196 Reminiscences of 



appearing at first so fair and promising led to con- 

 fidence in his management and largely influenced 

 its consequent bankruptcy; from this it was only 

 rescued by the drastic efforts of a new management. 

 From the hands of the receiver it emerged in good 

 form, and has now become, with its outreaching aux- 

 iliaries, one of the most important, extensive, and 

 profitable roads in this country. As I was somewhat 

 familiar with the artful methods of the crafty Gould, 

 which were well known, though not to the public, in 

 some particulars in connection with the Union Pacific 

 Railroad, I will diverge here in references, especially 

 to the latter. 



After the completion of the road, the general busi- 

 ness of the country being dull, it was not profitable, and 

 there were periods of depression when the burden 

 of the managers was heavy. The through business 

 was limited. Land sales were slow and expenses 

 were heavy. Land bonds had to be issued predicated 

 upon future realizations, as well as income bonds to 

 be paid by future profits. It was during one of these 

 periods when the heaviest owners in the road, loaded 

 up with securities which were difficult to sell or bor- 

 row upon, invited the aid of Mr. Gould. This was 

 declined. The burdens became still heavier, and some 

 of the largest owners refused to further sustain a sink- 

 ing credit in defence of their own holdings. But Mr. 

 Oakes Ames, and a very few others who believed in 

 the'ultimate success of the road, held on with unabated 

 confidence, with credit, however, much impaired. 



In this extremity, when again being solicited, Mr. 

 Gould signified his willingness to come on to Boston 

 and confer with the bodyguard. The meeting ex- 



