Page:The Wizard of Wall Street and his Wealth.djvu/320

 were there gathered in by him on the consolidation of the three roads, all of their stock being exchanged at par and merged into the new Union Pacific Railway Company as distinguished from the Union Pacific Railroad Company.

This incident formed one of the subjects of inquiry committed to the Pacific Railroad Commission in 1887. The members of the commission appointed by President Cleveland consisted of Gov. Pattison, of Pennsylvania; E. Ellery Anderson of this city, and David Littler, of Illinois.

The Union Pacific railroad and the Kansas Pacific railroad companies had received government subsidies in bonds and lands. The bonds were received upon the stipulation that the companies would pay at par and accumulated interest upon their maturity. The first of these bonds will mature in 1895. An application had been made by the Pacific railroads to Congress to extend the time of payment, and this commission was appointed to report upon that matter and incidentally to furnish Congress with information relative to these deals which had affected the status of the corporations.

The commission began its sittings in this city, at No. 10 Wall street. A large number of railway magnates intimately connected with the Pacific railroads were first examined, including Russell Sage and Sidney Dillon. They were examined particularly with a view to finding out exactly what had taken place when the Union Pacific railway was created. They seemed to know nothing about the matter.