More study has been made of railroad regulation and the technical side of railroading than of the history of transportation and the effects of the roads on the political and economic life of the people. An excellent single volume is John Moody, _The Railroad Builders_ (1919), which devotes attention to the important personages of railroad history, discusses the growth of large systems and contains valuable maps; the best concise account of the history of the railways is W.Z. Ripley, _Railroads: Rates and Regulation_ (1912). Chap. I; W.Z. Ripley, _Railway Problems_ (rev. ed., 1913), is reliable; E.R. Johnson and T.W. Van Metre, _Principles of Railroad Transportation_ (1916), has some excellent chapters and several informing maps; C.F. Carter, _When Railroads were New_, (1909), is a popular account; C.F. Adams, _Chapters of Erie_ (1886), exposes early railroad practices; H.G. Pearson, _An American Railroad Builder_ (1911), presents the career of J.M. Forbes as a railroad president; A.T. Hadley, _Railroad Transportation_ (1886), is a classic, early account. Consult also E.R. Johnson, _American Railway Transportation_ (1903); Frank Parsons, _Heart of the Railroad Problem_ (1906); C.F. Adams, Jr., _Railroads: Their Origin and Problems_ (1878, rev. ed., 1893); "A Decade of Federal Railway Regulation," in _Atlantic Monthly_ (Apr., 1898). On the personal side, the following are valuable: E.P. Oberholtzer, _Jay Cooke, Financier of the Civil War_ (2 vols., 1907); J.G. Pyle, _Life of J.J. Hill_ (2 vols., 1917); _Memoirs of Henry Villard_ (1909). On the subject of land grants and regulation: L.H. Haney, _Congressional History of Railways_ (2 vols., 1910); S.J. Buck, _The Granger Movement_ (1913), and the same author's _The Agrarian Crusade_ (1920), are best on the relation of unrest among the agricultural classes to the railroad problem. The "Cullom Report" is in Senate Reports, 49th Congress, 1st session (Serial Number 2356), in 2 vols., and is a mine of information on early abuses. The most important Granger cases are in _United States Reports_, vol. 94, p. 113 (Munn _v._ Ill.), and vol. 118, p. 557 (Wabash case). * * * * * [1] For example, an investor might contribute $100 in cash to an enterprise. The "paid in capital" or "actual" capital would, then be $100. He might receive in return $100 in stock and $100 in bonds, in which case the "nominal capital" would be $200; the additional $100 would be "water." If the enterprise paid interest on the bonds, and dividends on the stock, it would, of course, be paying a return on the water. The practice of stock-watering did not end with the days of Gould and Drew. [2] In this connection Professor Farrand mentions the statement of a railroad magnate that "in Republican counties he was a Republican, and in Democratic counties he was a Democrat, but that everywhere he was for the railroad." _Development of the United States_, p. 290. CHAPTER X EXTREME REPUBLICANISM