Railroaded

in collaboration with The Spatial History Project


As I have argued above, the Central Pacific and the Union Pacific both could make money as regional roads serving San Francisco and Omaha, and through connections Chicago, respectively, but as the subsidies they paid show, they could not make money as a transcontinental. In any case, given the corruption of the books, it is very hard to make any definitive case about either road.

Lloyd J. Mercer, Railroads and Land Grant Policy: A Study in Government Intervention (New York: Academic Press, 1982), 139-44.

Heywood Fleisig, "Central Pacific Railroad and Railroad Land Grant Controversy", Journal of Economic History 35 (Sept. 1975): 552-56.

Lloyd J. Mercer, "Rates of Return for Land Grant Railroads: The Central Pacific System," Journal of Economic History 30 (Sept. 1970): 604, 625.