The Colossus of Roads
Jay Gould secures control of transcontinental railroad lines, sparking fears of a monopoly that could dictate the fate of Washington’s economy.
The strained financial situation has been leveraged by the wizards of Wall Street, and Jay Gould is the acknowledged king of them all. He has, by purchase of stock and combination, secured control of all the transcontinental lines. This alliance, involving Kidder, Peabody & Co., C.P. Huntington, and the Standard Oil party, effectively places 100,000 miles of railroad under one management. It gives this group an army of employees greater than that of the United States government and fixes traffic rates on all lines. In this state, the coming legislature will undoubtedly pass a law for the appointment of a railroad commission with plenipotentiary powers, as it is now conceded that the railroad monopoly can no longer be ignored.
“This combination virtually places under the control of one man 100,000 miles of railroad and practically fixes the traffic rates on all lines.”
The Gilded Age obsession with railroad monopolies and the resulting push for 'railroad commissions' mirrors modern concerns regarding corporate consolidation and the public's loss of control over critical transportation and logistics infrastructure.
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