12 CONTENTS. 



CHAPTER III. 

 WATEKED STOCKS. 



Adroitness of Kailroad Managers in securing Valuable Privileges from the 

 Public Recklessness of the People in granting the Demands of the 

 Road The only Restraints imposed How the People made it possible 

 for the Corporations to fleece them How to build a Road without sub- 

 scribing the necessary Funds A False System The Story of the Credit 

 Mobilier Swindle How the Pacific Railroad bled the National Treasury 

 New System of Railroad Financiering The Process of " Stock Water- 

 ing" Instances of successful Stock Watering How a Bankrupt Road 

 was made to pay Good Dividends Successful Policy of the Pennsyl- 

 vania Railroad Company Vanderbilt's Master Stroke Who pays for 

 Watered Stock A Lesson for the People 52 



CHAPTER IV. 



THE CONSOLIDATION PROCESS. 



A Railroad of necessity a Monopoly George Stephenson's Views The 

 Interests of the Roads naturally Hostile to those of the People Foolish 

 Prodigality of the People Competition disastrous to the Roads Con- 

 solidation of Railroads inaugurated to stop Competition Success of the 

 Efforts for Consolidation The Four Enemies of Free Trade Vander- 

 bilt's Success with the New York Central The Pennsylvania Com- 

 pany Its History The Reign of Monopoly successfully inaugurated... 76 



CHAPTER V. 

 THE TRANSPORTATION TAX SWINDLE. 



Sources of Railroad Earnings The Freight Business Enormous Tribute 

 paid by the People to the Roads The Railroads irresponsible to the 

 Public The necessity of the Roads to the Country Anomalous Posi- 

 tion of the Railroads What are Legitimate and what are Fictitious 

 Earnings Carelessness of the People respecting their Rights Their 

 Punishment Arbitrary Course of the Roads in levying Freights How 

 the Railroads tax the People The Community made to pay the Losses 

 of the Roads Instructive Lessons How Competition is killed Efforte 

 of the State of Illinois to protect its Citizens The Railroads refuse to 

 obey the Law The Railroad Yoke fastened upon the People 88 



CHAPTER VI. 

 RAILROAD TYRANNY. 



Dangers arising from the Railroad Monopoly Irresponsibility of the 

 Roads Their Disregard of Individual Rights A Man's Fight with a 

 Railroad A Corporation's Idea of a Contract What a Railroad Ticket 



