BIBLIOGRAPHICAL NOTE
More study has been made of railroad regulation and the technical side of railroading than of the history of transportation and the effects of the roads on the political and economic life of the people. An excellent single volume is John Moody, The Railroad Builders (1919), which devotes attention to the important personages of railroad history, discusses the growth of large systems and contains valuable maps; the best concise account of the history of the railways is W.Z. Ripley, Railroads: Rates and Regulation (1912). Chap. I; W.Z. Ripley, Railway Problems (rev. ed., 1913), is reliable; E.R. Johnson and T.W. Van Metre, Principles of Railroad Transportation (1916), has some excellent chapters and several informing maps; C.F. Carter, When Railroads were New, (1909), is a popular account; C.F. Adams, Chapters of Erie (1886), exposes early railroad practices; H.G. Pearson, An American Railroad Builder (1911), presents the career of J.M. Forbes as a railroad president; A.T. Hadley, Railroad Transportation (1886), is a classic, early account. Consult also E.R. Johnson, American Railway Transportation (1903); Frank Parsons, Heart of the Railroad Problem (1906); C.F. Adams, Jr., Railroads: Their Origin and Problems (1878, rev. ed., 1893); "A Decade of Federal Railway Regulation," in Atlantic Monthly (Apr., 1898). On the personal side, the following are valuable: E.P. Oberholtzer, Jay Cooke, Financier of the Civil War (2 vols., 1907); J.G. Pyle, Life of J.J. Hill (2 vols., 1917); Memoirs of Henry Villard (1909). On the subject of land grants and regulation: L.H. Haney, Congressional History of Railways (2 vols., 1910); S.J. Buck, The Granger Movement (1913), and the same author's The Agrarian Crusade (1920), are best on the relation of unrest among the agricultural classes to the railroad problem. The "Cullom Report" is in Senate Reports, 49th Congress, 1st session (Serial Number 2356), in 2 vols., and is a mine of information on early abuses. The most important Granger cases are in United States Reports, vol. 94, p. 113 (Munn v. Ill.), and vol. 118, p. 557 (Wabash case).
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[1] For example, an investor might contribute $100 in cash to an enterprise. The "paid in capital" or "actual" capital would, then be $100. He might receive in return $100 in stock and $100 in bonds, in which case the "nominal capital" would be $200; the additional $100 would be "water." If the enterprise paid interest on the bonds, and dividends on the stock, it would, of course, be paying a return on the water. The practice of stock-watering did not end with the days of Gould and Drew.
[2] In this connection Professor Farrand mentions the statement of a railroad magnate that "in Republican counties he was a Republican, and in Democratic counties he was a Democrat, but that everywhere he was for the railroad." Development of the United States, p. 290.