Misrepresentation in Railroad Affairs

Misrepresentation in Railroad Affairs

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Misrepresentation in Railroad Affairs

Misrepresentation in Railroad Affairs

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Excerpt

No public question or private transaction can ever be profitably discussed unless the essential facts involved therein are accurately set forth. In an article entitled "The Chicago & Alton Case," first published in the North American Review for January, 1916, and later reprinted in book form, I criticised as inaccurate and misleading certain statements concerning this case made by Prof. William Z. Ripley in a recently published book entitled "Railroads: Finance and Organization."1

These erroneous and misleading statements were: 1. That the Chicago & Alton Railroad, when the Harriman syndicate bought it, was doing "a constantly expanding business"; (2) that the syndicate made a profit of $23,600,000 out of its financiering; (3) that the operations of the syndicate were "concealed," "covered up," "never disclosed," and "obscured in the published accounts"; (4) that the reorganization of the road created "the need of high rates for service in order to support the fraudulent capitalization"; (5) that as a result of the recapitalization the road was "physically crippled"; and (6) that Mr. Harriman was a "conspirator," whose management of the property was "unscrupulous," "fraudulent," "piratical" and "predatory." (pp. 77, 262-266.)

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