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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (13982)	1/26/2002 9:40:51 AM
From: elmatador	Read Replies (2) \| Respond to of 74559

<<how to steal, usually within the letter of the law>> Matthew Josephson in The Robber Barons (1934) "society under lax political institutions would be wholly directed by interest" Cornelius Vanderbilt was the first "captain of modern industry," exploited steamship lines and railroads Daniel Drew owned Erie Railroad, watered stock: "He who sells what isn't his'n, Must buy it back or go to pris'n" Illinois Central was a "land-jobbing" project in speculation Jay Gould was a "master of trick and deceit" like the "projectors" of Daniel Defoe, a "Mephistopheles" who was crafty and sardonic and scoffing Jay Cooke in the Civil War was "the first modern American" who colored his actions in patriotism and the ballyhoo of a religious crusade, gained charter for Noerthern Pacific Railroad in 1869 J. P. Morgan sold 5000 defective carbines to Gen. Fremont, practiced "pillage, fraud, distortion" and gained control of great properties by "Morganization" through the instrument of the voting trust, adding costs to operations and reducing value of original bondholders: "I owe the public nothing" Rockefeller and Henry Flagler forced a secret rebate from railroads for high volume shipments, paying 15 cents less than normal rate of 40 cents per barrel of crude oil William Vanderbilt inherited $94 million in 1877, the first industrial fortune, an "economic monolith" that doubled in 8 years because "the public be damned" and railroads conspired to set rates