Consequently many large railroad systems of heavy capitalization bid fair to run into difficulties on the first serious falling off in general business.
Consequently many large railroad systems of heavy capitalization bid fair to run into difficulties on the first serious falling off in general business.
The subsequent history of the Vanderbilt lines is chiefly a story of business expansion and growth. From 1885 to 1893, the great panic year, the New York Central each year added to its mileage, either by merger of smaller lines or by construction.
Perhaps more than any other one person, Cassatt foresaw the approach of the day when New York City as a commercial center would outstrip both in density of population and in amount of wealth all the other cities of the world.
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.
© 2020 Inspirational Stories
© 2020 Inspirational Stories