Cootner argues that railroads responded to rather than instigated demand and business cycles, but he does not address the issue of the transcontinentals. It is hard to see what demand they were addressing in the 1860s and 1870s

Dunlavy, Politics and Industrialization, 45-46, 50, 96.

Fogel, Union Pacific, 58-60, 97.

For growth of markets, see Jonathan B. Baskin, "The Development of Corporate Financial Markets in Britain and the United States, 1600-1914: Overcoming Asymmetric Information," Business History Review 62, no. 2 (1988): 210-11.

Robert Cootner, "The Role of Railroads in United States Economic Growth," Journal of Economic History 23 (Dec. 1963): 477-521, esp. 488.