The financial condition of the Erie at this time manifested the beginning of that general policy of improvidence and recklessness which afterward, for nearly a generation and a half, made the company a speculative football in some of the most disreputable games of Wall Street stock-jobbers.
More Quotes from John Moody:
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.John Moody
The idea of connecting the waters of the Chesapeake with those of the Ohio had been broached by George Washington before the Revolution, and he had also prophesied the union of the Hudson and Lake Erie by canal.
John Moody
Consequently many large railroad systems of heavy capitalization bid fair to run into difficulties on the first serious falling off in general business.
John Moody
The ultimate plan, which proved too visionary, was to consolidate under one control a vast network of lines extending all over the continent.
John Moody
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.
John Moody
This growing sentiment finally persuaded the Legislature to charter in April, 1832, the New York and Erie Railroad Company, and to give it authority to construct a line and to regulate its own charges for transportation.
John Moody
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Based on Topics: Generation QuotesBased on Keywords: disreputable, improvidence, recklessness
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