By Maury Klein
The second one quantity within the historical past of the Union Pacific starts off after the monetary panic of 1893, one of many worst depressions americans had but skilled, which driven the railroad into chapter 11. Maury Klein examines the complicated demanding situations confronted via the Union Pacific within the new century—the increasing function of presidency and its restrictive rules, the expansion of work unions, the devastating results of 2 global wars, and the becoming festival from new modes of transportation—and how, lower than the leading edge and influential management of Edward H. Harriman, the Union Pacific back performed the function of business pioneer. Union Pacific has remained one of many most powerful railroads within the nation, surviving the eras of presidency law and the company mergers of the earlier twenty-five years. Insightful, definitive in scope, wealthy in colourful anecdotes and marvelous characterizations, Union Pacific is an engaging saga not just of a specific railroad but in addition approximately how that reworked the United States. Maury Klein is professor of historical past on the college of Rhode Island. he's the writer of numerous books, together with the Pulitzer Prize finalist The existence and Legend of Jay Gould.
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Extra info for Union Pacific: Volume II, 1894-1969
Sample text
It was, he later recalled, a "brutal" conversation, and he was not accustomed to such blunt- The Receivership I 25 ness. "Well, you will have a good time doing it, Mr. " "There is no price to it. " Schiff ventured. " "That is out of the question," Schiff countered. "Mr. Pierce shall be chairman. " "Very well then, Mr. Schiff, go ahead and see what you can do. " This was Schiff's version of events, which the known facts neither confirm nor refute. There is, however, a crucial question no one has asked: why would the Illinois Central even be interested in a road with which it had no physical connection?
Joseph & Grand Island security holders to seek their own receivers. 12 The reorganization of a railroad is a complicated affair. In most cases the reordering of corporate finances involves some fierce infighting among the different classes of interests. Since scaling down the company's obligations requires concessions on someone's part, the worst battles usually arise over which group(s) of security holders will be invited to make the necessary sacrifices. And since large sums of money can be made from the process of reorganization, bankers, lawyers, and financiers circle the carcass like vultures eager to snatch off their pound of flesh.
There was in his manner a sense of cold efficiency, a ruthlessness of purpose that kept everyone at arm's length. No one seemed to know much about him, and a few did not even know who he was. Huddled in front of the depot, waiting with an impassive expression for the next onslaught of questions, one knowing officer nudged J. H. McConnell, the superintendent of machinery, and murmured, "Joe, did you notice that dark complected man with glasses who seemed to know so much about the price of scrap, and a great deal about things in general?