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.
More Quotes from John Moody:
The history of the Erie Railroad ever since 1901 has been a record of progress.John Moody
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.
John Moody
While no one railroad can completely duplicate another line, two or more may compete at particular points.
John Moody
Before the opening of the Civil War and until immediately after its end, the New York Central and the Erie systems were controlled by bitterly antagonistic interests.
John Moody
Carrying out this policy of promoting harmony among competing lines, the New York Central and Pennsylvania Railroad early in 1900 acquired a working control of the Reading Company, which in turn controlled the New Jersey Central and dominated the anthracite coal traffic.
John Moody
I really don't believe it's time for panic, ... I think cool heads need to prevail.
John Moody
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