Gould, his operations extended into four different States. It was his 6ustom to
contribute money to influence both nominations and elections.''

This is one of the places where the money goes which the people pay for
transportation. »

IN BBOABD TO THE WATBRING OF STOCKS,

the obligations of the New York Central and Hudson River Railroad at this time
amount to about ninety millions of dollars, while it is susceptible of proof that
the total cost to its stock ai^d bondholders was less than twenty-flve millions of
dollars ; ei^ht per cent, dividends are regularly paid on the former sum, thus im-
posing an anntccU burden on commerce, on sixty-five millions of fictitious capital,
amounting, at eight per cent , to over five millions of dollars. The outstanding
obligations of the Lake Shore and Michigan Southern Railroad now amount to
about seventy-five millions, for which not more than twenty-five millions was
ever paid by its stock and bond holders. The watering of stock, in one form or
another, has been practiced by nearly all of the principal companies in this coun-
try, and it is estimated that about one-third of all the stock of railway companies
in the United States has been issued upon a fictitious basis.
