113 ordspråk av John Moody

John Moody

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The entire period in the affairs of the Erie system from the ascendancy of Daniel Drew in 1851 to the end of the Civil War witnessed an endless succession of stock-market exploits both large and small.

The Pennsylvania still continued to forge ahead... to about 1889, when the trunk lines were aggressively carrying on that policy of cutthroat competition between Chicago and the Atlantic seaboard which resulted in so severely weakening the credit and position of properties like the Baltimore and Ohio and the Erie.

The Santa Fe Route, or the Atchison, Topeka and Santa Fe Railroad, which has in modern times developed into one of the largest and most profitable railroad systems in this country, was projected long before the idea of a transcontinental line to the Pacific coast had taken full possession of men's minds.

For under the Commodore's magic touch the Harlem Railroad for the first time in its long history began to pay dividends at a high rate, and in four years the earnings of the Hudson River property had nearly doubled.

In 1906 the Pennsylvania began to dispose of the bulk of its holdings in competing properties, the most notable transactions being the sale of its entire interest in the Chesapeake and Ohio to independent interests and a substantial part of its Baltimore and Ohio holdings to the Union Pacific Railroad.

To this end, the Pennsylvania Railroad was incorporated on April 13, 1846, with a franchise permitting the construction of a railroad across the State from Harrisburg to Pittsburgh.

The panic of 1837, the contest of the United States Bank with President Jackson, its defeat, and its subsequent failure as a state bank, the consequent distress in local financial circles--all conspired to shift the monetary center of the country to New York.

As the contest proceeded, public interest increased and the entire country watched to see which company would win the big government subsidies through the mountains.

In the decade before the Civil War various north and south lines of railway were projected and some of these were assisted by grants of land from the Federal Government.

While for many years after the death of the Commodore the Vanderbilt family remained in direct financial and operating control of the New York Central... yet the brains and resources of the Vanderbilt's were not alone responsible for the brilliant career of the system down to recent times.

The old saying that capital is the most timid thing in the world and does not like pioneering is strongly emphasized by such instances as this, and no doubt in 1864 the enormous grants of free land made by Congress did not appear especially attractive to the man who had money to invest.

The opening of the Erie Canal to New York in 1825 stimulated other cities on the Atlantic seaboard to put themselves into closer commercial touch with the West.

People began to understand that with the acquisition of California the nation had obtained practically half a continent, of which the future possibilities were almost unlimited, so far as the development of natural resources and the genera production of wealth were concerned.

The Vanderbilt family no longer possesses a majority interest in the stock, or anything which approaches it, and the New York Central system and its subsidiaries have come to be known more and more as Morgan properties.

Consequently many large railroad systems of heavy capitalization bid fair to run into difficulties on the first serious falling off in general business.

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