When these facts became public, the capital stock of the Baltimore and Ohio, which for generations had been looked upon as one of the most secure of railroad investments, dropped to almost nothing, and the most strenuous financial efforts were required to keep the company out of bankruptcy. |
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. |
While no one railroad can completely duplicate another line, two or more may compete at particular points. |
While the New York Central was in an ideal position for handling all traffic destined for the New England States, the Pennsylvania could control practically none of this business, as its terminals were on the wrong side of the Hudson and necessitated... the much more expensive handling of freight. |
With the reorganization of 1898 finished, the Baltimore and Ohio Railroad entered a new period in its history. |
Yet the enthusiasts for railroads could not be discouraged, and presently the whole population divided into two camps, the friends of the canal, and the friends of the iron highway. |
Yet the railroad speedily demonstrated its practical value; many of the first lines were extremely profitable, and the hostility with which they had been first received soon changed to an enthusiasm which was just as unreasoning. |
Yet, in 1850 nearly all the railroads in the United States lay east of the Mississippi River, and all of them, even when they were physically mere extensions of one another, were separately owned and separately managed. |