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Basing their operations on this lack of knowledge, and upon the tendency of human nature to give credence to widely advertised and high-sounding descriptions and specious promises of vast profits, these men find little difficulty in conjuring money out of the pockets of the unsophisticated and gullible, who rush to become stockholders in concerns that have "airy nothings" for a foundation, and that collapse quickly when the bubble is pricked.
'If there are no factories, he said, 'to make my inventions, I will build the factories myself. Since capital is timid, I will raise and supply it. The issue is factories or death. Mr. Edison invited the cooperation of his leading stockholders. They lacked confidence or did not care to increase their investments. He was forced to go on alone. The chain of Edison shops was then created.
Pretending that the railroads embraced in the consolidation had a great surplus on hand, Vanderbilt, instead of distributing this alleged surplus, apportioned the watered stock among the stockholders as a premium. The story of the surplus was, of course, only a pretense. Of this sum $44,000,000 was issued in 1869; the remainder in previous years.
"There are only two possibilities," said the English merchant from Shanghai, one of the chief stockholders of the line, who sat next to the captain. "According to my experience" and here he paused in order to draw the attention of his listeners to this experience "according to my experience," he repeated, "there are only two possibilities.
To this extraordinary generosity towards the stockholders, I should be disposed to make no kind of objection, if it were not necessary to consider by whom it is to be paid; and a moment's reflection will shew us, that it can only be paid by the industrious classes of society and the landlords, that is, by all those whose nominal incomes will vary with the variations in the measure of value.
'Don't git excited, Zeke, only to be cast down the harder, but there's a chance. All last summer we had stockholders' investigation meetings, and the way old man Davis led 'em to make investigations through a glass darkly was a sin and a scandal.
The Erie Railroad control was always nominally for sale, and, as the annual election approached, a majority of stockholders stood ready to sell their votes to the highest bidder. Commodore Vanderbilt cleverly secured the cooperation of the "reformer" element, corralling their proxies, and thus he appeared to be in a position to oust the Drew interests without difficulty.
An extravagant sum was to be paid to the Credit Mobilier for the construction work, thus securing for stockholders of the Union Pacific, who now controlled the Credit Mobilier, the bonds loaned by the United States Government. The operations of the Credit Mobilier finally gave rise to one of the most serious political scandals in the history of the United States Congress.
In some States that tax is now 1 per cent, either on the capital or on the shares, and that may be assumed as the amount which all citizen or resident stockholders would be taxed under the operation of this act.
Does Pennsylvania, New York, or Ohio tax the foreign holders of stock in the loans contracted by either of these States? Certainly not. Sir, I must confess I had little expected to see, on such an occasion as the present, a labored and repeated attempt to produce an impression on the public opinion unfavorable to the bank, from the circumstance that foreigners are among its stockholders.
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