WATERED STOCK. 



483 



there have been put on the market railroad bonds for the 

 additional amount of $2,800,000,000, forming an immense 

 aggregate of $6,236,638,749, equal to nearly $88,872 per 

 mile. 



We have heretofore shown how stocks are watered. Al 

 lowing these figures to be correct, the difference between 

 the cost, as reported by themselves, and $6,236,638,749, 

 would be about $2,800,000,000. Mr. Cloud, however, from 

 an actual examination of the cost, as reported by the engi 

 neers of the various roads, puts the actual cost at $35,000 

 per mile, or a total of $2,456,230,000. According to these 

 figures, the actual total of watered stock would be $3,780,- 



408,747. 



Cornelius Vanderbilt, of the New York Central, and &quot; Col 

 onel &quot; Scott, of the Pennsylvania Eailroad, represent about 

 $1,400,000,000 of this stock, and a handful of men, com 

 paratively, control almost the entire amount. These are 

 the men who control market values, and by a stroke of the 

 pen in their offices, cause to be flashed along the wires 

 what the farmer of the West shall receive for his grain, by 

 commanding the superintendents of these roads to put up 

 the tariff five or ten cents per bushel. 



In their strongholds, entrenched behind the power of 

 their ill-gotten wealth, they control the government of 

 States, and under the present system of election, could 

 make a President of the United States, by buying up a ma 

 jority of the Presidential Electors; that is, allowing the 

 price of these men to be about that of the modern Congress 



men. 



