174 HISTORY OF THE GRANGE MOVEMENT; OR, 



CHAPTER IX. 



RAILROAD STOCK GAMBLING. 



Who own the Railroads ? The Old-fashioned Method of building a Road 

 The Present Style A Contrast The Honest Policy not suited to the Present 

 Ideas of Railroad Men The Art of building Railroads with other People's 

 Money brought to Perfection The Era of Mortgages The Land Grab Sys- 

 tem Demoralization in Railroad Finances The Gamblers in Power The 

 Real Owners of the Railroads robbed by the Directors A Rotten System 

 and its Consequences The Banks Involved The Railroads demoralizing 

 the whole Country The New York Herald's Picture of the United States 

 Senate Food for Patriotic Reflection Railroad Senators. 



THE question is often asked, " Who are the real own- 

 ers of a railroad ?" At the outset of our railroad enter- 

 prises an answer would not have been difficult. Now, 

 however, so entirely has the whole system been changed 

 that no one can tell who is the actual owner of any road 

 in the country. 



In former times, men proposing to build a railroad 

 began their enterprise by subscribing certain sums of 

 money for the purpose of constructing and equipping 

 the road. With the funds thus subscribed the road was 

 actually begun, and certificates of indebtedness were is- 

 sued and delivered to the subscribers. These certifi- 

 cates were called " stock," and represented the capital 

 invested in the undertaking. The holders of the stock 

 were really the owners of the road, and very properly 

 elected its officers and managed its affairs, as it was 

 their own property they were dealing with. If their 



