Fisk and Hatch were part of Jay Cooke's organization and thus part of the creation of modern capital markets.
For Fisk and Hatch's marketing, see Fisk and Hatch, Memoranda.
Sylla, The American Capital Market, 146-61.
Lamoreaux, Insider Lending, 90-91.
When the road was completed, the bookkeepers of the Credit Mobilier put the actual cost to contractors of the Union Pacific at $50,720,958.94 and their profit at $42,825,328.34, but the profit was calculated on the basis of the securities being sold at par. Calculations that discounted the stock and bonds yielded a profit of $11,891,903. A third calculation has the government bonds and first mortgage bonds paying for the road. There remained the income bonds, land grant bonds at par and 36 million shares of stock discounted 70% as profit.
Allan contended that he informed the Americans in October of 1872 that his negotiations with them were at an end and that he wrote New York to this effect in December.
The mainline of the Texas and Pacific from Shreveport, Louisiana did not reach Ft. Worth until the summer of 1876. It covered 222 miles. In all, the T. & P, had 444 miles of road. The T. & P. would have 20 sections a mile through Texas and California and 40 sections a mile through Arizona and New Mexico.
C. Vann Woodward, Reaction and Reunion,: the Compromise of 1877 and the End of Reconstruction (Boston, Little, Brown, 1951), 73-77.