FREE BOOKS

Author's List




PREV.   NEXT  
|<   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   37   38  
39   40   41   42   43   44   45   46   47   48   49   50   51   52   53   54   55   56   57   58   59   60   61   62   63   >>   >|  
to the President. There was a divergence of opinions as to the best gauge for railroad tracks. At this time the Erie, and Ohio and Mississippi Railroads used a six foot gauge. The California legislature had fixed five foot as the gauge in that state, while the principal eastern roads including the Baltimore and Ohio, New York Central as well as the Chicago and Iowa lines, were what is known as standard gauge (i. e. four feet, eight and a half inches.) A committee of Parliament had settled on five feet, three inches as the gauge in England. President Lincoln had announced himself as in favor of five foot and the Central Pacific people had ordered their equipment of that width. The influence of the Chicago-Iowa lines as well as that of the Union Pacific people, was thrown in favor of the so called standard gauge, and on March 2nd, 1863, Congress passed what is one of the shortest laws on the Statute Books, namely, "Be it enacted by the Senate and House of Representatives of the United States in Congress assembled, that the gauge of the Pacific Railroad and its branches through its whole extent from the Pacific Coast to the Missouri River, shall be and hereby is established at four feet, eight and one-half inches." In 1869 about the time the Credit Mobilier Company was about to turn the finished road over, disgruntled stock and bondholders under the leadership of "Jim Fisk" endeavored to wrest possession from the Union Pacific Railway Company. Certain stock was recorded in his name and although paid for with a check that was refused by the bank on which it was drawn, Fisk went into court and secured an injunction preventing the board of directors acting until his relations with the Company had been adjudicated by the Courts. Under cover of these legal proceedings in the state courts, the New York Offices were forcibly entered, the books and securities of the Company removed and a feeling of insecurity and uncertainty aroused that caused a serious depreciation in the value of the securities they were endeavoring to market. W. M. Tweede being appointed receiver by the State Courts of such property of the Company as was to be found within its jurisdiction. It is said the trouble cost the Company some six or seven million dollars. Appealing to Congress, they were granted authority to remove its eastern offices from New York City to Boston. The next appearance in Congress was made necessary by
PREV.   NEXT  
|<   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   37   38  
39   40   41   42   43   44   45   46   47   48   49   50   51   52   53   54   55   56   57   58   59   60   61   62   63   >>   >|  



Top keywords:

Company

 

Pacific

 
Congress
 

inches

 

people

 

standard

 

Courts

 

securities

 

President

 

Chicago


Central
 
eastern
 
adjudicated
 

relations

 

Offices

 

legislature

 
removed
 

feeling

 

entered

 

courts


acting
 

forcibly

 

proceedings

 

refused

 

recorded

 

Railroads

 

injunction

 

preventing

 

insecurity

 

secured


directors
 

caused

 

million

 

dollars

 

Appealing

 

trouble

 

granted

 

authority

 

appearance

 

Boston


remove
 

offices

 

jurisdiction

 

California

 

endeavoring

 
market
 

depreciation

 

aroused

 

Certain

 

Tweede