113 ordspråk av John Moody

John Moody

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The Erie Railroad control was always nominally for sale, and, as the annual election approached, a majority of stockholders stood ready to sell their votes to the highest bidder.

The railroad, they said, was a natural monopoly; no private citizen could hope ever to own one; it was thus a kind of monster which, if encouraged, would override all popular rights.

Horses and mules, and even sail cars, made more rapid progress than did the earliest locomotive.

A minority investment, even though it be as low as ten or twenty per cent, usually constitutes a dominating influence if held by a single interest, for in most cases the majority of the shares will be owned in small blocks by thousands of investors who never combine for a definite, practical purpose.

Both freight and passenger charges, however, were still maintained at an unprofitable rate, and, after the death of John W. Garrett, the credit of the Baltimore and Ohio continued to decline.

The ultimate plan, which proved too visionary, was to consolidate under one control a vast network of lines extending all over the continent.

Grades have been eliminated everywhere and the whole route has been modernized and strengthened by the laying of one hundred to one hundred and fifty pound rails.

The market was buoyant; speculation was rampant; and the outside public, the delight and prey of Wall Street gamblers, were as usual drawn in by the fascination of acquiring wealth without labor.

In this wise the Commodore not only added millions to his already growing fortune but also made himself a power in the financial world.

As we enter the Civil War period, we find the three important properties which were afterwards to make up the Vanderbilt system all developing rapidly and logically into the strategic relationship which would make ultimate consolidation inevitable.

Many of the railroad evils were inherent in the situation; they were explained by the fact that both managers and public were dealing with a new agency whose laws they did not completely understand.

Railroads had been operating for many years in this country before it dawned upon the farmers that this great improvement, which many had hailed as his greatest friend, might be his greatest enemy.

The Flying Dutchman, one of the cars devised to furnish motive power, provided for the horse or mule a treadmill which would revolve the wheels and make the distance of twelve miles in about an hour and a quarter.

While no one railroad can completely duplicate another line, two or more may compete at particular points.

But while at Pittsburgh the road had everything to favor it... in the great Eastern metropolis the Pennsylvania Railroad was at an obvious disadvantage, particularly as compared with the New York Central, which had its splendid terminal rights penetrating to the heart of the city.

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