessman, and they rarely provided redress for the injured. When Gould's activities brought him into public notice in the fall of 1867, he was already a master in the intricate field of corporation finance. He was only thirty-one, but he knew a great many devices, a great many methods of manipulation. He had mastered the complexities of the new banking system; he understood the still greater complexities of the depreciated currency and the gold market. He knew all this so well that he undertook to do what nobody else had done: virtually to produce a scarcity of gold. This meant the withdrawal of currency, deflation of purchasing power, the bankruptcy of traders and merchants, and general economic disruption. All this Gould accomplished.

24

/ay Gould

In addition, he suddenly appeared as a master in the field of corporate expansion. He made a thorough examination of the intricate relations between the eastern trunk lines and their western connections. He must have consulted widely with many men, since he could not have found an answer in any published source. ' Operating in his twin fields, corporate relationships and security manipulations, Gould displayed a streak of objectivity, of cold-bloodedness, of lack of emotion. Personal scruples seem to have been lacking in him. If a thing had to be done, it was done. There were legislators and judges to be bribed and bought. Gould outbid Vanderbilt. The same objectivity was carried out in his personal relationships. He picked his associates carefully. When an ally no longer suited his needs, he dropped him—but he picked up many a former foe. Thus Richard Schell and H. F. Clark, who had opposed him in the Erie imbroglio in 1868, became his fast friends. An example of even greater significance was Russell Sage, who was his foe and afterwards his steadfast business friend. Gould could strike back at any time. He was patient, he was eventempered, he was cool and calculating—and he picked his time to strike. In dealing with opponents, he honored only the letter of the contract and whenever possible he avoided contractual relations. • To his loyal followers, however, he was a man of his word. He never flinched from carrying out a promise. Even at the cost of heavy personal sacrifice, he would do this. "I never was with a more reliable and more considerate man than Jay Gould," 1 said a great railroad builder, General G. M. Dodge. Many others testified in a similar way. W . E. Connor, the stockbroker who in 1884 stanchly protected Gould's weakening speculative position, looked up to Gould as to one of the most loyal persons he had ever met. Sage could not praise Gould enough for his steadfast loyalty. Sidney Dillon, his associate in the Union Pacific from 1874 to 1884 and again in 1890 and 1891, was another Gould admirer. His operating chiefs: A. L. Hopkins, Solon Humphreys and others, repeatedly expressed their affection for him. E. H. Nichols,-a railroad man who negotiated with Gould in several western railroad transactions, told a government investi-

Introduction

25

gating committee: " I never knew Mr. Gould to put his finger to anything that was not straight." 2 Isaac Jones Wistar, a distinguished and public-spirited citizen of Philadelphia, declared that Gould was "staunch and true." 3 In every period of market reversal, when he was long of the market with securities bought on borrowed funds, Gould might sell, although he himself had recently recommended such purchases. He switched his trading position frequently. As a controller of a corporation, he would be on both sides of the market. In combination with other traders, with whom he formed market pools, he took trading positions which were tenable only because of his superior knowledge as a member of the board. T o many, such transactions were utterly reprehensible. J. M . Forbes, a typical New England businessman and capitalist, characterized Gould as a "raider by profession." 4 Gould, nevertheless, was not a successful stock trader. What he gained by sharp practice, he frequently lost in a general smash. His thorough knowledge of the art and practice of corporation finance did not make him popular. He was forever examining charters and leases and mortgages and bonds. He looked constantly for weak spots; he found them, and thus often acquired control. The subsequent rises in price would bring forth an army of enraged former security holders. Then he would sell out at the higher prices, and again they would be enraged. In short, he carried over into the field of corporate management the art and principle of security trading. An investor or speculator may admire a shrewd trader. When such a trader is also a director of a corporation, the holder of securities may well regard him somewhat differently. Strange as it may seem, many of Gould's financial schemes were sound. He was an advanced thinker in the field of corporate finance, and he set precedents which were later followed by investment bankers and by state and federal legislators. On the other hand, many of the things which Gould did can no longer be done. In the uncontrolled economy of his day he was a leader. He introduced many methods which now are disapproved. The railroad mortgages of the middle nineties contained many clauses designed to prevent some things which he

Jay Gould

26

had done; so do the state regulatory acts, and the Transportation Act of 1920. As a trader he was not too successful. Although not a business manager, most of his personal fortune came from two large properties which he controlled and supervised: the Western Union and the Manhattan Elevated. He was successful as the operator of only a single railroad: the Missouri Pacific, over which he exercised an intimate supervision. In the following pages an effort is made to trace the career of this leading trader, businessman, and capitalist in an era of unregulated business competition. NOTES FOR CHAPTER

I

1. J . R . Perkins, Trails, Rails and W a r , 2 6 3 2. United States Pacific Railway Commission, Testimony, Executive Document N o . 5 1 , Senate, 50th Congress, xst Session, 1 8 8 7 , 4 1 2 1 , E . H . Nichols. 3. Isaac Jones Wistar, Autobiography, 4 9 5 , Harper & Bros., N e w York, 1 9 3 7 . 4. Burlington archives, J. M . Forbes to Simpson, May 29, 1 8 7 8 .

CHAPTER II

The Pre-Gould Erie I N OCTOBER, 1867, press dispatches carried the news that Jay Gould had been elected a member of the Erie board of directors. Gould was just past thirty-one, unknown in financial and business circles. However, his election was the beginning of a career that for a quarter of a century repeatedly stirred, stormed and shocked the financial and business world. The Erie in 1867 was in a difficult strategic and financial situation. Its position was the outgrowth of fifteen years of evolution. The road was conceived as an ocean-to-the-Lakes carrier for the purpose of meeting the market needs of New York City and southern New York State. In this lay both strength and weakness. The state had advanced the road $3,000,000, but by the middle forties this investment was lost. With the further aid of public credit and wide use of private credit, the line was completed to Lake Erie at Dunkirk in the summer of 1 8 5 1 . N o railroad up to that time had been built on such a comprehensive scale. Because of political considerations, however, the road was not built in accordance with strategic requirements. Since the Erie was the recipient of public aid from the State of New York, it was considered necessary so far as possible to confine its lines within the state. Despite the existence of sources of valuable traffic in the northern part of Pennsylvania, the Erie as originally constructed closely hugged the southern boundary of New York. Due also to the interplay of local political forces, the line at its western terminus did not reach the important traffic gateways of Erie and Buffalo but only the then relatively unimportant community of Dunkirk. Neither did it reach other important lake outlets. " T h e truth is," said a leading railroad journal of the day, "the moment the Erie Company [was] out of New York, it [was] out of doors." 1 Finally, the route in southern New York, selected partly because of local political influences, gave the Erie poor 27

28

Jay Gould

grades and made it for many years "an expensive line to work." 2 The road, nevertheless, had excellent traffic possibilities. In November, 1853, just as its first major problems as a completed railroad were becoming critical, the board of directors issued a reassuring communication to the stockholders. The Erie, according to the management, had no competing water lines for the greater portion of its business. Its resources were "largely increased by the contributions of many tributary roads, which, like the country it penetrates, have had no other direct outlet to market, and it lies in the direct line of the greatest trade and travel which exists on the continent, with its terminus at the focus of that trade." 3 Stressing the Erie's location, the circular pointed out that the lateral tributary roads, except for the three most eastwardly ones, converged from north or south toward the Erie and had no other outlet. Short of the construction of a parallel road, a probability which was "nearly or quite impracticable," there could be no diversion of the business which these tributaries would throw to the Erie. The Erie, concluded the management in a peroration, must receive the business of all lines "without fear of diversion or competition," thus giving stockholders "a guarantee that they will receive an early and ample remuneration for their investment." 4 These flattering possibilities contained some truth. The lateral roads were there, the traffic was there and constantly increasing, and there were no other through lines from lake to ocean. The New York Central from Albany to Buffalo was then in process of organization and its future could not be foreseen. The Erie's possibilities were, however, immediately clouded by financial mismanagement, and in 1854 Daniel Drew was appointed treasurer to succeed the much criticized incumbent. Drew was skilled in the art of handling conflicting corporate interests. Shortly after his assumption of office and in return for his endorsement of some corporate paper, he took a mortgage on all the road's property. In spite of this financial aid, the road remained on the verge of failure. In the face of the panic break of 1857, the Erie was again helpless and on September first of that year Wall Street was "in a state of delightful excitement." 5 The company needed $600,000 to pay interest on the second- and third-mortgage

The Pre-Gould Erie

29

bonds. With the road's mortgage still in his possession, Drew, had he so desired, could have taken possession of the Erie. In spite of liberal terms, the road could make no further loans from individuals, and only at the last moment was it able to secure the help it needed from the banks. The reason for Drew's forbearance was not clear, although the report that Drew had made advances to the company in exchange for a pledge of 5,000 shares of Erie stock, and that he had bought and sold, and traded the stock, affords some clue.6 A new management assumed office after the crisis of 1857. It learned that capital improvements had been financed by shortterm obligations. The road, because of the increase in business, had found it necessary to make terminal improvements; but the traffic expansion, upon which the terminal improvements were predicated, suddenly ceased late in 1857. The company again needed help, and it accordingly executed a chattel mortgage to its ever willing treasurer, Drew, to secure a six months' loan of $1,500,000. The loan, according to the newly elected president, had "completely destroyed the credit of the Company as soon as known . . . 7 and the road after meeting its September interest payments permitted its floating debt to go to protest in October. The president, who had criticized the financial practices of his predecessor, made determined attempts to solve the company's financial problems. Repeated appeals made to stockholders resulted in securing funds of less than $30,000 in the face of the liberal offer of $2,000 of fourth mortgage bonds for every $1,000 advanced. The floating debt was somewhat reduced, though Drew's hold on the Erie, through his possession of a chattel mortgage, was not removed. In violation of a provision of this loan, Drew, acting prematurely, initiated receivership proceedings in the late summer of 18 59.a The Erie reorganization of January, 1862, was careful of the rights of security holders. The financial structure, which had caused so much trouble, remained substantially untouched. The unsecured bonds, together with the accrued unpaid interest, were converted into preferred stock, and the property was left with a funded debt of almost $20,000,000, common stock of more than $11,000,000, and a new preferred stock of $8,536,000. In the fol-

30

Jay Gould

lowing two years, partly because of war inflation, the road prospered. In the spring of 1864 the able war-time president, Nathaniel Marsh, died. During his administration, the road's traffic had been tripled; a new short line to Buffalo had been acquired; the valuable Long Dock property had been completed; an entrance to the Pennsylvania coal fields had been secured; the floating debt had been paid; and the mortgage debt reduced by several millions of dollars.9 Marsh had done his work well. Even now with the passage of time, it is difficult to judge how much of the road's prosperity was permanent, and how much the effect of temporary conditions. In part it came from war-time forces. The rate-cutting wars which had demoralized trunk-line earnings between 1857 and i860 had ceased, only to be renewed after the war on a larger scale. Another contributing though temporary factor was the heavy flow of eastbound oil traffic from the newly discovered oil regions in Pennsylvania. The oil traffic first began to affect the Erie's earnings in 1862. Although the Erie did not touch the oil fields, it did connect with the newly completed Atlantic & Great Western Railway, 10 a property that was destined to exert a far-reaching influence upon the fortunes of the Erie, the New York Central, and the Pennsylvania, and which for the next three years loomed up on the railroad horizon as one of its most brilliant constellations. When oil was discovered in Pennsylvania in 1859, the eastern roads had no wholly owned or controlled connections to the west beyond Buffalo and Pittsburgh. Of the three major eastern lines, only the Pennsylvania had taken steps to expand west. Though it recognized the importance of western outlets, it nevertheless hesitated to assume major financial responsibilities in acquiring such outlets. Through its president, J. Edgar Thomson, it had succeeded in extricating one of these western lines controlling a route to Chicago from a serious financial embarrassment. The Pennsylvania guided the road—the Pittsburgh, Fort Wayne & Chicago n—through receivership, but later sold the shares it had acquired in the reorganization. Another route to Chicago lay on the southern shore of Lake Erie from Buffalo to Chicago, and was controlled by a number of companies. Despite the discovery of oil and the resultant increase in traffic,

The Pie-Gould Erie little construction by the eastern trunk lines followed. The decline in business after the panic of 1857 destroyed more traffic than the discovery of oil created. When military hostilities ushered in an extraordinary business expansion, little railroad building took place. Prices of materials were high and the supply of labor diminished by war-time enlistment and the diversion to military production. One major route, however, was built: it served the Pennsylvania oil region. Promoters had long been at work on an interior route from southwestern New York across northwestern Pennsylvania to the Lakes. By further building and by connections with other roads, a new through route with the Mississippi and Ohio Valleys could thus be established. This route, penetrating the Pennsylvania oil fields, was completed by James McHenry, a successful English businessman and promoter, through the building of the Atlantic. Soon after its completion the road entered into a five-year traffic contract with the Erie. The new road because of its large oil traffic was immediately profitable, and its oil business was a major factor in fattening the earnings of the Erie from 1862 to 1865. In addition to the oil traffic, the Atlantic's strategic location brought the business of many other connections to the Erie. The Atlantic in 1865 was thus a segment of a route reaching Cincinnati and St. Louis, with connections to Cleveland, Toledo and Erie. It also controlled most of the country's oil traffic. Little wonder then that observers were hopeful for its future. In view of its contract with the Erie, neither is it to be wondered that the optimism extended to that road. The Atlantic's connection was indeed of the highest importance to the Erie, and Marsh, president of the latter, did not overlook its probable value. Besides contracting to pay the new line a bonus for eastbound traffic, he also made arrangements just prior to his death to procure a large increase in the supply of rolling stock in order to take care of future growth. An agreement was reached—whether by Marsh or his successor on behalf of the Erie is not clear—to supply the Atlantic with $5,000,000 of rolling-stock. The first published reference made to this contract appeared in a prospectus of the Atlantic's second-mortgage bonds, issued in London in the fall of 1864. 12 Early in the follow-

32

/ay Gould

ing year the London directors of the road listened to a report from an American representative, to the effect that the Erie was fulfilling its promise to supply rolling stock in accordance with the contract. 13 T o carry out this agreement, the Erie was again obliged to borrow, and by 1866 it was indebted to Drew for almost $2,000,000, the loan being secured by 28,000 shares of Erie. The Erie's floating debt now totaled $3,624,000. Informed observers were unable to understand why the Erie could not manage its affairs without continuous borrowings. When, in the fall of 1865, for example, a report spread that the Erie had made a loan of several millions abroad to pay a debt to an unnamed person (probably Drew), surprise was expressed. "It is really remarkable," declared a railroad periodical, "that this road [referring to the Erie], doubled in value by its connection with the Atlantic & Great Western, should flounder around as it does notwithstanding its enormous receipts." 14 A break in the friendly relations with the Erie soon led the Atlantic to decide on a plan of construction and acquisition for creating a rival route to the seaboard. The London financial crisis of 1866 blocked its plans and left the road with a dangerously high floating debt. In the midst of these financial reverses, the Atlantic was suddenly confronted by a new problem. Its most important business—oil—was threatened by railroad competition, and its monopoly of the traffic was soon lost. By the summer of 1866 the Pennsylvania Railroad had finished its connection via a controlled line, the Philadelphia & Erie, to Oil City. This new route from the oil regions to New York City was shorter than the Atlantic-Erie route. In order to hold the business against this powerful competition, the Atlantic began a program of ratecutting, thus initiating the policy which had such far-reaching effects a few years later on the growth of the Standard Oil Company. The cuts were reflected in a drop in the average rate per ton on the Atlantic from $3.70 in 1865, to $2.87 in 1866. Despite the fact that the tonnage increased almost 50 per cent, its earnings showed heavy declines. 15 The cutting of rates on oil traffic continued in 1867. In the fall of that year competition between the Atlantic and the Pennsylvania's line in the oil region broke

The Pre-Gould Erie

33

rates from $2.60 to $1.44 per barrel, although later in the year the rates were increased.16 Similarly on the Erie the deflation of 1866, accompanied by sharp rate cuts in the first six months of the year, produced reversals in earnings. The road nevertheless, according to the president, was never in better condition to transact any business offered.17 The investors, however, were not so well pleased. "It cannot be disguised," wrote one observer, "that very great uneasiness prevails in interested circles with regard to the condition of this road." 18 The business decline in 1866, together with heavy fixed charges that had been incurred to buy the new equipment for which there was now little use, as well as the poor physical condition of the roadbed, served to increase expenses in the face of a decline in gross. The company's floating debt again increased and in May, 1866, approximated $3,500,000. The Erie's finances were going from bad to worse. The company did not have funds to pay its employees, and its commercial paper was about to go to protest. While the Erie was floundering in a mass of floating obligations, accumulated in consequence of its western connections, it was also preparing the way for further financial problems because of its eastern connections. The Erie had no controlled rail outlet to New England, the traffic from southern New England, the most populous part of the area, moving to New York City over the New York & New Haven.19 In November, 1865, a corporation interested in the building of a line west to the Hudson River—the Boston, Hartford & Erie 20—asked the Erie for help. Here was an opportunity for the Erie. A New England extension opened up the possibility of a large anthracite movement from northwestern Pennsylvania. However, there was also a risk. The Erie's financial obligations were heavy and additional commitments could not be lightly undertaken. For more than a year nothing was done. The Boston meanwhile applied for aid also from two anthracite producing companies, though this request proved similarly unavailing. It was not until the spring of 1867 that the Boston obtained help. An understanding was finally reached that if the State of Massachusetts lent $3,000,000 in State scrip, the Erie arid the coal companies would supply $6,000,ooo.21

34

/ay Gould

The coal companies for some unexplained reason were not willing to extend aid to the Boston. In April, 1867, a law was passed providing for a loan of $3,000,000 scrip secured by $4,000,000 of the Boston's bonds. Shortly after the passage of the law John S. Eldridge, president of the Boston, appeared before the Erie's executive committee with a proposal for an Erie guarantee of $6,000,000 of the Boston's bonds. The Erie management was cautious and was not prepared to plunge; there were advantages and disadvantages. On the favorable side the completed route which would probably give the Erie an annual gross of $2,000,000 was described as most direct, with but few short curves and steep grades. Between the Hudson River and Boston it would cross eleven railroads, thus facilitating the delivery of freight received from the Erie; while it would also bring much western trade to Boston and divert it from the route through New York harbor. Anthracite coal would be carried by a short non-congested rail route, as compared with the relatively circuitous route via Philadelphia and steamship beyond. 22 There were also disadvantages. The cost of any project, no matter how attractive, may be excessive, and such was the case, not only with the Atlantic, but also with the Boston. T o the north of the proposed line was the well-established Boston & Albany, connecting with the prosperous New York Central; the former, with more than half its line double-tracked, with superior buildings and depots, and with a line fully equipped, costing $17,000,000 compared with the proposed capital liability of $40,000,000, split evenly between stocks and bonds, for the Boston. 23 In view of these conflicting considerations, the Erie's executive committee hesitated. It was prepared to recommend to the board that the Erie should guarantee $140,000 annually on the Boston's bonds for 1867 and also for 1868; subject, however, to numerous provisos: the Boston must sell enough bonds to finish the line to the Hudson River; it must make satisfactory arrangements to pay interest on the bonds until the road was finished; it must set aside enough of its gross revenue to meet the Erie's guarantee, and it must permit the Erie to fix rates and fares on interchange business and on coal traffic moving east from the Hudson River. 24 Eldridge, in order to force the hand of the Erie and to compel it to come more actively to the support of the Boston, accord-

The Pie-Gould Erie

35

ingly decided to buy Erie stock and get control. The picture was complicated. Cornelius Vanderbilt, who by this time had almost completed his control of the railroad triumvirate consisting of the New York & Harlem,25 the Hudson River, and the New York Central, had bought heavily into the Erie. Control of that road would give him a monopoly of all railroad trunk lines entering New York City from the west. Vanderbilt, therefore, conducted a campaign for proxies, and Eldridge joined up with Drew to conduct a rival proxy fight. The Eldridge agent, however, sold out to Vanderbilt in a surprise move. Gould at the time was, like Drew, a stockbroker. Although much of the Erie stock was held in the names of stockbrokers, the actual owners were others, many of whom were residents of England. They had not transferred the stock to their names, and title was transferred from one buyer to another by power of attorney. The right to vote the stock, since title was held in the name of the broker, was the property of the latter. Although Gould, as a broker, controlled Erie proxies, he did not have enough votes to insure control; but he apparently had enough to make it worth while to Eldridge. Even though Eldridge's agent sold out to Vanderbilt, Eldridge threw his support to Gould. And so, in the midst of these complicated and conflicting cross-deals, a part of the old board of the Erie retired in October, 1867, and a new group was added. In the overturn, Drew was dropped as a member of the board, and replaced by a nonentity; but within the next few days the latter resigned from the board and Drew took his place. What persuasive arguments Drew presented to Vanderbilt to permit the change are not known. The new Erie board thus elected in the fall of 1867 was presumed to be Vanderbilt-controlled. The public eye was upon Vanderbilt and Drew—for many years, alternately, his associate, and opponent, both in the navigation, the railroad, and the stockspeculating business. Yet the financial press, the newspapers, and the railroad commentators, all relatively uninformed outsiders, were mistaken in their estimate of the controlling personalities. Drew, it is true, was preparing for a new stock-market foray similar to the one the year before in which he had made such a quick profit. Therefore in the battle of injunctions which soon followed, Vanderbilt sought to stop Drew. Vanderbilt's dangerous

36

Jay Gould

opponent was not Drew: Vanderbilt had overlooked the ingenious Gould. With all his sources of information, he was not able to detect his major foe for control of the Erie until it was too late. Gould thus came to the directorate of the Erie at a time when its major western connection, the Atlantic, had gone into receivership. To balance this loss, the Erie apparently gained a valuable ally, the Boston, on the east. The Erie's newly elected president was Eldridge, the very man who was most interested in this eastern connection; in fact his primary interest lay in that property. The finances of the Erie, furthermore, with a floating debt of $6,000,000,28 were bad. The road also was about to encounter for the first time the competition of a consolidated, singly controlled trunk line from New York City to Buffalo. The Erie's board was seemingly dominated by Vanderbilt, who also controlled the new competitive lake-to-ocean trunk line. Even though the Erie's traffic was large, its earnings were poor, and its property was in a disreputable physical condition. Though the road seemed to have an uncertain future, the Vanderbilt influence promised to enhance its value. Vanderbilt had multiplied the market price of the Hudson River and the Harlem stocks; he might do the same with Erie's. Strong cross-currents were at work, and diverse interests were endeavoring to acquire control for diverse purposes. In this competitive and speculative conflict, Gould emerged as the dominant personality.

N O T E S F O R C H A P T E R II 1. Am. R. R. Journal, June 6, 1 8 5 7 , i ^ 1 2. This was the opinion of W . H. Vanderbilt, who was in a position to know; see R. R. Gaz. Nov. 20, 1 8 7 5 , 480, citing the report of the Dundee committee on the Erie. 3. United States Economist, Dec. 3 1 , 1 8 5 3 , 198. 4. Ibid. 5. London Times, cited in Am. R. R . Journal, Oct. 10, 1 8 5 7 , 645. 6. United States Economist, April 1 1 , 1 8 5 7 , 405. 7. Am. R. R. Journal, Jan. 23, 1858, 50. 8. Ibid., Oct. 22, 1859, 680. 9. Ibid., Aug. 6, 1864, 7 7 2 . 10. Known hereafter as the Atlantic. 1 1 . Known hereafter as the Fort Wayne. 1 2 . United States R. R. & Mining Register, Nov. 5, 1864. 1 3 . Am. R. R. Journal, June 24, 1865, 605. 14. Ibid., Sept. 30, 1865, 942.

The Pie-Gould Erie

37

15. Annual report, Atlantic & Great Western, for ten months ending Oct. 3 1 , 1866, cited in ibid., June 1, 1867, 509-10. 16. State of Pennsylvania, Testimony before the General Judiciary Committee of the Senate, Charges by Railroads upon Freight and Passengers, 1867, 168, 169. 1 7 . Annual report, Erie, 1866, cited in Am. R . R . Journal, May 25, 1867, 487. 18. Am. R. R . Journal, June 9, 1866, 555. 19. Known hereafter as the New Haven. In 1870 as the result of a consolidation, the name was changed to the New York, New Haven & Hartford. This road will also be known hereafter as the New Haven. 20. Known hereafter as the Boston. 2 1 . Report on the petition of the Boston, Hartford & Erie Railroad Company by the Committee on Railways and Canals to the Legislature of Massachusetts, April 18, 1867, 19. 22. Boston Commercial Bulletin, cited in Am. R . R . Journal, Nov. 1 2 , 1864, 1090. 23. New York Tribune, cited in United States R. R. & Mining Register, Aug. 29, 1868. 24. Erie, Minutes of Executive Committee, June 3, 1867, called to consider the application of the Boston, Hartford & Erie Railroad Company to guarantee $6,000,000 of its bonds. 25. Known hereafter as the Harlem. 26. Commercial Advertiser, cited in United States R. R. & Mining Register, Oct. 1 2 , 1867.

CHAPTER III

Gould Acquires the Erie E L E C T E D to the Erie board in October, 1867, Gould seemed to have no important role. T o the public, to the railroad managers, and to speculators and investors he was unknown. Although for the previous eight years he had been a stockbroker, he had done little in the financial district to attract public attention. If he had been successful as a stock speculator, that fact could have been known only to his intimate associates. On the Erie he appeared to represent himself only.

Three groups struggled for control of the board. One was led by Eldridge, who was interested in the Erie only as a means of safeguarding his substantial investment in the Boston. Another was represented by Drew, who at that time had little Erie stock, and a third by Vanderbilt. Although Vanderbilt had been a railroad investor for more than a decade, it was only within the previous five years that he had become a railroad operator. His success in the short period was phenomenal. The Hudson River Railroad and the Harlem had been competitors. Prior to their acquisition by Vanderbilt, their properties had been in poor physical condition, and neither had an earnings record to qualify their securities as investments. By 1864 Vanderbilt, partly by a number of stock market deals, including the famous Harlem corner, had acquired control of both roads. The rise in stock values was spectacular. In 1867 he also secured control of the New York Central, operating a line from Albany to Buffalo. With these three properties under his management, he had a through line from New York City to Buffalo. He then decided to acquire the Erie and secure control of all the main lines entering New York City from the west. Vanderbilt appeared confident of his position. Since Drew owed his position on the Erie board to Vanderbilt, he was presumably his friend. There was no reason why Eldridge, as president of the Erie, should oppose 38

Gould Acquires the Erie

39

Vanderbilt. Neither did Vanderbilt recognize any danger from Gould. He knew of Gould only as a stock speculator and believed that he was on the board only to aid his speculations in Erie stock. Gould, however, unknown to Vanderbilt had already entered into close business relations with both Drew and Eldridge. With Drew he had concluded a joint trading account. And in order to increase his importance as a trader, he had also become a partner in a stock-brokerage house in which Henry N. Smith, a wealthy speculator, was the dominant personality. After Gould's entrance into this firm, its name was changed to Smith, Gould & Martin. Gould's relations with Eldridge were even closer. Although the facts are not clear, the conclusion is nevertheless suggested that Gould's purchase of Erie proxies with funds advanced by El dridge was responsible for the latter's elevation to the Erie presidency. Gould's promise to Eldridge of aid for the Boston as a consideration for Eldridge's aid to Gould was promptly carried out by the new Erie board. On October 8, the Erie executed a contract to guarantee interest of $4,000,000 on the Boston's bonds. The Boston agreed that by January, 1870, it would provide equipment sufficient to carry 300,000 tons of coal annually, and to set aside with the trustees for the bondholders revenue from the movement of coal sufficient to pay the interest on the bonds guaranteed by the Erie. 1 Within a month following the election of the new board, Vanderbilt moved to exercise the power which he thought he had over the Erie directorate. In order to avoid a rate war between the Erie and the New York Central, Vanderbilt proposed a pool. Conferences were held, but due to the objections raised by the Erie, the proposal failed. The Erie contended that in the pool the New York Central wanted too much and offered too little. Vanderbilt now perceived that he had made an error in permitting Drew to remain on the Erie board. He did not, however, see that his real opponent was not Drew but Gould. Failing to carry out his idea of a pool, Vanderbilt, resorting to the same policy which he had so successfully used with the Harlem and the Hudson River, decided to buy control of the Erie stock in

4 OO m. n 4» vnco I-H —

n.425, n.426, n.446, n.477, n.499, n.532, n.533, n - 5 5 2 ' n-553> n -57!> n.594, n -6o4, n.610 Burlington & Missouri River in Nebraska Railroad, 1 3 3 - 3 7 , 1 4 0 ' n i 6 2 , n.163, 176, 182, 225-26, 389, 391 Burlington Railroad, see Chicago, Burlington & Quincy Railroad Burlington & Southwestern Railroad, 228, 238-39, n.250 Burroughs, John, 21 Burt, Charles, n.90 Burton Historical Collection, 12

Index Butler, Indiana, 197 Butte, Montana, 342 Cable, R. R., 519, n.532, 566, 580 Cairo, Illinois, 397, 548 California, 22, 1 2 2 , 145-46, 152, 183, 185, 202, n.208, 346, 348-49, 3 5 1 , 388, 528, 534 California Central Railroad, 348 Cameron, J. S., n.250 Cammack, Addison, 4 8 1 , 483, 493 Canada, n.129 Canada Southern Railroad, 1 5 4 - 5 5 , 157, 209, 2 1 2 , 330, 367-68 Canadian Pacific Railroad, 554 Cardoza, Judge, 79 Carne, D. M., n.394 Carnegie, Andrew, 2 1 - 2 2 , 1 1 6 , 228, 2 53> 5°7> 548> 599 Carr, Robert, n.163 Cass, George W . , 62-66, n.90 Central America, 146-47 Central Branch Railroad, see Central Branch Union Pacific Railroad Central Branch Union Pacific Railroad, 1 7 6 - 7 7 , n.187, 2 3 1 , 517, 5 2 1 - 2 5 , n.604 Central of Georgia Railroad, 578 Central of New Jersey Railroad, 3 2 7 30, 354, 360-61, 369, 4 1 1 , n.606 Central Pacific Railroad, 13, 22, 1 2 4 25, 146, 1 5 1 , 178, 185, 216, 322, 346, 348-49, 380, 386, 388, 555, 564> 597 Central Railway Construction Company. 353 Central Trust Company, 453, 467, 545. 5 4 9 - 5 1 . n -553 Central Union Telegraph Company, 203 Chamberlain, Neville, 158 Chandler, Albert P., n.286 Chapters of Erie, and Other Essays, n.54, n.91 Chesapeake & Ohio Railroad, 254 Cheyenne, Wyoming, 1 3 2 - 3 3 , 1 3 9 - 4 0 Chicago, Illinois, 1 3 - 1 4 , 30, 40, 56-60, 63-66, 73, 77, 85, 1 1 5 , 1 1 7 , 1 3 3 , 135- *39> 145. *49> J 54> 1 5 9 ' l 6 7> 175, 189-93, 1 9 7 - 2 0 1 , 203, n.208, n.209, 2 1 0 - 1 2 , 214, 2 1 8 - 1 9 , 222, 225, 228, 237-39, 247-48, n.250, 252, 282, n.286, 310, 323-24, 341, 358, 364-65, 367-68, 3 7 0 - 7 1 , 376, 384-86, n.394, 397, 427, 433-35, 437, 460, 464, 504, 509, 516, 520,

613 522, 526, 528, 5 3 5 - 3 7 , 5 5 1 , 554, 556, n.570, 576, 583-84, 598 Chicago & Alton Railroad, 1 9 1 , 193, 2 1 5 , 219, n.224, 262, 382, 396, 556, 563-64, 574 Chicago, Burlington & Northern Railroad, 522, 554, 563 Chicago, Burlington & Quincy Railroad, 1 1 , 8 1 , n.90, n.91, n . 1 1 1 , 1 1 5 , 1 3 3 37, 140, 1 4 3 , 148, n.162, n.163, 166-70, 1 7 4 , 1 7 7 , 1 8 1 - 8 2 , 1 9 1 , 200, 2 1 1 , n.224, 225-49, n.249, n.250, 267, 323, n.336, 349, 378-94, 39697, 4 1 4 , 430, 453-56, n.477, 485, 490, 5 1 6 - 1 7 , 5 1 9 - 2 0 , 522-26, 528, n.532, n.533, 535, 541, 543, 548, 554» 556> 5 6 l > n -57°> 575. 579. 5 9 1 . n.594, 598, n.604; map, facing 248 Chicago & Eastern Illinois Railroad, 218 Chicago, Milwaukee & St. Paul Railroad, 160, 390, 519, 522-23, 526, 558, 566, 575-76, 579, 582, n.594, 59 8 Chicago & Northwestern Railroad, 1 3 , 105-06, 108, n . 1 1 1 , 1 1 2 , 1 1 7 , 120, 1 3 2 - 3 7 , 152, 154, 1 5 9 - 6 1 , 165-66, n.187, 1 9 1 . !95. 2 °9> z u » 216, 379. 4 1 1 , 489, 491, 519-20, 556, 564-65, n - 5 7 0 ' 575- 57 6 - 5 8z > 598 Chicago, Rock Island & Pacific Railroad, 1 3 3 - 3 7 . 1 S 2 ' *54> »5 8 "59. n i Ó 2 > n.163, 165-66, 1 9 1 , n.208, 216, 218, n.224, 226, 390, 4 1 1 , 517, 519, 5 2 2 23, 526, 529-30, n.532, 552, 554, 561, 566, 575-76, 582, 591, 598 Chicago, St. Paul & Kansas City Railroad, 556, 563, n.570 Chicago Times, n.223, n.250, n.410 Chicago Tribune, n.91, n.129, n.130, n.207, n.337, n.377, n.393, n.593, n.606 Chicago & Western Indiana Railroad, 218 China, 124, 128 Chronicle, see Commercial and Financial Chronicle Churchill, Winston, 232 Cincinnati, Ohio, 3 1 , 169, 332, 358, 360 Cincinnati Gazette, n.91 Cincinnati, Hamilton & Dayton Railroad, 474 Cincinnati, Indianapolis, St. Louis & Chicago Railroad, n.514 Clark, H. F., 24, n.90, 105-06, 108, 1 1 7 - 1 8 , 1 2 0 - 2 1 , n.129, 517

Index

6x4 Clark, S. H. H., n.162 Classification Act, 93, 95-96, 99 Clayback, John D., 310 Cleveland, Ohio, 1 2 , 22, 3 1 , 56-57, 62-63, 88, n.90, n.91, 97-98, 201, n.208, 360 Cleveland, Cincinnati, Chicago & Indianapolis Railroad, 201, n.208, 2 1 1 , 360, 370, n.377 Cleveland, Grover, 435 Cleveland Herald, n . 1 1 0 Cleveland & Mahoning Railroad, 97 Cleveland & Pittsburgh Railroad, 57, 6 1 - 6 2 , 64, 66, 74, 78, 88-89, n -9°> n.92, 96, 98, n.610 Clews, Henry, n.286, n,4io Clews (Henry) and Company, n.499 Cochran, Alexander G., n.553 Coe, George S., 460 Colfax, Schuyler, 1 3 5 , n.162 Colorado, 1 3 1 - 3 2 , 139, 142, 167, 1 6 9 2 2 70, 172, 180-83, 2 4 1 _ 4 4 > 5 > 343"44, 3 7 9 - 8 3 . 386-87, 3 9 1 - 9 2 , 5 1 6~33> 535. 537-38, 582, 591, 598 Colorado Central Railroad, 1 3 2 , 1 3 9 , 142 Colorado River, 346, 349, 380, 392 Colton, David D., 1 3 , n . 1 1 1 Columbia University, 320 Columbia Valley, 342, 378, 391 Columbus, Ohio, 57-58, 60, 66, 228 Columbus, Chicago & Indiana Central Railroad, 58-60, 62-64, n -69 Commercial Advertiser, n.37 Commercial and Financial Chronicle, 1 1 , n.54, n.55, n.70, n.90, n.91, n . 1 1 1 , n.129, n.130, n.162, n.163, n.164, n.268, n.287, n . 3 1 5 , n.337, n.355, n.376, n.410, n.425, n.446, n.447, n.477, n.478, n.514, n.533, n - 5 5 2 , n -553, n -57°> n - 5 7 1 , n -594 Commercial Cable Company, 285, 470,

475 Commercial Telegraph Company, 458— 59 Commissioner of Railroads, 466 Compagnie Français du Telegraph de Paris, n.287 Congress, see United States Congress Congressional Globe, n.54 Congressional Record, n.426 Connor, W . E., 24, 294, 299, 3 1 9 , 4 1 5 , 493, 495, 503» 508 Cooke, Jay, 1 2 0 - 2 1 , 503 Cooley, Thomas M., 436

Coolidge, T . J., 2 3 9 - 4 1 , n.250, 386, n -394 Cooper, Hewitt and Company, 85-86 Corbin, Abel R., 77-78 Corsair, 19 Council Bluffs, Iowa, 136, 142, 168, 225, 228, 2 3 1 - 3 4 , 242, 248, 382 Council Bluffs Railroad, see Kansas City, St. Joseph & Council Bluffs Railroad Cowdrey, N , A., 265-66 Cowen, J. K., n.287 Crédit Mobilier, n.129 Crocker, Charles F., 1 3 , 349, n.356, n.393, n.594 Dallas, Texas, 323, 397 Danbury, Connecticut, 334 Day, Henry, n.187 Decade of Railroad Building, A, n.187 Delaware, 1 1 8 - 1 9 Delaware Bay, 1 1 9 Delaware County, n.54, n -9°> n-9 1 » 94 Delaware & Hudson Railroad, 80 Delaware, Lackawanna & Western Railroad, 154, 2 2 1 - 2 2 , n.224, 260, 320, 3 3 1 _ 3 3 > 336> 353-54, 3 6 o " 6 2 > 364> 366-67, 370-76, 4 1 2 - 1 3 , 4 9 1 - 9 2 , 498, n.500, 502-03, 505, 507-08, 536, 599, 607-08 Denison, J. N., n.90, n.91 Denison, Texas, 543-44 Denver, Colorado, 1 1 6 - 1 7 , 1 3 2 , 138— 39, 143, 167, 170, 1 7 6 - 7 7 , 1 8 1 - 8 2 , 227, 2 4 1 , 243-48, 2 7 1 , 273, 342-43, 379-82, 386-89, 4 1 4 , 445, 485, 516, 5 2 1 - 2 4 , 527, 529, 554, 575-76, 582, 598 Denver City Railroad, 5 1 7 Denver-Denver & Rio Grande Western Railroad, 386, 388 Denver Extension, 138, 140, 143-44, 162, 1 7 0 - 7 1 , 193 Denver, Memphis & Atlantic Railroad, 527 Denver Pacific Railroad, 1 3 2 , 139, 142, 1

7 2 _ 7 3 > 1 7 8 - 7 9 . 2 34> 271> 3 00 > 4 8o > 604, n.606 Denver Railroad, see Denver & Rio Grande Railroad Denver & Rio Grande Railroad, 170, 1 7 2 - 7 5 , 180-83, 11.187, 248, 319, 3 2 3 , 343-44, 354, 378> 380-82, 38890, 392, 483, 486, 529, 565, 599, 604, 607

Index Denver, South Park & Pacific Railroad, 170, 1 7 4 - 7 5 , n.187, 343-44. Denver Tribune, n.187 Des Moines, Iowa, 12, 244, n.356 Detroit, Michigan, 13, 84, 154, 175, 1 8 9 , 1 9 6 - 9 7 , 209-14, 221, 321, 3 2 4 l6 > 33°> 358' 367—68, 371, 437, 516, 556 Detroit Public Library, 12 Devereux, J. H., 97 Dexter, Wert, n.553 Dictionary of American Biography, n.129 Dillon, Clyde and Company, 1 2 1 Dillon, John F., 272-74, 295, 297, 301-02, 320, 462, 542, 582 Dillon, Sidney, 24, 1 2 1 , 126, 1 3 5 - 3 6 , l8 140, 1 5 5 - 5 7 , *59> n - l 6 3 > W 3> 197, 2 1 3 , 221, 239, 242-43, 2 4 5 46, n.251, 261, 272, 280, 293, 299, 304, 3 1 8 - 1 9 , 328, 349, 352, 384, 408, 4 1 6 - 1 7 , 419, 422-23, 435, 480, 577-78, n.594, 603 Dimock, A. W . , 459, n.477 Direct United States Cable Company, 149, 279, 284 Dodge, Grenville M., 12, 24, 263, n.571 Dodge papers, 12, n.356, n.571 Donohue, Judge, 300, 306, n.315 Dowd, William, 538 Drew, Daniel, 19, 28-29, 32, 35-36, 38-42, 44-45, 47, 49-53, 101, 1 0 5 0 6 - 1 2 0 , 122, 154, 293 Drexel and Company, 328, 405 Drexel, Morgan and Company, 207, 216, 220, 443-44, 578, 581, 585-86, n.594 Duff, John, 167, 383-84 Duke, James B., 21 Duluth, Minnesota, 554 Duncan, Sherman and Company, 97 Duncan, W . B., 97 Dundee Committee, n.36 Dunkirk, New York, 27 East Plattsmouth, Nebraska, 133, 137, 228 East St. Louis, Illinois, 259, 338-39, 408 East St. Louis & Carondelet Railroad, 2 59 Eckert, Thomas T., 221, 281, n.287, 469 Economic Causes of Great Fortunes, n.286 Edison, Thomas A., 149

Edmunds, George F., 4 2 0 - 2 1 Eldridge, John S., 34-36, 38-39, 45-46 El Morro, New Mexico, 182 El Paso, Texas, 167, 170, 232, 254-56, 259, 346-47, 349-50, 352-53, 395, 398-99, 441, 445, 516 Endicott, William, 140, n.250 England, 35, 50, 61, 64, 93, 158, 197, 290, 325-26, 332, 427, 429, 4 3 1 , 436, n.446 Enos, Harry K., 545-46 Erie, Pennsylvania, 27, 31, 56, 1 6 1 Erie Railroad, 12, 20, 22, 24, 2 7 - 1 1 3 , 1 1 5 , 1 1 9 , 144, 1 5 0 - 5 2 , 174, 179-80, 199, 201, 204, 210, 221, 269, 279, 300, 324, 333, 335, n.337, 340, 358, 360, 363-64, 371, 374, 376, 412, 418, 476, 479, 495, 505, 510, 597, 599; map, 68 Erie Railroad, Minutes of the Board of Directors, 12, n.91, n.92 Erie Railroad, Minutes of the Executive Committee, 12, n.37, n.53, n.54, n.70, n.90, n.91 Ethiopia, 409 Europe, 1 6 1 , 205, 232, 235, 429, 508, 545 Evans, John, n.163, 170, 344, n.355 Evansville, Indiana, n.208 Farmer's Loan and Trust Company, 95 Farnsworth, James G., 467, 469 Federal Cases, n.90, n.91, n.164, n.208 Federal Reporter, n.163, n - 2 8 6 , n.425, n.446 Federal Reserve Board, 600 Fernon, T . S., n.162 Field, Cyrus W . , 158, 1 9 1 - 9 2 , 1 9 5 - 9 7 , n.207, 2 1 5 - 1 6 , n.223, 288-91, 2 9 3 305, 3 0 7 - 1 4 , n.315, n.316, 319-20, 325, 335, n.337, 35 1 ' 353-54- 4 5 1 . 491, 603, 608, 610 Field, Edward M., 313 Field, Marshall, 21 Financier, n.110, n.129, n - 1 ^ Fink, Albert, 202, 368-69, 374-75, 504, n.570 Finley, N. W . , n.553 First National Bank, 450 Fisk, James (Jim), 19, 45, 47, 50, 53, 72, 7 7 - 7 9 , 82, 84, n.90, 94-95, 1 1 9 , 158, 333 Fisk, Hatch and Company, 2 1 6 Fitzgerald, Louis, n.499, 549 Fleming, Robert, 443-44 Florida, 385, 454-56, 492

Index

6i6

Forbes, John M . , 25, n.26, n.go, 1 1 5 , G o l d Board, 79 Gold Exchange Bank, 79 140, n.163, n.164, 166-68, 177, n.187, 2n, n . 2 2 3 , 226, 229-30, 233, Gold Panic, 77-79, n.91 Gould, Edwin, 551 2 35> 2 3 8 ~ 3 9 > 244"46. 248> n- 2 49> n.250, n.251, n . 3 3 7 , 384, 386, 391, Gould, George, 549, 567, 590, 593 Gould, Jay, birth, 19; and the Erie n.393, n.394, n.425, n.426, 453-55, Railroad, 38-111; and the Union n.477, 490, n.499, 517, 524, n.532, Pacific Railroad, 112-88; and the n.533, 543, n . 5 5 3 , 579, n.594, 604 W a b a s h Railroad, 189-208; and W . Fordyce, S. W . , 548-49 H . Vanderbilt, 209-24, 357-77 Fort Dodge, Kansas, 181 (map, facing 374); and C . E . PerFort Scott, Kansas, 521 kins, 225-51, 378-94; and the W e s t Fort Smith, Arkansas, 537 ern Union Telegraph Company, 269Fort W a y n e Railroad, see Pittsburgh, 87, 448-78; and t h e Manhattan Fort W a y n e & Chicago Railroad Elevated Railroad, 288-316; creates Fort W o r t h , Texas, 253-54, 2S^> 2 59> Eastern and W e s t e r n empires, 3 1 7 352, 396-97, 441 56 (maps, facing 336 and 354); and Fourth National Bank, 494 the Chicago, Burlington & Quincy Fowler, W i l l i a m W o r t h i n g t o n , n . 5 4 Railroad, 378-94 (map, facing 248); Frank Leslie's Illustrated Newspaper, in the Southwest, 395-410, 534-53 n.91 (maps, facing 266 and 530); empire Frankfort, Germany, 102 crumbles, 411-26; empire reorganFrazer's Magazine, n.54 ized, 427-47; stock-market operaFrederick the Great, 469 tions, 479-515; expands in Kansas French Cable Company, 279, 284, and Colorado, 5 1 6 — 3 3 ( m a p facing n.287 530); stabilizes rates, 554-71; experFrick, Henry Clay, 491 iments, 572-94; death, 592-93 Frick, W i l l i a m F . , n.287 Gowen, F . B . , 327, 361-64, 512-13 Frink, S., n.250, n . 3 3 6 Grand Canyon, 174 Frisco Railroad, see St. Louis & San Grand Opera House, New York, 83-84, Francisco Railroad Fry, Charles N., 443 103, 107, 109 Fuller, Melville W e s t o n , 417 Grand Rapids & Indiana Railroad, 67 Grand T r u n k Railroad, 212-14, 218, Galveston, Texas, 265, 397 221, n.223, n.337, 366-68, 370-72, Galveston, Harrisburg & San Antonio 412, 502, 507 Railroad, 347 Grant, Ulysses S., 77-78, 135 Galveston, Houston & Henderson RailGrant, Mrs. Ulysses S., 77-78 road, 265 Grant, W a r d and Company, 493 Galveston News, n.268 Great Britain, 324, 326; see also EngGardner, J. L., n.393 land Garfield, James A., 482 Great Lakes, 31, 189-90, 199, 210, 212, l69> Garrett, John W . , 151, n.164, 252, 321, 364, 554 270-71, n.287, 328-29, 332-33, Great W e s t e r n Railroad, 84, 154-55, 363-64, 448-49, 453-54, 456-57, 212-14, 221—22, n.223, 260, 325460-65, n.477, 4 8 1 , 512 26, 330-31, n . 3 3 7 , 36°» 366-67 Garrett, Robert S., 472-73, n.478 Greeley, Carlos, 138, 141 Garrison, C . K., 152, 170, 175-77, Green, John C . , n.91 192-96, 198, n.207, 211, 258, 262, Green, Norvin, n.163, ni64, 242, 275, 291, 299, n.606 280, 282, n.286, n.287, 460, 462, Garrison, W . R . , 192 477, 480, 485 Geddes, Patrick, 161, n.163, "-164, Gresham, W a l t e r L., 435-37, 439, n.250, n.336, n.393, n-552 Germany, 141, 4 2 7 Gilbert, Judge, 300 Gold and Stock Telegraph Company, 458

n.446

Grey, Francis, n.223, 260 Griswold, J . N . A., n.162, n.163, n - l 8 7 > n.336, n.499 Gulf, Colorado & Santa F e Railroad,

Index 2 6 1 , 396-98, n.410, 525, 598 Gulf of Mexico, 167, 252,

617 534-36, 395-96,

534-35. 598 Gulf Railroad, see Gulf, Colorado & Santa Fe Railroad Halstead, Murat, n.129, n.286, n.500 Hannibal, Missouri, 81, 190, 228, 247, 2 53> 5 4 1 Hannibal Railroad, see Hannibal & St. Joseph Railroad Hannibal & St. Joseph Railroad, 8 1 , n.91, 1 1 5 , 1 3 6 - 3 8 , 1 5 9 - 6 0 , n.163, 193, 2 1 6 , 2 2 8 - 2 9 , 2 3 1 _ 3 2 > 2 37"39> 383-86, n.394, 4 5 5 - 5 6 , n.477, 599 Harlem Railroad, see New York & Harlem Railroad Harley, Henry, 83 Harlow, Alvin F., n.91 Harper's Magazine, n.532 Harriman, E . H., 165, 354, 507, 593 Harris, Robert, 1 3 4 - 3 6 , n.162, n.163, 168, n.187, n.610 Harrisburg, Pennsylvania, 65 Hart, Henry, 184 Hartford, Connecticut, n.164 Harvard University, 12 Hatch, Rufus, 124, 283 Haucks, Pennsylvania, 329 Heath, Robert Amadeus, 9 3 - 9 6 , 9 9 103, n . 1 1 0 Heath et al., case of, n.90, n.gi Henry, J. T . n.91 Hepburn Investigation, 2 1 5 Herapath's Railway Journal, 1 2 , n.54, n.69, n . 1 1 0 , n.223, n.224, n.337, n.355, n.446 Hewitt, Abram S., 8 5 - 8 6 , 97 Higginson, Henry L., n.337 Hill, James J., 2 1 , 225, 227 History of Petroleum, n.91 History of Texas Railroads, A, n.410, n -553 Hoar, George F., 4 2 0 - 2 2 Hoboken, New Jersey, 2 2 1 Holland, 427, 539, 604 Holmes, William, n.286 Hopkins, A. L., 24, 197, 295, 301, 3 1 9 20, n.336, 418, 435, 519, 5 2 1 , 603 Hopkins, Mark, 13, n.162 Houghton Library, 1 2 House of Representatives, see United States House of Representatives Houston, Texas, 259, 2 6 1 , 265, 395

Houston Railroad, see Houston & Texas Central Railroad Houston & Texas Central Railroad, 396, 398, n.410, 534, 536 Howland, T . S., n.533 Hubbard, G . G., n.287 Hudson River, 3 3 - 3 6 , 3 8 - 3 9 , 44, 52, 85- 333-34. 336 Humphreys, Solon, 24, 1 9 7 - 9 8 , 2 2 1 , n.223, 2 4 ° > 2 4 2 - 4 3 > n - 2 5 0 ' 3 2 0 > 3 2 5>

33°. 333. 359. 4 1 5 - 1 7 > 435. 603 Huntington, Collis P., 1 3 - 1 4 , n.111, 1 2 4 - 2 5 , 128, n.130, 1 3 1 , 1 5 1 , n.162, 1 8 3 , 2 1 6 , 227, 255, 322, 3 4 6 - 5 3 , n.356, 3 7 8 - 8 0 ,

48°20, 149, 320, 392,

-393> 395- 3 9 8 - 9 9 . 498, 5 2 8 - 2 9 , 5 3 4 - 3 6 , 552, 555, 5 5 9 - 6 1 , 565, 5 6 7 68, n.570, 573, 575, 5 8 3 - 8 4 , 587, 5 9 1 . 593. 597 H.V.P. (Henry Villard papers), 1 2 , n.163 n

Illinois, 77, 190, 2 1 0 , 2 1 2 , 2 5 8 - 5 9 , 341, 3 7 1 , 556, 573 Illinois and St. Louis Bridge Company, .338 Illinois Central Railroad, 193, 2 1 8 , 323, 397, 558, 562 Indian Territory, 228, 3 4 1 , 396, 398, 407. 535. 537 Indiana, 77, 1 5 2 , 190, 197, 2 1 0 , 2 1 3 Indiana Central Railroad, see Columbus, Chicago & Indiana Central Railroad Indianapolis, Indiana, 58, 1 9 7 , 2 1 0 , 2 1 3 , 358, 360 Ingalls, M . E., n . 5 1 4 Ingersoll, Robert G., 469 Inman, John H., n.594 International Great Northern Railroad, 2 5 3 - 5 4 , 2 5 9 - 6 2 , 2 6 4 - 6 7 , n.267, 323, 345. 347. 353-54- 395. 397- 4 0 1 ' 403, 4 8 1 , 5 4 0 - 4 3 , 5 4 6 - 4 7 , n.553, 573, 599, n.606, 608-09 International Railroad, see International Great Northern Railroad International Railway Improvement Company, 353 Interstate Commerce Act, 568 Interstate Commerce Commission, 560, n.570, 583 Interstate Commerce Railway Association, n.223, 5 6 2 - 6 3 , 565, 568-69, n.571 Iowa, 1 3 5 - 3 7 , 199, 2 0 1 , 2 2 8 - 2 9 , 2 3 1 -

Index

6i8 3 2 ,

2 3 9 - 4 1 ,

3 8 2 ,

3 8 6 ,

Iowa Pool,

5 7 3 ,

1

1 3 3 - 3 7 ,

1 9 9 - 2 0 0 ,

2

2 4 3 - 4 4 ,

5 2 2 ,

2 1 9 ,

4

8 _

4 9 '

39' ^ 6 ,

2 4 9 ,

3 4

1

»

5 9 7

3 2 3 ,

1 9 2 - 9 3 ,

3 9 0 ,

5 1 6

Iowa Railroad, see Missouri, Iowa & Nebraska Railroad Iowa State Historical Society, 1 2 , n . 3 5 6 Iron Age, n . 2 6 7 , n . 4 7 8 , n . 4 9 9 , n . 5 1 4 , n . 5 1 5 ,

n . 5 7 1

Iron Mountain Railroad, see St. Louis, Iron Mountain & Southern Railroad Ives, Henry, 4 7 3 - 7 4 James, P. F., 2 6 5 - 6 6 James, W . C., n . 3 9 4 Jefferson City, Missouri, n . 2 5 1 ,

n . 2 0 8 ,

n . 2 2 4 ,

n . 5 3 3

Jersey City, New Jersey, 4 2 - 4 3 , 3 2 7 Jewett, Hugh, 87, n.gi, n.111, 1 5 1 , 335 Johnston, J. E., n . 4 7 8 Johnston, John Taylor, 328 Jones, George, 4 5 4 , n . 4 7 7 Journal of Commerce, n . 4 7 8 Joy, James Frederick, 1 2 - 1 3 , n -9°. n . 9 1 , n . 1 1 1 , 1 1 5 , 1 5 4 - 5 5 , »58» 4 > n

1

9

6

~ 9 7 '

2 4 6 ,

n . 2 0 7 ,

3 1 9 ,

4 2 9 ,

Joy papers,

n

2 1 2 - 1 3 , 4 3 1 - 3 2 , n . 9 1 ,

1 2 ,

-

2 2

3 ,

l 6

2 3 2 ,

4 3 6 n . 1 1 1 ,

n . 1 6 4 ,

n . 2 2 3

2 0 7 ,

Kansas,

131-33» 1 37~44> 1 4 8 » 159-62, 1 6 7 - 7 2 ,

1 7 4 - 8 0 ,

9 9 ,

2 1 4 ,

2 0 2 ,

5 5 ,

2 2 8 ,

2 4 1 - 4 4 ,

4 1 6 ,

4 4 5 ,

1 7 6 - 7 7 ,

1 8 1 ,

1 9 0 ,

2 5 2 ,

3 4 5 - 4 6 ,

3 8 2 ,

3 9 8 ,

5 1 6 - 3 3 ,

5 3 5 - 3 8 ,

5 5 2 ,

5 5 4 ,

_ 556, 573, 575- 57 8 , 582, 598 Kansas Board of Railroad Commissioners n . 5 3 3 , - 5 7 ° Kansas Central Railroad, 176 Kansas City, Missouri, 81, 1 1 6 , 1 3 2 n

3 3 ,

1 3 6 - 3 9 ,

7 7 ,

1 8 9 ,

1 5 9 ,

1 9 1 - 9 3 ,

1 6 7 ,

1 6 9 - 7 0 ,

1 9 8 - 9 9 ,

2 1 5 ,

2 1 9 ,

2 2 8 ,

2 3 2 ,

2 4 4 ,

2 4 6 ,

2 4 8 - 4 9 ,

2 0 5 ,

2 3 4 , 2 6 7 ,

1 7 5 2 1 0 ,

2 3 8 - 3 9 , 2 7 1 ,

2 7 3 ,

3 1 7, 358. 383-85, 39°. 395-96, 398, 4 1 3 - 1 4 > 433' 439. 455. 520, 522, 534-35. 537-38, 544. 546, 556, 562, 5 6 6 - 6 7 ,

n . 5 7 0 ,

2 3 2 - 3 3 ,

2 3 7

5 7 4 - 7 5 ,

5 9 8

Kansas City, Fort Scott & Memphis Railroad, 562 Kansas City Railroad, see St. Louis, Kansas City & Northern Railroad Kansas City, St. Joseph & Council Bluffs Railroad, 1 3 6 , n . 1 6 3 , 2 2 8 , Kansas City Times, n.593 Kansas Pacific Railroad, 12, 116, 123,

1 9 8 -

n . 2 4 9 ,

2 5 4 -

2 4 8 ,

2 7 4 ,

4 8 0 ,

3 0 0 ,

5 2 3 ,

5 9 9 ,

3 1 7 ,

3 1 9 , n . 6 0 6 ,

6 0 3 ,

6 0 7

1 6 6 ,

2 7 6 ,

4 8 1 ,

4 8 3 ,

2 8 2 ,

3 2 8 ,

4 4 9 ,

6 0 3 ,

n . 6 0 6

n . 3 1 6 ,

5 1 0

4 5 7 ,

4 6 0 ,

Keep, Albert, 21, n.164 Keokuk, Iowa, 190, 229 Kidder, Peabody and Company, 497 Kiernan's News Agency, n . 5 7 0 Kneeland, Sylvester H., 2 9 5 - 9 6 , 2 9 9 , 3 0 3 - 1 0 ,

Kuhn, Loeb and Company,

n . 5 9 4

2 1 6 ,

Lackawanna Railroad, see Delaware, Lackawanna & Western Railroad Ladd, W . J., n . 2 5 0 , n . 4 7 7 , n -533 Lafayette Journal, n . 2 0 7 Lake Erie, 27, 30, 69 Lake Shore & Michigan Southern Railroad, 5 7 , 6 5 , 6 9 , n . 7 0 , 7 3 - 7 4 , 77, 7 9 - 8 0 ,

8 4 - 8 5 ,

n 5 " i 7 '

1 7 0 ,

2 3 6 ,

n . 1 6 3 ,

1 9 3 - 9 4 ,

Kansas & Texas Railroad, see Missouri, Kansas & Texas Railroad Kansas Western Railroad, 524 Kearney, Nebraska, 133, 140 Keene, James R., 1 5 2 , 1 5 6 - 5 8 , 1 6 1 ,

2 0 9 , 1 3 2 ,

2 7 1 - 7 2 ,

3 4 3 - 4 4 ,

1 8 2 ,

2 1 1 ,

3 3 ° '

3 3 5 .

3 7 2 ,

4 9 1 ,

n . 9 0 ,

1 5 3 - 5 5 ' 2 1 5 , 3 5 8 '

* 9 7 '

9 8 ,

2 1 7 - 1 8 , 3 6 0 ,

1 0 4 ,

1 9 9 .

2 3 2 ,

3 6 4 - 6 5 ,

1 0 8 ,

2 0 1 - 0 2 , 3 2 3 ,

3 6 7 - 6 8 ,

5 6 5

Lake Shore Railroad, see Lake Shore & Michigan Southern Railroad Lane, F. A., 45, 61, 94, 100 Laredo, Texas, 259, 345, 347, 381, 395 Lathrop, Francis S., 328, 363 Leadville, Colorado, 1 6 9 - 7 0 , 1 7 4 - 7 5 , 343-44. 598 League of Nations, 409 Leavenworth, Kansas, 1 4 1 , 176, 233 Lehigh Telegraph Company, 459 Lehigh Valley Railroad, 3 6 4 — 6 5 Lexington, Kentucky, 384 Life of Jay Gould, n . 1 2 9 , n . 2 8 6 , n . 5 0 0 Literary Digest, n . 4 7 7 Little Rock Railroad, see Memphis & Little Rock Railroad Liverpool, England, 124 Lockwood, LeGrand, 6 5 , 7 9 - 3 0 Lockwood and Company, 7 9 - 8 0 Logansport, Indiana, 197 Logansport Pharos, n.69 London, England, 3 1 - 3 2 , n . 6 9 , 93> 97.

Index

619

9 9 , 1 0 1 - 0 3 , 2 2 0 , 3 2 6 , 3 3 8 , 340, 370, 472, 5 1 2 , 524, 588 London Economist, n.188, n.410, n.514, n . 5 1 5 London Daily News, n.70 London Protective Committee, 100 London Railway News, n . 1 1 0 , n.207, n.287, n . 3 1 5 , n.377, n.446, n.553 London Railway Times, n.425 London Standard, n.446 London Stock Exchange, 102 London Times, n.36, n.69, n . 1 1 0 London Wabash Bond and Shareholders Committee, 4 2 9 - 3 2 , n.446 Long Branch, New Jersey, 1 2 0 Long Dock property, 30, 83 Longmont, Colorado, 1 3 2 , 1 3 9 Los Angeles, California, 564 Louisiana, 244, 2 5 2 - 5 3 , 257, 260, 347— 48, 3 9 5 - 9 6 , 445, 532, 534, 547 Lovejoy, Frederick, 389, n.394 Lowrey, G . P., n.208 Lynch, Denis T . , n.54 Mackey, John W . , 4 6 0 - 6 1 ,

464-65,

4 7 ° . 475 Manhattan Elevated Railroad, 2 0 - 2 1 , 26, 2 8 8 - 3 1 7 , 3 2 1 , 3 3 4 - 3 6 , 354, 4 5 1 , 454' 4 8 7> n -499> 5 0 1 > 5 7 2 > n - 6 o 6 > 610 Manhattan Railroad, see Manhattan Elevated Railroad Marine Bank, 493 Mariner's Museum, 1 3 , n.111, n . 1 3 0 , n.356, n.393 Marquand, Henry, 2 6 0 - 6 1 , 320, 3 9 9 400, 405, 4 1 3 , 480, 496, 603, n.606, 608 Marsh, Nathaniel, 30-31, 85 Martinsen, R . V., n.553 Maryland, 1 1 8 - 1 9 Massachusetts, 33, n.53, n.207, 335» 387. 463 Massachusetts Committee on Railways and Canals, n.37 Massachusetts Railroad Commissioners, 86, 334 May, Frederic, 468 McClellan, George B., 97 McCord, Felix J., n.553 McCullough, J. N., 62 McHenry, James, 3 1 , 5 8 - 5 9 , 67, n.69, 8 2 - 8 3 , 87, 97, 9 9 - 1 0 4 , n . 1 1 0 , 120, 329, 360, 597 Memphis, Tennessee, 399-400, 5 3 6 - 3 7 , 562, 578

Memphis & Little Rock Railroad, 3 9 9 400, 405, 537 Mercantile Trust Company, 404, 480, 497- n -499> 545- 5 4 9 _ 5 n - 5 9 4 Merchants' Exchange Freight Committee, n.208 Merriam, Charles, n.250 Metropolitan Elevated Railroad, 289, 292-98, 302-03, 3 0 5 - 1 1 , n.315, 319, 510 Metropolitan National Bank, 493 Metropolitan Railroad, see Metropolitan Elevated Railroad Mexico, 345, 381, 608 Mexico City, 3 8 1 Michigan, 67 Michigan Central Railroad, 1 3 , 1 1 5 , 1 5 4 " 5 7 ' n.164, 1 9 1 , 209, 334, 358, 3 6 7 - 6 8 , 433 Michigan Southern & Northern Indiana Railroad, 40, n.53, n -54> 65 Michigan Southern Railroad, see Michigan Southern & Northern Indiana Railroad Mills, Cuthbert, n . 3 1 6 , 483 Milton, Pennsylvania, 329 Minneapolis, Minnesota, 556 Minnesota, 554, 556 Mississippi River, 58, 73, 79, 81, 1 1 6 1 7 , 120, 1 3 6 - 3 7 , 143, 1 8 1 , 1 8 9 - 9 0 , 1 9 3 , 2 1 0 , 225, 228, 240, 2 5 2 - 5 3 , 257, 265, 267, 3 3 8 - 4 1 , 373, 3 8 1 , 395. 4 ° 8 , 4 3 4 ' 4 3 6 - 3 9 . 5 2 5 . 5 3 6 ~ 3 7 . 560, n.570 Mississippi Valley, 3 1 , 1 9 2 , 227, 232, 378, 548 Missouri, 190, 1 9 2 , n.208, n.224, 2 2 8 29, 2 3 1 - 3 2 , n . 2 5 1 , 2 5 2 - 5 3 , 2 5 8 - 5 9 , 3 4 5 - 4 6 , 349, 379, 5 1 6 , n.533, 538, 551. 5 5 6 . 573' 582 Missouri Assembly, n.208, n.224, n . 2 5 1 , n-533 Missouri, Iowa & Nebraska Railroad, 2 2 8 - 3 1 , 2 3 9 - 4 1 , 243, n.250 Missouri, Kansas & Texas Railroad, 23, 1 9 3 , 228, 2 3 4 - 3 7 , 253, 2 5 8 - 6 0 , 265, 267, 3 2 3 - 2 4 , 345, 347, 3 5 2 - 5 4 . 37°. 395. 398. 4 0 1 - 0 3 . 4°7> 4 * 3 ' 4 2 3 25, 445, 4 8 1 , 487, 4 9 4 - 9 5 , 5 3 5 - 3 8 ' 5 4 0 - 4 7 , 5 4 9 - 5 2 , n.552, n.553, 564, 573. 587, 599, n.606, 608-09 Missouri Pacific Railroad, 26, 1 5 2 , 1 6 9 70, 1 7 5 - 7 8 , 180, 192, 2 1 5 , 2 1 9 , 2 3 1 33, 2 3 6 - 3 7 , 2 4 4 - 4 7 , n.250, 2 5 4 - 5 5 , 2 5 8 - 5 9 , 262, 2 6 4 - 6 7 , n.268, 310, 3 1 4 , 3 1 7 , 3 2 1 , 323, 333, n.336, 3 3 9 -

Ó20 40, 352, 354, 358, 369-70, 3 8 3 - 8 ^ 390, 392, 398, 400-09, 4 1 3 - 1 4 , 416, 4 2 3 - 2 5 , 4 3 6 , 4 4 0 - 4 5 , 4 6 6 , 481, 4 8 3 84, 487-88, 493-98, n.499, 501, 503, 5 1 6 - 1 7 , 520-32, n.533, 534, n -55 2 » 537 — 4 1 »543-47. 549n -553- 556-59. 562-68, 570, 57276, 578, 581-84, 587-92, 597, n.606, 608-09 Missouri River, 81, 133, 167, 177, 1 8 1 82, 189, 200, 222, 225, 228, 2 3 0 - 3 1 , 233, 239, 242, 245-46, 252, 254, 267, 379, 382, 388-^1, 395, 5 1 6 - 1 7 , 519, 525-26, 528, 554, 556, 566-67, 575-76 Missouri Valley, 1 1 7 , 136, 1 8 9 - 9 1 , 194, 227, 2 3 1 , 323, 395, 598, 5 1 6 - 1 7 , 523, 529, 556, 559, 566, 591, 59798 M. M., see Mariner's Museum Montana, 227, 391 Moore, }. S., n.477 Moore, Samuel Taylor, n.594 More They Told Barron, n.594 Morgan, Edwin D., 207, 270 Morgan, J. Pierpont, 19-20, 80, 97, 207, 320, 325, 376, 444, 474, 476, 50!, 507-14, 559, 561-63, 572, 57982, 585-87, 592-93 Morgan, J. S., 97 Morgan (J. S.) and Company, 338, 34°. 37° Morsman, W . W . , n.250 Mott, Edward Harold, n.54 Munich Pact, 158 Murphy, W . W . , n.610 Murray, Judge, 94 Mussolini, Benito, 409 Mutual Life Insurance Company, 467 Mutual Union Telegraph Company, 4 4 9 - 5 3 . 4 5 6 - 5 7 . 4 5 9 - 6 o , 463, 47677 Narragansett Steamship Company, 72, 119 National City Bank, 154, 207, 253, 270 National Cordage Company, 589 National Telegraph Company, 462 Nebraska, 1 3 3 , 1 3 5 , 168, 177, 1 8 1 , 227-28, 239-40, 243, 245, 247, 379. 382-84, 391, 422, 5 1 7 18, 520-24 Nemey, Mary Childs, n.163 Nevada, 22, 348 New England, 33, 76-77, 88, 167, 210, n - 2 5°>

Index 3 3 3 - 3 6 . 387-88. 459. 463. 5 02 > 5 3 1 . 560 New England Bond Investigation, n.207, n.337 New England Railroad, see New York & New England Railroad New Haven & New England Railroad, 209 New Haven Railroad, see New York, New Haven & Hartford Railroad New Jersey, 43, 106, 1 1 8 , 363 New Jersey Legislature, 43, 363 New Jersey Southern Railroad, 1 1 8 - 1 9 , 172-73 New Mexico, 182-83, 267, 348 New Orleans, Louisiana, 252, 256-58, 260-61, 265, 347, 350-52, 378, 392, 395. 4°3> 4°6. 4°8. 44°~4 1 . 445. 516 New Orleans, Baton Rouge & Vicksburg Railroad, 257-58, n.268 New Orleans Pacific Railroad, 252, 25658, 261, 265, 441 New York, 27, 3 1 , 43, n.54, 5 6 . 65, n.70, 76, 88-89, n-91' n - 9 2 . 1 0 6 , n . 1 1 0 , n.111, 207, 292, n . 3 1 5 , 362, 453. 531 New York Central Railroad, 13, 28, 3°. 34-35. 3 8 - 4 ° . 4 2 - 4 4 . 56, 58-59. 63, 80, 83-85, 87, 97-98, 106, 1 1 5 1 7> ^ - S S . 175> 2 ° 2 . 209, 2 1 2 , 2 1 5 1 7 , 2 2 1 , n.223, 255, 260, 270, 320, 325. 3 3 1 - 3 4 . n-337> 35 8 , 360-62, 366, 3 7 1 - 7 3 , 375-76, 457. 4 9 1 . 495. 503. 505-07. n - 5 1 4 . 565. 5 8 2 New York, Chicago & St. Louis Railroad, 364-66, 370, n.377, 462, 464, 493 New York City, 27, 32-36, 38, 43, 48, 52,156, 63-64, 66, n.69, 73, 77-78, 81, 84-87, n.90, 93, 98, 102, 1 1 5 19, 124, 1 3 1 , 1 3 5 , 143, 146-47, 1 5 1 , 155, 167, 1 8 1 , 1 8 5 , 1 9 2 , 1 9 7 - 9 8 , 202, 2 1 7 , 235, 239, 242, 253, 255, 279, 288, 292-93, 307, 3 1 0 - 1 2 , 327, 329, 3 3 1 - 3 2 > 334-36, 3 4 1 . 344. 348-49. 35»-52. 354, 358, 363-64, n -377, n.410, 4 1 3 , n.426, 450, 454, 459, 461, 464, 473, 479, 494, 504, 509, 5 1 2 - 1 4 , 522, 555, 558-59, 565, 568, 578-79, 581, n.610 New York City & Northern Railroad, XT334 New York Commercial Advertiser, n.91, n.92, n . 1 1 0 , n.499 New York Cotton Exchange, 282

Index New York Elevated Railroad, 288-90, 2 93~3°3> 3 ° 9 - 1 2 > n.315, 45* New York Express, 320 New York & Harlem Railroad, 35-36, n-37> 3 8 ~39> 4 2 - 44> 5°> 8 o ' 8 5- 2 0 9 ' 334 New York Heraid, n.54, n.55, n.91, n.110, n.111, n.287, n.315, n.336, n.377, n.425, n.446, 462, n.478, n.500, n.533, n.571 New York Loan and Improvement Company, 289 New York Mail, n.207, 320 New York Mail & Express, n.356, n-377' n.425, n - 5 ° ° New York & New England Railroad, n.207, 334-3 6 > n -337' 354- 3 6 9 . 4 1 1 " 12, 414, n.425, 463 New York & New Haven Railroad, 33, n.37 New York, New Haven & Hartford Railroad, n.37, 333-34 New York Produce Exchange, 282 New York Railroad, see New York Elevated Railroad New York State Assembly, n.54, n-59> n.70, n.110, n . 1 1 1 New York State Legislature, 43-44, 64, 67, 215, 307 New York Stock Exchange, 95, 1 2 7 29, 158, 215, 274, 304 New York Stock Exchange, The, n.377 New York S un, n.570, n.594 New York Times, n.164, n.187, n.223, n.267, n.268, n.286, n.287, n.315, n.316, n.337, n.355, n.377, n-393> n.394, n.410, n.425, n.426, n.446, 454' n -477» n.478, n -499- n -5°°> n.515, n.532, n.553, n.570, n.571, n.593, n.594 New York Tribune, n.37, n-54> n -55n.69, n.70, n.90, n.91, n.110, n . 1 1 1 , n.129, n.130, n.163, n.164, n.187, n.188, n.207, n.208, n.223, n.250, n.267, n.286, n.287, n -3 1 5> n.316, 320, n.336, n.337, n.355, n.393, n.410, n.425, n.426, n.446, n.477, n.478, n.499, n.500, n.514, n.515, n.533, n.552, n.553, n - 5 7 0 ' n - 5 7 1 ' New York World, n.90, n . 1 1 1 , n.187, n.207, 291, 294, n.315, n.316, 320, n.336, n.356 Newberry Library, 11, n.394, n.477 Newburgh, New York, 52

621 Newell, John, n.207 Newport News, Virginia, 13, n . 1 1 1 Niagara Falls, New York, 86, 504 Nichols, E. H., 24, n.26 Nickel Plate Railroad, see New York, Chicago & St. Louis Railroad Nickerson, T . H., 140 North American Review, n.316, n.337 North River Construction Company, 488 Northern Central Railroad, 88, 101, 109 Northern Pacific Railroad, 120, 349, 378, 485, 503, 520 Northwestern archives, 13, n.164 Northwestern Railroad, see Chicago & Northwestern Railroad Oakes, T . F„ n.163 Occidental and Oriental Steamship Company, 125, 146, 183 Ogden, Utah, 143, 178, 248, 271, 321, 349, 379, 386, 391-92, 4 1 1 , 414, 486, 529, 564-65 Ohio, 62, 152, 330, 363 Ohio & Mississippi Railroad, 169, 332, n-337

Ohio River, 120 Ohio Valley, 31 Oil City, Pennsylvania, 32 Oil Creek & Allegheny River Railroad, 88 Oklahoma, 252, 398, 516, 525, 534, 536> 547. 554. 573» 59 8 Old Way Bills, n.91 Olcott, F. P., 545, 549 Olney, Richard, 454-55, n.477 Omaha, Nebraska, 14, 116, 1 3 2 - 3 3 , 35> 1 37 — 39' J 4 2 > 149> *54> J 5 9 ' 167, 185, 189, 192-93, 199-200, 219, 230, 239-40, 244-47, 249, n.250, 252, 271, 273, n.286, 3 2 1 - 2 3 , 389-90, 392, 414, 427, 439, 465, 521-22, 537, 556, n.570, 575-76, J

5 8 2 > 597 Omaha Bridge, 142 Oregon Railway and Navigation Company, 378, 490, 520, 577 Oregon Short Line Railroad, 342, 423, Oregon Transcontinental Railroad, 4909». 5°3 ^ n Osborne, C. J., 112, 123, 126, 481, 483 Osborne, Chapin and Company, 1 1 2

622 Pacific Mail Steamship Company, 11213, 118, 122-29, n - 1 2 9> 130. 145— 48, 158, 160, 166, 183-86, 317, 555 Pacific Railroad Acts, 133 Pacific Railway Commission, n.25, n.26, n.129, 141, n.163, 173, 1 7 9 80, n.187, n.355, n.604, n.606 Pacific Railway Improvement Company, 35 2 Page patent, 451 Palmer, William J., 1 7 3 - 7 4 , n -i87» 344, 380-81, 386, 388, 392 Panama, 124, 144-47, l 8 3 Panama Railroad, 145-47, 1-163, l 8 4 Panama Transit Steamship Company, 1 47 Panhandle Railroad, 57-58 Paris, France, 102, 483 Park, Trenor W . , 113, 145-48, n.163, 183 Payne, Henry B., 63, n.90, 98, 385 Peckham, Wheeler H., n.410 Pender, John, 461 Pennsylvania, 22, 27, 30-31, 33, n.37, 56, 64-65, 82, 88, 97, 106, 221, 322, 330, 361, 453, 459, 531, 608 Pennsylvania Legislature, 65 Pennsylvania Railroad, 13-14, 30, 32, 56-60, 63-64, 66, 69, n.70, 7 3 , 8 3 84, 87-88, 97-98, 104, 1 1 6 - 1 7 , 1 2 0 > 123, 150-51, n.162, 169, 191, 199, 201, 210-11, 213, 215, 221, 226, 228, 231-32, 253, 278-79, 322-23, 326-30, 335, n.337, 358, 360-64, 374-75. n-377> 4 ° 6 ' 4 1 1 ' 44 8 > 47 2 > 502, 505-06, 508-10, 5 1 2 - 1 3 , 580 Pensacola Telegraph Company, n.208 Peoria, Illinois, 230-31, 239, 374 Peoria Railroad, see Toledo, Peoria & Warsaw Railroad Perkins, Charles E., 21, 1 3 4 - 3 7 , " 1 6 2 , n.163, 173-74. n-i87> a " , n.223, 225-51, n.336, n.337, 37^ - 79> 3&2> 384-86, 389, 391-92, n.393, n.394, 397. 4 2 1 > n -4 2 5> n.426, 430, n.446, n.477, n.499, 516-17, 519-21, 5 2 3 24, n.532, n.533, 535, 548, n.552, -553. 555. n.570, 5 8 ° . 591. n-594> n.604; m a P> 2 o6 Perkins, J. R., n.26, n.268 Philadelphia, Pennsylvania, 25, 34, 56, 64, 88, 97, 102, 115-16, 122-24, 151, 205, n.208, 255, 263-64, 266, 327, 329, 331, n.337, 3 5 1 _ 5 2 > 35 8 . 361-62, 409, 441-42, 448, 459, 476, 54°. 578 n

Index Philadelphia Commercial List and Price Current, n.110 Philadelphia & Erie Railroad, 32 Philadelphia North American, n.69, n.70, n.110, n.130, n.163, n - l 8 7 . n.207, n.223, n.250, n.25i, n.268, n.315, n.337, n-355> n - 3 5 6 . n -377> n.394, n.410, n.426, n.499, n.500, n.570 Philadelphia Press, n.70, n.129, n.164, n.268, n.285, n.286, n.287, n.316, n -355> n-377' n -393. n - 4 1 0 . n -44 6 > n.447, n.477, n.478, n.499, n.500, n.514, n.515, n.533, n.552, n.553, n.570, n.571, n.594 Philadelphia Public Ledger, n.54, n . n o , n.594 Philadelphia & Reading Railroad, n.70, 106, 263, 327-29, 333, 361-63, 405, 473, 510, 512-13 Philadelphia Times, n.208 Philadelphia, Wilmington & Baltimore Railroad, 327-29, n.337, 3^3 Pierce, T. W „ 346-48 Pittsburgh, Pennsylvania, 30, 56-58, 7 3 - 7 4 , n.208, 278, 329, 512 Pittsburgh, Fort Wayne & Chicago Railroad, 30, n.36, 57-59, 62-66, n.69, n -7°. n -9°. 115» 2 ^ 3 Platte River, 168, 526 Pomeroy, R. M., 176 Poor's Manual of Railroads, n.250, n.356, n.393, n -6o8 Portland, Maine, 212, 475 Portland, Oregon, 577 Postal Telegraph Company, 282, 285, 455, 458, 460-61, 463-65, 470, 472, 475. n-477> n - 4 7 8 . 57 2 Potomac River, 120 Potter, A. P., 453 Potter, T. J., n.249, n.250, n.336, n.393, n-394> n - 4 1 0 . n-477> n -53 2 > n-533 Pound, Arthur, n.594 Public, n.164, n.187, n.207, n - 2 ° 8 , n.223, n.250, n.286, n.337, n.410 Pueblo, Colorado, 170, 180-82, 388, 529-30 Pueblo & St. Louis Railroad, 181, n.187 Pullman, George M., 116, 255, 603 Quarterly Review, n.337 Quincy, Illinois, 81, 136, 190, 228, 238 Quincy, Missouri & Pacific Railroad, 228-29, n - 2 4 9

Index Quincy Railroad, see Quincy, Missouri & Pacific Railroad Quintuple Contract, 1 3 5 - 3 7 , 1 8 2 Railroad Gazette, 1 3 - 1 4 , n.36, n.54, n.90, n . g i , n . 1 1 0 , n.111, n . 1 2 9 , n . 1 3 0 , n.163, n.164, n . 1 8 7 , n.188, n.207, n.208, n.223, n.224, n.250, n.268, n.286, n.336, n.337, n.355, n.377, n.393, n.394, n.410, n.425, n . 5 1 4 , n . 5 1 5 , n.533, n.552, n.570, n.594, n.606 Railroad Herald, n.50 Railroad Record, n.69, n.91 Railway Monitor, n . 1 3 0 Railway Review, 14, n . 1 1 1 , n . 1 6 3 , n.188, n.207, n - 2 ° 8 » n.224, n.250, n.268, n.287, n.336, n.337, n.355, n.356, n.410, n.425, n.446, n.477, n.499, n . 5 1 4 , n.532, n.533, n -55 2 > n.553, n.570, n . 5 7 1 , n.594, n . 6 1 0 Railway World, 14, n.i 11, n . i 30, n . 1 6 3 , n.164, n . 1 8 7 , n.207, n.223, n.267, n.268, n.286, n.355, n.356, n.377, n.393, n.410, n.425, n.446, n.552, n.553, n . 5 7 1 , n.593 Ramsey, Joseph H., n.54, 7 6 - 7 7 , 80, n.90, n.91, 9 3 - 9 4 Raphael, Lewis, 9 3 - 9 6 , 9 9 - 1 0 3 , n . i 1 0 Rapid Transit Commissioners, 289 Reading Railroad, see Philadelphia & Reading Railroad Reconstruction Finance Corporation, n.268 Redbank, Pennsylvania, 329 Reed, S. G., n.410, n.553 Reiff, Josiah C., n.208, n.286, 467 Rhode Island, 106 Richardson Joseph, 342 Richmond Terminal Railroad, 5 6 2 - 6 3 , 578, 589, n.594 Rigdon, Paul, 1 4 2S9~6l> Rio Grande, 237, 2 5 3 - 5 4 , 265, 317' 343' 345' 347' 35 2 - 395' 3 9 7 - 9 8 , 403, 406, 4 4 1 , 443, n.447 Ripley, E . P., n.250, n.336 Road, The, n.69, n -9 2 > n . i 10, n . 1 1 1 , n.130, n.162 Roberts, George B., 330, 335, n.336, n.337, 4°6> 4 1 1 ' 5 ° 5 - ° 6 Rock Island Railroad, see Chicago, Rock Island & Pacific Railroad Rockefeller, John D., 2 1 - 2 2 , 98, 450,

507, 545-47, 552' 597' 599

Rocky Mountains, 167, 2 2 6 - 2 7 , 240, 266, 382

623 Rollins, E . H., n . 1 3 0 Roosevelt, James A., 192 Rosenwald, Julius, 2 1 Roxbury, New York, 1 9 Russia, 567 Sage, Russell, 24, 1 1 3 , 1 1 8 , 1 2 4 - 2 6 , 179' i5 2 > ! 5 5 - 5 8 ' l 6 l > l 6 6 ' 173' 186, 1 9 1 , 197, 2 1 3 , 2 1 6 , 2 3 1 , 255, 2 6 1 , 263, 266, 2 8 1 , 2 9 1 , 293, 2 9 5 96, 299, 304-06, 308, 3 1 8 - 2 0 , 328, 3 4 1 ' 349' 35 2 > 359. 37°. 3 8 3 ~ 8 4 ' 386, 399-400, 408-09, 4 1 3 - 1 4 , 4 1 6 7 ' 435' 445' 4 8 0 - 8 1 ' 4 8 3> 4 9 2 ' 4 9 6 ' 539' 5 4 5 " 4 6 ' 549- 5 5 1 . 5 6 4- 5 7 8 ' 585, 588, n.594, 6 ° 3 ' 608, 6 1 0 Sage, W . M., n.208 Salina, Kansas, 384 San Antonia, Texas, 260, 347 San Diego, California, 2 5 3 - 5 4 San Francisco, California, 124, 1 3 1 , 1 4 7 , 1 8 5 , 203, 2 1 4 , 346, 348 San Francisco Bulletin, n . 5 7 1 San Juan Mountains, 1 7 0 Sapp, W . F., n.394 Saratoga, New York, 362 Sargent, H. E., n.91 Savannah, Georgia, 578 Schell, Augustus, n.90, 1 0 5 - 0 6 , 1 1 7 , 120 Schell, Richard, 24, 4 5 - 4 6 , 53 Schuylkill Valley, 361, 5 1 2 Scott, Thomas A., 1 3 - 1 4 , 60, 6 4 - 6 5 , 83, 85, 1 1 6 - 1 7 , 1 2 0 - 2 1 , 1 2 3 - 2 4 , n . 1 3 0 , 150, n.162, 169, 232, 2 5 3 59. 2 6 3 - 6 4 , 320, 3 5 1 , 4 4 1 , 448, 498, 603, 608 Scott, W . L., 1 6 1 , n.164, 2 5 5 ' 257—58, 603 Seligman, J. S., 603 Seligman (J. and W . ) and Company, 380 Senate, see United States Senate Seney, George I., 364, 493 Sharp, John, n.355 Shenadoah Mining Herald, n . 3 7 7 Sherman, Texas, 253 Sherman Anti-Trust Act, 20 Shipman, Judge, 468 Shreveport, Louisiana, 2 5 2 - 5 3 , 2 5 6 - 5 7 , 261, 441 Sickles, D. E., 99, 1 0 1 , 105 Silesia, 469 Sloan, Samuel, 1 5 4 - 5 6 , n.164, 2 2 1 , 260, 3 1 9 - 2 0 , 3 3 1 - 3 2 , 373, 4 1 3 , 492, 505, 603 x

Index Smith, B. E . , 5 8 - 6 0 , 228 Smith, Henry N., 39, 48, 8 1 , 1 0 5 - 0 6 , 1 1 2 , 120, 1 2 2 - 2 3 , 126, n . 1 2 9 , 4 8 1 , 493. 5 1 0 Smith, Gould, Martin and Company, 39, 48, 79, 1 0 4 - 0 5 Souter, William K., 310, 5 1 0 South Carolina, 475 South Improvement Company, 83, 104 South Park Railroad, see Denver, South Parle & Pacific Railroad South Pennsylvania Railroad, 502, 508 Southern Development Company, 534 Southern Kansas Railroad, n.533 Southern Pacific Railroad, 13, n.187, n.188, 254, 267, 320, 346, 348—50, 380, 392, 398-99, n.410, 4 4 1 , 5 5 9 60, 581, 587, n.594 Southern Telegraph Company, 4 5 8 - 5 9 Southern Thirty-second Parallel Transcontinental Route, 14 Southwestern Association, 2 1 9 , 575 Southwestern Railroad and Steamship Association, 567 Spain, 99 Springfield Republican, n.477 Stalin, Joseph, 2 8 1 Standard Oil Company, 32, 98, 5 4 5 46> 5 5 2 Stanford, Leland, 13, n.130, 346, 498 St. Joseph, Missouri, 81, 1 3 6 - 3 7 , 168, 177-79, 228> 233 St. Joseph Bridge, 1 7 7 - 7 8 St. Joseph & Denver City Railroad, 168, l l l St. Joseph & Western Railroad, 5 1 7 St. Louis, Missouri, 31, 58, 63, 1 1 6 - 1 7 , 1 3 2 , 1 4 1 , 143, 145, 167, 1 6 9 - 7 0 , 175' 1 7 7 - 7 8 > l 8 l > l 8 9 ~ 9 3 > iÇ 8 » 2 0 0 > 202, 2 1 0 , 2 1 3 , 2 1 5 , 2 1 8 - 1 9 , 2 3 ° > 238, 244, 2 5 2 - 5 4 , 2 5 8 - 6 3 , 265, 267, 3*7> 3 2 3> 3 3 1 - 3 2 > 3 3 8 _ 4 1 > 35 8 > 3 6 o > 3 6 8 - 7 1 , 374, 376, 390, 395, 98, 402, 408, 4 1 3 - 1 4 , 433, 437, 445, 460, 520, 534, 536, 548-49, 566, n -57°> 574> 579. 5 8 3> 6 0 8 St. Louis, Arkansas & Texas Railroad, 5 4 8 ' 55° St. Louis Bridge, 339, 495, 572 St. Louis, Fort Scott & Wichita Railroad, 5 2 1 , 523, 5 2 5 - 2 7 , n.533 St. Louis Globe Democrat, n.533 St. Louis, Iron Mountain & Southern Railroad, 2 5 3 - 5 4 , 2 5 8 ~ 6 2 , 264, 2 6 6 67, n.267, n.268, 3 2 3 - 2 4 , 336, 345, 354. 3 5 8 ' 37°' 395- 397. 399. 4 ° 2 _

03, 408-09, 4 1 3 - 1 6 , 423, 437, 4 8 1 , 495. 537' 549. 599- n - 6 o 6 > 6 0 8 St. Louis, Kansas City & Northern Railroad, 1 9 2 - 9 3 , 1 9 7 - 9 9 , 202, 204, n.207, 229, 236, 480, n.606 St. Louis Republican, n.250, n.268, n-355 . 3 St. Louis & San Francisco Railroad, 1 7 5 , n.187, 2 1 5> 2 5 3 ' 2 Ó 2 ' 3 7 9 - 8 0 , 396, 398, 407, 4 1 1 , 516, 534, 536, 552, n.552, 567, 574 St. Louis & Southwestern Railroad, 551, 593 St. Louis Union Depot, 260 St. Paul, Minnesota, 475, 522, 556, n.570 St. Paul Railroad, see Chicago, Milwaukee & St. Paul Railroad Stedman, Edmund C., n.377 Stewart, John A., 505 Stickney Road, see Chicago, St. Paul & Kansas City Railroad Stock Exchange, see New York Stock Exchange Stockholder, n.90, n.91, n.130, n.207, n.446, n.478, n.514, n.552, n.570, n . 5 7 1 , n.594 Stockwell, A. B., 1 1 2 Stokes, Edward S., 467, 470 Stone, Amasa, 63, n.90, 98 Stone, H. B., n.570 Story of the Railroad, The, n.533 Strong, W . B., n.162, 174, 379, n.533, 559, 5 6 0 - 6 1 Suburban Rapid Transit Company, 572 Sully, Alfred, 473 Supreme Court, see United States Supreme Court Suspension Bridge, New York, 52, 84 Sutherland, Judge, 51 Swayne, Wager, n.223, 3 0 0 - 0 1 , 320 Sweeny, Peter B., 4 5 - 4 7 , 7 1 , 81, 1 3 7 , 469, n.610 Sykes, M . L., n . 1 8 7

Tammany Hall, 45, 47, 7 1 - 7 2 , 8 1 Taylor, Moses, 1 5 4 - 5 6 , n.164, 207, 253, 260, 270, 320, 332 Ten Years of Wall Street, n.54 Tenth National Bank, 75 Terminal Railroad Association, 572 Texarkana, Arkansas-Texas, 253, 265, 395, 402, 441 Texas, 167, 228, 234, 237, 244, 2 5 2 53' 2 55- 2 6 3 ' 2 Ó 7 ' 3 2 3> 3 4 1 ' 3 4 5 " 48, 353- 379' 3 9 5 ^ 6 - 39 8 > 4°3-°4>

Index 44 1 » 445. 475. 5 l 6 > 53 2 > 534"3 6 > 5 4 1 - 4 3 , 546, 548, 5 5 1 , 5 5 3 - 5 4 , 573 Texas Legislature, n.553 Texas & Pacific Railroad, 1 2 , 1 1 7 , 232, 253-60, 262-67, n.267, n.268, 323, 346-52, 354, n.356, 392, 395, 3 9 7 99, 4 0 1 - 0 7 , 409, n.410, 4 1 3 , 4 2 3 - 2 5 , 427, 4 3 1 , 440-42, 445-46, n.446, 448, 476, 487, 494-95, 516, 538-39, 550, 564, 573, 587, 589, 599, n.606, 608-09 Texas Railroad Commission, 583 Texas & St. Louis Railroad, 259, 2 6 1 , 3 3 ^ 397 Thayer, Nathaniel, 328-29, n.337 Thomas A. Edison, n.163 Thomas, Samuel, 364, 366 Thomson, J . E., 2 1 , 30, 84 Thurman, Allen G., 97 Thurman Act, 420, 422 Tide Water Pipe Line Company, 450 Tilden, Samuel J., 62, n.90, 1 9 1 , 2 9 0 9 1 , 305, 498, 603, 608 Tinker, C . A., 203 Toledo, Ohio, 3 1 , 56, 63, 65, 73, 1 3 6 , 1 6 7 , 1 7 5 , 1 8 9 - 9 1 , 1 9 7 - 2 0 2 , 205, 2 0 9 - 1 3 , 2 1 5 , 2 1 7 - 1 8 , 230, 252, 3 2 1 , 325, 329-30, 332, 358, 360, 364, 366, 368, 402, 4 1 3 , 433, 437, 439, 445. 5 l 6 > 5 5 6 „ , , 0 Toledo, Peoria & Warsaw Railroad, 58, n.69, 229-30, 240 Toledo, Wabash & Western Railroad, see Wabash Railroad Touzalin, A. E., n.410 Trails, Rails and War, n.26, n.268 Transportation Act, 26, 5 1 8 Treasury Department, see United States Treasury Department Trenton, New Jersey, 85, n.377 Trenton Gazette, n.54 Trenton Mill, 86 Tri-Partite Contract, 390-92, 488, 516, 5 1 9 - 2 0 , 522 Trunk Line Commissioners, 506 Tuckerman, Lucius, n.249 Tutt, Thomas E., 4 1 7 Tweed, William (Boss), 47, n.54, 7 1 » 79, 8 1 , 1 3 7 , 454, 469 Twenty-eight Years in Wall Street, n.286 Twin Cities, Minnesota, 522, 566 Tyler, Henry, n.91, n.223, n.337 Tyson, George, n.163, n.187, n.249, n.604

625 Union Bank of New York City, n.90 Union Pacific Railroad, 1 2 - 1 4 , 2 3 _ 2 4 > 1 1 2 - 1 8 8 , 1 9 4 - 9 5 , 1 9^ _ 99> n.208, 2 1 1 , 2 1 4 , 2 1 6 , 2 2 1 , 226, 2 3 2 - 3 3 , 2

39» 2 4 1 - 4 9 > 2 54"55> 2 7 ! - 7 4 > 2 7 8 280, 283, 295, 3 1 3 , 3 1 7 - 1 8 , 320-24, 3 4 1 - 4 4 , 348-49, 354, 358, 378-84, 386-93, 400, 4 1 3 - 1 4 , 4 1 9 - 2 3 , 4 2 5> n.425, 427, 465-66, 476, 480, 4 8 5 86, 488-90, 493, 497-98, 5 0 1 - 0 2 , 504, 5 0 7 - 1 0 , n . 5 1 4 , 5 1 7 , 5 1 9 - 2 0 , 522-28, 5 3 1 , 538, 555, 559, 561, 564-65, 575-78, 5 8 1 - 8 2 , 584-87, 5 8 9 - 9 1 , 593, n.594, 596-99, 603-04 n.606, 608, n.610; map, facing 186 Union Pacific Historical Museum, 14, n . 1 3 0 , n.164 Union Telegraph Company, 203 Union & Titusville Railroad, 88 Union Trust Company, n.410, 544 United States Congress, 1 1 5 , 1 2 1 , 1 3 3 , 140, 142, 204, 255, 2 6 1 , 282, 339, 348, 420, 422, 455, 462, 4 7 1 , 507, 559 . United States Department of Justice, 422 United States Economist, n.36 United States Express Company, 52, 82, 107, 109 United States Government Bond Syndicate, 450 United States House of Representatives, n.91, 420, 462, 4 7 1 , n.478 United States House of Representatives Committee on Banking and Currency, n.54 United States House of Representatives Committee on Public Lands, n.356 United States House of Representatives Committee on Railroads, n.54 United States House of Representatives Subcommittee on Labor Troubles in the South and West, n.410, n.426, n.515 United States Pacific Railway Commission, see Pacific Railway Commission United States Railroad and Mining Register, 14, n.36, n.37, n.69, n -7°> n.qo, n . 1 1 0 United States Senate, 186, 420-23, 462 United States Senate Committee on Education and Labor, n.163, n.164, n.286, n.477 United States Senate Committee on

Index

626 Interstate Commerce, n.337, n.514, 569 United States Senate Committee on Miscellaneous Corporations, n.287 United States Senate Committee on Post Offices and Post Roads, n.163, n.164, n.285, n.286, n.287, n.477, n.478 United States Senate Committee on Railroads, n.55, n.163, n.208 United States Senate Judiciary Committee, n.37, 420, 422 United States Supreme Court, 202, 204, 269, 272, 283, 417, 437 United States Treasury Department, 75-78, 422, 577 Utah, 181, 344, 348, 379, 386, 3889 1 » 5*9, 59 1 Utah Central Railroad, 348, 354 Utah & Northern Railroad, 342, n.355 Utah Traffic Association, 390 Van Home, John, n.286 Vanderbilt, Cornelius, 24, 35-36, 3849, 51-53, 63, 65-66, 69, 73, 77, 80, 84-85, 103, 105, n.111, 1 1 5 - 1 7 , 15°-53. J94> 2 0 1 » 22 7» 2 7°> 279, 281, 318, 333, 340, 348, 360, 451, 468, 471, 483, 495, 597 Vanderbilt, William H., 13, n.36, 8485, n.91, 151, 153-59, n i 6 3 > 1 75~ 76, 191, 196-97, 201, 207, 209-26, 232, 241, 2A3, 246-47, n.251, 25455, 257, 260-61, 269-70, 276-77, 280-81, n.286, 288, 292-93, 295, 302, 320, 325, 330-36, n.337, 35778, 397,449, 457,471,482-83,48687, 489, 491-H53, 495-96, 502, 506, 508-09, 511-12, 565, 578, 580, 582; maps, 206 and facing 374 Vermont, 145 Villard, Henry, 12, 138-44, 160, n.163, 167-68, 170-72, 193, n.249, 255, „ 3 7 8 , 490- 497» 5°3> 5i9 Villard, Mrs. Henry, n.163 Vining, E. P., 391, n.394 Wabash, St. Louis & Pacific Railroad, n.606 Wabash Railroad, 13, 23, 63, 65, 70, 73-74» 7 7 - 8 i , n.90,136, n . 1 6 3 , 1 7 5 76, 189-223, n.223, n.224, 229-32, 235~44> 2 4 8 "49> 2 5 2 » 254» 2 59~6o, 295> 3*7» 3 1 9 - 2 ° . 328-33, 336, n -33 6 » 339-4 1 . 354' 3 5 8 " 6 ° . 364-66, 368-71, 373-76, n.376, 382, 384-

86, 390, 400, 402, 407-09, n.410, 412-19, 424-25, n.425, 427-30, 432-41, 445, n.446, 456, 476, 480, 484-85, 487-89, 493-95, 502, 516, 523, 525, 527, 536, 538-39, 551, 556, 564, n.570, 573, 576, 587, 589, 597, 599, 603, n.606, 607, n.607, 608-09; ma P> 2 ° 6 Waco, Texas, 254, 397 Walker, A. F., 569, n.571, 579 Walker, J. M., n.91, n.111, n.163 Wall Street, 28, 71, 129, 161-62, 290, 294>

3J9» 357» 436» 484» 487» 491» 512-14, n.515, 545, 558, 563, 567 Wall Street Journal, n.90, n.111, n.163, n.377, n.499, n.515 Wall Street News, n.267, n.315, n.610 Wanamaker, John, 476 Warman, Cy, n.533 Washington, D. C., 97, 150, 327, 332, 421, 459, 469 Washington, George, 20 Watkins, Edward, n . n o Weehawken Docks Company, 83 Weekly Financial Circular, n.410 West Shore Railroad, 375-76,444, 462, 464, 488, 491, 502, 505-09, 561 Westbrook, Judge, 292, 295, 297-98, 300-01, 303, n.315 Western Traffic Association, 584, 59091 Western Trunk Line Association, n.532 Western Union Telegraph Company, 23, 26, 131, 148-54, 157-58, n.163, n.164, 202-05, n.208, 209, 242, 26988, 295, 298-300, 314, 317, 320-21, 326-27, 332-33, 350, 354, 373, 38586, 448-78, 481-85, 487-89, 49397» n-499> n -5°°» 5 0 1 _ 0 3» 5°8» 5 12 » 572» 596» n - 6 o 7 Westinghouse, George, 21, 599 Whitaker, H. M., n.553 White, Horace, n.163 White, Stephen Van Cullen, 492, n.500, 503 Wichita, Kansas, 521 Wichita Railroad, see St. Louis, Fort Scott & Wichita Railroad Wilkeson, Frank, n.532 Willard, Martin, Balch and Company, 95 Williams, William S., 283 Williamsport, Pennsylvania, 361-62 Wilmington, Delaware, 327 Wilmington Railroad, see Philadelphia, Wilmington & Baltimore Railroad

Index Winslow, E . F., 380 Wisconsin, 556 Wisconsin Central Railroad, 563 Wistar, Isaac Jones, 25, n.26, 441-44, n.446 Woerishoffer, C . F., 255, 319, 467, 487, 489, 493, 495-96, n.500, 6 0 3 04

627 Work, Frank, 40, 45-46, 53 Wyman, Erastus, 449, n.477 Wyoming, 227, 5 1 7 , 523, 564, 575, 582 Youngman, Anna, n.286 Youngstown, Ohio, 329