Charles Kingsley, "Preface," South by West, viii-ix; Kingsley, South by West, 284.
The Northern Pacific, in part, sold itself to the government as a means to subdue Indians.
Henrietta M. Larson, Jay Cooke: Private Banker (Cambridge: Harvard Univ. Press, 1936), 254, 273-95.
Robert G. Angevine, The Railroad and the State: War, Politics, and Technology in Nineteenth-Century America (Stanford: Stanford Univ. Press, 2004), 194, 198-99.
Cooke was to get 12 of the 24 shares in the road, and these 12 shares controlled 40% of the stock in the road. An additional 20% of the stock would be issued to Jay Cooke & Co. in increments of $200 in stock for each $1,000 worth of bonds his firm sold.
Larson, Cooke, 260, 277.
This stock had a par or face value of $41 million and was arbitrarily assigned a value of $600,000. The stock would be issued incrementally as the road was completed. The bonds were a paying investment.
See Larson, Jay Cooke, 286.
Larson, Cooke, 287.