History Of The Great American Fortunes

by Gustavus Myers

Overview

Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. We are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.

Product Details

ISBN-13:	9781445580999
Publisher:	Benson Press
Publication date:	04/13/2010
Pages:	382
Product dimensions:	5.50(w) x 8.50(h) x 0.85(d)

Read an Excerpt

CHAPTER III THE GOULD FORTUNE RESUMED When haled in 1887 before that inquisitorial governmental body, the Pacific Railway Commission, Jay Gould vouchsafed little information; such as was elicited from him was of the most meager character. He said that he had become the owner of a controlling interest in the Union Pacific Railroad Company in 1873 by the purchase of one hundred thousand shares, and that these holdings were subsequently increased to two hundred thousand shares.1 Sage testified that he himself had begun buying Union Pacific stock in 1868 or 186o..2 As soon as the grasp of these men and their associates was assured, their industriousness began. Without any intermediate ceremony two hundred thousand shares of stock were forthwith issued, all certificates of nothing else than their self-arrogated power of present and future exploitation. This manufacture, without any interference from law, of additional titles of ownership, was only one of their numerous and conterminous activities. Their most plastic and successful plan, by which they were enabled to compound loot on a most magnificent scale, was that of buying in, as individuals, various railroads, and then selling them at exorbitant prices to the Union Pacific Railroad Company, which corporatively they controlled.It was a plan which, although theoretically regarded in law as fraudulent, was nevertheless audaciously carried on with complete immunity. 1 Pacific Railway Commission, U. S. Senate Executive Documents, First Session, Fiftieth Congress, i: 53 and 447. 2 Ibid., 340. A GREAT OPPORTUNITY FOR FRAUD. With its extraordinary opportunities for self-enrichment on a great scale, this plan was one commonly practicedby the puissant capitalists of the times. It had not by any means originated with Goul...