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There is no sign in Dawes' correspondence that he objected to the dividends or had doubts about the stock even when suits commenced against it. He wrote Ames in November of 1871 in a way that indicated he retained the investment.

Dawes to Ames, Nov. 19, 1872, Dawes Papers, Box 37, Credit Mobilier.

Klein, Union Pacific, 291.

Last updated on August 16, 2011 at 2:32pm

As Charles Francis Adams later phrased the results, the Union Pacific was "in the position of a man whose hands are tied fighting against men armed to the teeth. We cannot lease; we cannot guarantee; and we cannot make new loans on business principles, for we cannot mortgage or pledge; we cannot build extensions; we cannot contract loans as other people contract them. All these things are inhibited to us; yet all these things are habitually done by our competitors."

Last updated on August 16, 2011 at 2:33pm