Iron Empires: Robber Barons, Railroads, and the Making of Modern America

by Michael Hiltzik, Nicholas Tecoksy (narrator), Houghton Mifflin Harcourt (publisher)

In 1869, when the final spike was driven into the Transcontinental Railroad, few were prepared for its seismic aftershocks. Once a hodgepodge of short, squabbling lines, America’s railways soon exploded into a titanic industry helmed by a pageant of speculators, crooks, and visionaries. The vicious competition between empire builders such as Cornelius Vanderbilt, Jay Gould, J. P. Morgan, and E. H. Harriman sparked stock market frenzies, panics, and crashes; provoked strikes that upended the relationship between management and labor; transformed the nation’s geography; and culminated in a ferocious two-man battle that shook the nation’s financial markets to their foundations and produced dramatic, lasting changes in the interplay of business and government.

Spanning four decades and featuring some of the most iconic figures of the Gilded Age, Iron Empires reveals how the robber barons drove the country into the twentieth century—and almost sent it off the rails.

Narrated by Nick Tecosky.

Genres: History, Nonfiction, American History, Business, Economics, Audiobook, Trains

Audible Audio

First published May 12, 2020

Reviews

[Max McDevitt · Rating 3 out of 5]

I enjoyed reading this book, the stories are fascinating ones and the writing is very good. I am an economic historian and my PhD dissertation is on railways and government in the 19th century: I like reading this type of stuff.

But there are some major issues I have with this pop-history:

1. The author, Michael Hiltzik, doesn’t understand finance especially finance of the late 19th C. well enough and makes errors repeatedly. Especially statements about watering stock and subsequent over-capitalization of firms are wrong and repeated again and again by the author. (The best parts on old finance are when Hiltzik is summarizing William Worthington Fowler’s 1870 sensationalized biography. That book is wonderful and explains the finance moves better than Hiltzik does in summarizing. If you like the stock exchange and broker portions of Hiltzik, read Fowler (1870) which is available free on google books as a pdf.)

2. Hiltzik repeatedly makes statements about the humble origins of various famous American capitalists, and then notes facts about their families that put them in the upper class of the time. (Having family members in state legislature or as bank directors is not humble origins.) in other words, it feels like Hiltzik is trying to frame the history as essentially a lot of “rags to riches” accounts, but is contradicting himself when filling in the details.

3. Book culminates in a wholly unsupported statement that “American capitalism and the railroads were born together, reached adolescence together, and attained maturity together.” (P. 368) zero attempt is made at assessing or addressing alternative theories such as those held by prominent current historians Baptist and Beckert that slavery rather than the railroads contains the roots of American capitalism.

That being said, one of the most interesting chapters in the book was “The Trustbuster.” This chapter pairs beautifully with recent economic history papers on the McKinley assassination and policy discretion for anti-trust enforcement. See https://www.nber.org/papers/w25237

[John Devlin · Rating 3 out of 5]

(3.7) a well balanced take on the part workers, financiers and the govt plays in the rapid ascension of a new technology…


“As Adams foretold, the railroad industry’s influence would penetrate every corner of American life, bringing ever more change to a country that, at the moment when the driving of a ceremonial golden spike marked the transcontinental railroad’s completion, was still struggling to come to terms with the wrenching events of the Civil War.”
—could be said of the airplane or the internet…

More internet parallel…
“To Thoreau the railroads went hand in hand with a second technology with which they were inextricably bound, the telegraph. “They are but improved means to an unimproved end,” he wrote in Walden, “an end which it was already but too easy to arrive at; . . . We are in great haste to construct a magnetic telegraph from Maine to Texas; but Maine and Texas, it may be, have nothing

“We do not ride on the railroad,” he wrote; “it rides upon us.”

…or today…we do not surf the internet…the internet surfs us…cowabunga!




The troika operating here and in all new industries is workers, capital, and the govt…railroads needed the capital only financiers could provide the capital…that ginormous capital needed govt assurances that the less than scrupulous used to speculate wildly…watered stock,govt bailouts, dividend pressure, financiers chasing higher stock valuations by cutting workers and not paying forward infrastructure…huge waste around small competitors vying to survive or looking to get bought up.


Who’s to blame? Who to applaud?
The switch man who used his job to vault himself into the professional class or the poor worker who found himself squeezed out of a job by the rapacious Pullman?

The financier like J. pierpoint Morgan who reorganized the rail lines creating uniformity and huge cost savings that made goods for everyone cheaper….or the huge profits he garnered by positioning himself at the crux of this financial crossroads?

And then there’s the govt, lacking foresight, comprised of the mediocre or the zealous who ideally act as a buffer protecting workers rights while wisely steering the nation’s economic health…

“Government regulators refused to allow the railroads to charge rates that later scholars judged not only warranted but essential to promote maintenance and upkeep. The consequences became inescapably clear…
1996 the government permitted the Union Pacific and Southern Pacific to re-create the merger between them that had been broken apart in 1912.”

A century of perspective makes these issues seem small…railroads…a boring if necessary part of a huge transportation network largely superseded by shipping tankers and airplanes…but that’s little solace to the people of those times whose livelihood rose and fell on the creative destruction of these metal leviathans…

[Porter Broyles · Rating 4 out of 5]

This was a fun little book. It provided a lot of information in a meaningful interesting manner.

[Graham · Rating 4 out of 5]

Just finished:

"Iron Empire: Robber Barons, Railroads, and the Making of Modern America"

By: Michael Hilzik

Boston: Mariner Books, 2021.

More about Robber Barons, through the lens of the railroads. I liked the change over time from Vanderbilt, Drew, and Gould to Harriman and Morgan. It was a good narrative history.

[Casey · Rating 4 out of 5]

This book is well written and well reserached making it an interesting read. The author brings the history of railroading in the 1800's and early 1900's to life. He covers a lot of ground that has been previously written about specific railroads and individuals, but brings it all together in one book. This is a must read for those who have an interest in railroads and in particular the history of the Great Northern, Northern Pacific, Union Pacific, Central Pacific, Southern Pacific, etc.

I received a free Kindle copy of this book courtesy of NetGalley and the publisher with the understanding that I would post a review on Net Galley, Goodreads, Amazon and my nonfiction book review blog. I also posted it to my Facebook  page.

[Erin · Rating 5 out of 5]

Rail Barron actually has crazy lore

[Scott · Rating 4 out of 5]

While the railroad played a huge role in the Union's defeat of the Confederacy in the American Civil War, the railroads played arguably a larger role in America's next 50 years. While knitting the sprawling nation together as never before, the railroad industry was also rife with fraud, deceit, and outright warfare (both financial and physical.

Michael Hiltzik ("Colossus," about the making of the Hoover Dam) distills these fifty years into a rather dense book, clocking in at 370-odd pages plus footnotes, etc. "Dense" does not mean "difficult to read," however, for while there is a lot of information in these pages (you'll read about miles of road built, complex financial transactions, and corporate skullduggery), the author keeps things chugging right along, so to speak. While some might accuse Hiltzik of writing in the "Great Man" school of history by focusing on the leading players of the day, that is arguably the whole point. From Reconstruction until the accidental presidency of Theodore Roosevelt, the railroad industry was dominated by individuals. Most of these sought to use the railroads as the means of building fabulous wealth for themselves.

Railroads were a unique business in that they required a lot of governmental assistance to get off the ground due to the roads' reliance on real estate - you had to get the government to help you put the road where you wanted it to go - but it was also run by private businesses who could sell shares to the public. In the latter half of the 19th century, there was no SEC as we think of it today, one that required audited financial statements or public disclosure of accurate figures. Combine that with hundreds of millions of dollars, and the potential for fraud was too great to pass up.

And fraud there was, even up until the arrival of two relatively honest players in the game - E.H. Harriman and J.P. Morgan. These two tried to take a corrupt industry and bring it to prosperity and profit through modernization and performance. And while these two may be noble in comparison, it did not stop them from waging a financial war that almost brought down the entire American economy.

Read on for great tales of high finance, labor disputes, and the building of modern America up through TR trying to stop the whole game in its tracks.

Definitely recommended.

[Isaac · Rating 3 out of 5]

History book for class i think the only reason I rated it this high was bc of the author. This baby is dense though.

[Kay · Rating 3 out of 5]

Although I've read about the railroad builders, the bribery, the abuses, and how even through greed and incompetence, railroads were still pivotal in opening the West, what I found interesting in this book is the follow through as the 19th century ended and the 20th century began. I wasn't as familiar with that part of the history and found it quite interesting. Mr. Hiltzik covers the railroad's history well as to how it's entwined with financial dealings. He shows the development warts and all. I've developed a new interest and respect for Harriman, a name I didn't recognize like those more familiar ones such as Vanderbilt, Fisk, Gould, and Morgan. Perhaps because Mr. Hiltzik's intent is to keep this factual, as colorful as some of these bigger than life robber barons seemed, this book did not go into actual character studies even though the chapters seemed organized by the different individuals and/or pivotal events. As such, it did not engage me as much as I expected. My rating is 3 stars because of this.

[Miguel · Rating 4 out of 5]

A very thorough history of the development of the US railroad system in the 1800’s. It focuses on the outsized personalities and their internecine business battles that comprised two distinct generations. It’s a very solid historical work giving a good sense of the time and the characters. The overall arc is that the founding mavericks of the industry in the earlier part of the century gave way at the end to more mature bankers and syndicates who could better manage and ruthlessly consolidate the industry. It also touches quite a bit on the major economic, social, and political milestones, especially in the latter half as the railroads were a dominant player in the social fabric at the time.

A few years ago there was a middling series called “Hell on Wheels” which had the feel of this time, but this book would form the basis of a much better series, albeit with a resemblance more to “Boardwalk Empire” than Wheels with the personalities involved.

[Nicholas Najjar · Rating 3 out of 5]

Pretty decent read. I was not a huge fan of the structure and the author gets bogged down in the details at times.

[Thom DeLair]

The book hearkens back to the gilded monsters that ruled the railroads and all of their mad cap schemes to dominate America in an age of unbridled capitalism. It's not so much about the economic impact of the railroad system but the ruthless men that fought to control it. There are also a couple chapters about the struggling and immature labor movement (the knights of labor and the pullman strike). I found it pretty easy to follow. If you enjoyed this book I would recommend Building the Empire State as a prequel into infrastructure and American political economy. I would also recommend Age of Betrayal as a book that follows the same timeline and theme but does not solely focus on railroad magnates.





Hiltzik's epilogue was a bit weak. He made an attempt at placing the railroad titans' legacy within a modern context but it seemed grasping. The point of the book seemed more to tell some wild stories about America's business history.

[David Shaffer · Rating 5 out of 5]

Iron Empires: Robber Barons, Railroads, and the Making of Modern America by Michael Hiltzik, is a fantastic 5*book on the Gilded Age specifically dealing with building of the great railroad empires. The book tosses about some familiar names Cornelius Vanderbilt, J.P. Morgan Jay Gould, Jim Fisk and one unfamiliar with me in E.H. Harriman.

A fantastic book that deals speaks of some of the familiar stories such as how Fisk and Gould tried to get one over on the Commodore and the Trust Busting of Theodore Roosevelt. Truly a fantastic book on the making, merging and running of the Train Trusts in the 1800's through early 1900's.

Including the Epilogue it runs only 379 pages, but a fast read that I heartily endorse for all interested in the empire building of the Gilded Age.

[Sam JW · Rating 5 out of 5]

Certified banger. The narrative is incredible and probably a must read for anyone interested in the makings of American capitalism and birth of the railroads. Author is not super clear about the financial intricacies however, so those portions are a little hard to follow, but the railroad and steamboat portions are awesome. E.H. Harriman done wrong.

[M.J. Rodriguez · Rating 5 out of 5]

Amazing learning experience!

I was impressed with this book on the robber-barons who controlled the national rail network from 1870 through 1914. The stories of how these systems were created were fascinating to read. I recommend this book to any student of railway history.

[Doug O'laughlin · Rating 3 out of 5]

This is a mid book - idk how else to say it

[Jon · Rating 5 out of 5]

I keep looking for the comprehensive tome on how railroads changed America. This comes pretty close, but because Hiltzik didn't write exactly what I was looking for doesn't mean this isn't a great book. Well-researched and written with clarity, "Iron Empires" shows how much financial manipulation had to do with railroad development, almost as if building actual railroads was sometimes beside the point. Great stories about the post-Civil War industrial age titans, their motivations and how their personal animosities informed their business decisions. For most of the Gilded Age, railroads were the chief driver of the economy and the stock market. Hiltzik's book is a must for anyone interested in economic history. And trains.

[Kevin · Rating 4 out of 5]

The story of the Great American Railroad Empires, notably the Vanderbilt's, Morgan's, Gould families. Insider Trading, Back-stabbing, Strikes, Stock market booms and busts, and the Racist passenger policies of the day.

Things I learned from this book:

- Rifle Diet, advice for dealing with Strikers, attributed to Thomas A. Scott.
- Morganization, a strategy employed by J.P. Morgan to create industrial monopolies.
- The Sherman Act 1890 - outlawed trusts and and "monopolization.
- Watered Stock, an asset with an artificially-inflated value.
- Thurman Act, congressional amendment to solve railroad industry disputes.
- Pullman car, a sleeping car built by the Pullman Company, founded by George Pullman.
- Robber baron, derogatory term applied to late 19th-century American businessmen.
- The Gilded Age, an era of rapid economic growth - named for the title of a Mark Twain novel.
- Burnetizing Wood, saturation in a solution of chloride of zinc, to prevent decay - named for Sir William Burnett.

[Audiobook edition]

[Zeb Kantrowitz · Rating 4 out of 5]

Beginning in the 1850s train lines began to spring up all over the northern states. There was some consolidation but most lines were new and independent. During the Civil War, it was the train lines that were a primary way the North was able to move troops and material. The US Cavalry constantly raided behind Rebel lines destroying rails and railroad equipment, hindering their military ability.

After the war (1869) expansion of continental railroads began with multiple lines completed through building and consolidation. Enter into the industry were crooks and conmen, stock was sold for roads that didn't exist or were never built. Other roads were built so quick and with shoddy equipment that they never ran at full potential. Enter the Robber Barons who would fight over the existing independents or who built parallel systems to hurt their competitors.

Hiltzik does a yeomans job in describing how different 'systems' were built and how others sold stock and raised capital but built useless roads or no roads at all.

[Brian · Rating 5 out of 5]

Iron Empires by Michael Hiltzik looks at the development of railroads from the early days of Cornelius Vanderbilt to their height under Harriman and Morgan before the trustbusting of the 1900’s. This book follows the chaotic development of laying down track, massive corruption and the exploits of Jay Gould. It culminates with the organizational skills of Harriman and Morgan who would make standard gauges and grades and box car sizes to move people and freight from coast to coast. In doing so they would unlock huge wealth for themselves and others and form some of the biggest corporations in US History. These would eventually draw the attention of progressives in the 1900’s who would following the death of McKinley begin enforcing the Sherman Anti-Trust Act. This book also details the work of people like pullman and the labor unrest caused by the “robber barons” of the day. Well written, fast paced and a wide ranging survey of railroad history.

[Rita · Rating 1 out of 5]

Unfortunately, an interesting topic was presented in a confusing and disjointed manner.

[Paul · Rating 4 out of 5]

This is interesting. It's not a quick read because there's a lot of info tightly packed into it. I wouldn't go as far as saying it should be required reading, but it is interesting info that is important to the history of the US, and thus seems like more people should know at least some of our story as it relates to our rail lines and how vital they are/were to our everyday lives. Most history buffs will likely enjoy this.

I really appreciate the ARC for review!!

[Cropredy · Rating 3 out of 5]

Today, we take freight railroads for granted and passenger rail travel as mostly commuter with a bit of quaint Amtrak long haul routes. Of course, European or Asian readers know of high speed rail and a robust infrastructure. Here in America, it is long waits behind crossing gates as freight trains rumble by (and then, only in certain parts of America).

A lot of stuff happened in America during the 19th century and it wasn't all the Mexican War, Civil War, slavery, Jesse James, campaigns against Native Americans, and Reconstruction. Of course, railroads played their part in these events. Iron Empires' main focus is on how just a few individuals mostly acquired, and sometimes lost, great wealth from the US railway network.

This book is the story of the explosive growth of railroads starting before the Civil War up through the eve of World War I. Across 60 years, the story is divided into three sections:

* The buccaneers - railroad speculators who essentially ran pump-and-dump schemes to enrich themselves, leaving behind poorly-constructed railbeds, tracks, and mismanaged if not outright fraudulent operating units. Bribes, kickbacks, deceit, and lawsuits ruled the day.

* The consolidators - Smarter entrepreneurs with more capital rationalized the rail network, started introducing better management practices, and engaged in acquisitions. A lot of railroad company consolidation occurred. There still were plenty of scandals, bribes, kickbacks, and general malfeasance. Labor unrest, and the all-too-frequent stock market collapses pepper this period.

* The monopolists - Even smarter businessmen with access to a lot more capital engaged in open inter-corporate warfare to acquire controlling interest in the main routes across the West. As their monopolies grew, they finally clashed with Teddy Roosevelt and the US Government leading to some of the first anti-trust actions. We're talking J.P. Morgan and Edward Harriman here.

The book reminded me quite a bit about episodes that were taught to me in high school US History. Remember the Credit Mobilier scandal? The details of this sordid affair are brought back to life. How about the Pullman strike? Or the Panic of 1893?

However, because the book spans over 60 years of history, and the "industrialists" come and go, you'll find that 1-2 chapters a night is about all that you can take. By the time I had gotten to the third section (monopolists), I'd forgotten the names of the buccaneers.

There are interesting illustrations and good maps.

Very little of the story is told from the point of view of the railroad's customers; it is more of a great men (and they were all men) of history story.

The best parts of the book were when you'd see the analogs between the railroad empire builders and other waves of corporate consolidation that we've lived through (that's right, I'm talking about you Carl Icahn and Mark Zuckerberg). In the 1840s to the 1900's, railroads were the industry of expansion and wealth. Today is it tech.

Hiltzik is an extremely good writer and does a good job quoting original sources to describe events and personages.

Recommended for those interested in this aspect of American history. In many ways, a companion to the books by H.W. Brands such as Dreams of El Dorado: A History of the American West, The Age of Gold: The California Gold Rush and the New American Dream, and American Colossus: The Triumph of Capitalism, 1865-1900.

[Debra · Rating 3 out of 5]

This is not a light read. I started reading the introduction as I was waiting for my husband to complete some tasks at our library. I was hooked. Not conversant in stock and bond speak, it was a slight hill to climb, but the author is very good at explanations. After 100 pages, I was getting the insights provided.

The book reminded me of what Wall Street is still doing today, things that resulted in crashes which we taxpayers are paying for. Greed still reigns and bad practices still exist.

One thing that I did not know was how shoddy the Union Pacific was built, that amazing track that helped unite the east and west United States. Shoddy materials, kickbacks, railroad beds that could not, over time, continue to support the trains and decrepit rolling stock. The contractors made huge kickbacks, the congressmen were being paid to pass laws which would enrich them and there was NO oversight on money doled out to compare with work completed. (Well, some things never change, do they?)

The people who were adversely targeted were the workers. 12 hour days, dangerous work, and horrible wages, if in fact they could even find work. I only knew of some of the difficulties the nascent unions encountered but lacked the voice and experience they needed to negotiate with the savvy double-speak tycoons.

I was rooting for Harriman in the beginning as he had the mind to assess the situation and then hire competent people so the necessary work was performed to enable the rails to succeed. But even he got so entangled with the buying and selling of paper that he become hated and ineffective as his competition sowed seeds that took him down.

On an aside, I laughed so hard at this speech snafu. Chief Sitting Bull was forced to deliver a speech at the ceremony for the placing of the cornerstone for the Capitol of the Dakota Territory. The chief had worked with an army officer to prepare the speech. The chief understanding English, but the army officer not understanding Sioux. Chief Sitting Bull was "transported from his place of captivity" to deliver his speech. While Sitting Bull spoke in Sioux, the English translation was being read to the assembled crowd. But the two versions were not alike. Sitting Bull version was: "I hate all white people." He stopped for applause and bowed to the uncomprehending crowd. "You are thieves and liars. You have taken away our land and made us outcasts." The impression that the Souix was standing up for friendship between the two groups made him so popular he was invited to join the Wild West show of Buffalo Bill Cody and soon became the lead attraction." (p. 261)
Yes, there is justice.

I highly recommend this book as a look at what I had learned previously and then had the reality check at what really took place during this time period of the Glorious Age of Railroads.

[Trenchologist · Rating 4 out of 5]

3+

The Gilded Age is much on the collective mind and tongues these days, and for good reason. That made reading this right now even more interesting, and the robber barons seem all the more relevant to understanding where we're at (returned to) today. We could use some TR energy in these parts, even as flawed as it was.

I thought there was good balance between fleshing out who these robber barons were, both who they saw themselves as and how they trampled the plebs in the course of their deals and machinations, and the historical timeline and events that created the American railroad. I came to have more admiration and sympathy for Harriman than about anyone else involved over the years of the rail boom, but I still understood who he was and what he did.

Could have used some fleshing out of concurrent historical events as touchstones around what was happening in the scope of the rails.

As Hiltzik says, and says plenty of suits and summations said, there's a duality in the robber barons that can't be escaped. Someone had to do it, and it took the billionaires of their time to push/trample railroads from dangerous and unreliable hodgepodge grifts into chugging powers of industry. But they also pushed/trampled and squeezed every last bit of wealth from the industry for themselves, aggressively and jealously, and few others benefited.

I don't think there's ever any reconciling that, and so, I don't think the barons have to be lionized or villainized. We can celebrate the railroads and what was accomplished but be clear-eyed about it.

The epilogue includes the obvious, but important to note, fact that we haven't done much since to expand or improve trains. It's a damn shame. But it was also illuminating that the current reason people bandy about (the auto industry killed trains dead) isn't the full story or scope. And it makes sense that it wouldn't be, and what you might call "government overreach" and neglect allowed the rails to erode leading into the rise of interstate road travel also led to this lagging behind and half-demise.

I hope we find our way to get the great iron roads going again, but without the graft and octopus reach (unlikely, on many strata, but a gal can dream).

[Paul Sutter]

There is little question that at one time, railways were the way of the world. As more tracks were laid down and railroads ruled America, it was a sign of things to come. This resulted in railways being big business, the race underway to be part of that new wave. It was cut-throat at times, becoming survival of the fittest as entrepreneurs and tycoons werepart of the race for the railways.
Michael Hiltzik is a Pulitzer prize winning journalist. His literary skills shine through in IRON EMPIRES. The book opens with the observations of Robert Louis Stevenson who took note of the many emigrants on the train. They were treated with disdain and contempt by many of the workers on trains. It upset him to see such behaviors.
The book discusses the first train derailment in history. It was 1833 on the route connecting New York and Philadelphia. One of the passengers on the train was John Quincy Adams, a former President of the United States.
The author delves into the effect of trains in the post-Civil War America. It was a boon to the economy with thousands hired, and the movement of goods smoothly and efficiently, showed the potential for future growth of this mode of transportation.
Soon, the railway financiers were at odds with one another, and it was a battle for supremacy. Such men as Jay Gould and Jay Fisk were self-serving, in it only for themselves. They did eventually clash with the likes of Cornelius Vanderbilt. They fought for control of the Erie Railroad, and it was ruthlessness at its finest. But honest people were also involved, thanks to the likes of E. H. Harriman and J. P. Morgan.
The detail of the book is so precise, which makes the book a joy to read. Lovers of the railway will find this book a most worthy addition to their library.

[Lauren Hiebner · Rating 3 out of 5]

Hiltzik writes about the largest, wealthiest, and most powerful corporations in US financial history, the railroad companies from the 1860s to the 1920s. While the historical debate has been about whether the owners were “captains of industry” or ”robber barons”, Hiltzik makes it clear these were robber barons. He writes about the following railroad men: Cornelius and William Vanderbilt, J. P. Morgan, Jay Cooke, Edward Harriman, Jay Gould, Jim Fisk, Daniel Drew, Jacob Schiff, George Pullman, Henry Villard, James Hill, Wellborn Fish, and James Hill. Later in this history President Theodore Roosevelt enters as the “trust buster” and arch rival of former associates from New York. The railroad industry was the backbone of the growth and development of the United States and it’s economy. The stock market went up and down with the ups and downs of the railroads. However, the American people began to see the railroad robber barons as too powerful with economic power concentrated by various monopolistic practices such as; stock watering, pools, trusts, and holding companies. Always designed to stifle competition and increase profits. This of course led to increased government actions first by states then by Congress and the Supreme Court. Laws passed in response to monopolistic practices included the establishment of the Interstate Commerce Commission and the Sherman Anti-trust Act. President T. Roosevelt said, “more supervision of business enterprises” was needed. This eventually led to the breakup of several monopolistic institutions by the Supreme Court. Hiltzik concluded that “ American capitalism and its railroads were born together, reached adolescence together, and attained maturity together.” In this maturity they also showed the flaws of unchecked capitalism. A good read in this economic history of the American railroad business.

[b bb bbbb bbbbbbbb · Rating 1 out of 5]

An ok read about the history of railroads which focuses more on their financiers. Not very well written and edited.

It focuses more on the financiers, and in a indirectly fawning way, criticizing them a little but clearly the author is fascinated and in awe of them. It would have been nice to understand more of the cultural, technological and geographic context for how the railroads grew and changed, but that was mostly subordinate to who raised how much money and whether they were cheating anyone.

There's also some weird manifest destiny style condescension and erasure of indigenous people in the narrative. Here's an example paragraph with some weird contortions to avoid mention of anyone of non-European existing. And no, there isn't any context missing here that would improve it.


"The America of that era was a youthful land- nearly two-thirds of it's population was age twenty-five or younger. The country was poised to break out across a continent that for the most part was lightly populated by those of European descent, for some 96 percent of that population was nestled between the Mississippi River and the Atlantic Ocean, with about a quarter residing in cities."

[Christopher · Rating 3 out of 5]

A book about railroads with very little railroading. A lively, if rather compressed, look at 19th century railroad magnates and the very complicated/confusing schemes to finance them.

Hiltzik's "Iron Empires" jumps right into the fray in describing the chaos that was railroad management, financing, and failure of post-war 19th Century. There's some irony in that a book about railroads doesn't actually have a lot of railroading in it. Thematically, this works as the entire era was a large and unwieldy mess of stock options, short-selling, new lines, cartels and trusts.

Instead, we get mini biographies of the major RR magnates of the time with JP Morgan and EH Harriman getting the most page time. But the bulk of the book is dedicated to the byzantine nature of RR financing and the various stock machinations/manipulations that occurred as Dummy Corporation #1 would try to buy Random Line #2 and then name Magnate #3 to its board of directors for the purpose of ultimately securing a controlling interest in Major Railroad #4. It's more than a little confusing.

Nevertheless, the writing is lively and keeps the narrative going even if we seem to spend far more time in the trading houses of New York than out on the rails.

[Donna Ross · Rating 5 out of 5]

Trains Plowed Through Our History

Michael Hiltzik's work on the Robber Barons and Modern America is an eye-opener for those unfamiliar to the history of nineteenth century transportation. His focus is on the story of why railroad tracks were laid and how it was all paid for by the Robber Barons.

His story provides details on the role played by these men in the major economic collapses of the nineteenth and early twentieth century.

For those interested in a full history of the American railroads this book is a great place to start. Hiltzik provides the how and why the railroads were built, and who were the major players.

For those students and scholars wishing to learn about the history of the railroads in the South and Southwest they will need to look at the author's bibliography and find those works.

For economic majors this book provides data and source material to review the causes and results of the economic depressions of 1873 and 1893.

Those interested in political science and presidential histories this is also a good source. Hiltzik discusses the role played by President Theodore Roosevelt and his anti-monopoly policies after he became President in 1901.

I recommend this book.