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The Original Dale Creek Bridge Furnished by Passenger Department of the l’nicn Pacific System OF THE

UNION PACIFIC

A Financial and Economic Survey

By

NELSON TROTTMAN

Of the Wisconsin Bar

NEW YORK
THE RONALD PRESS COMPANY

Copyright, 1923, by
THE RONALD PRESS COMPANY

All Rights Reserved

AP
PREFACE

The railroad situation today constitutes a problem of far greater moment than ever before. Permanent business prosperity cannot exist unless we have a healthy and permanent solution of the railroad problem. The story of the Union Pacific shows the vitality of a rightly located railroad, and its power, under competent management, of working free from the handicaps of financial exploitation, and becoming a source of profit to its stockholders and of service to the entire community.

The Union Pacific together with its western connection, the Central Pacific, was the first and for many years the only transcontinental railroad. The sixty years of its existence saw the opening up of the western half of the country, and in this vast development the Union Pacific bore a chief part. In later years, as a Harriman road, the Union Pacific has been identified with perhaps the greatest of American railway operators. Yet though the road has often been in the limelight, its dramatic story has never been assembled in its entirety. The present work gives a general account of the Union Pacific Railroad from its birth during the Civil War, in 1862, to the annual report of the directors for the fiscal year ending December 31, 1921, after the return of the railroads to private control following the World War.

Many important lessons are to be learned from the successive stages of Union Pacific history: the launching of the road with fervid but hasty enthusiasm and in a peculiar degree with national backing; the profligacy and chicanery of oldtime railroad management, by which resources and good will were alike thrown away; the collapse and receivership; the speedy revival and expansion in the hands of a competent management; the final stage of close governmental supervision

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