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748 EXPANSION [Bk. IV a charter for the Pennsylvania Company, one of the few holding company charters ever granted by the state.*^ The railroad then transferred to the Pennsylvania Company all these interests taking in return $8,000,000 of its $12,000,000 of stock. After the depression following the panic of 1873 the whole motive changed. A new force, psychological rather than technical or economic in character, had injected its virus into the railroad world. Just as, some fifteen or twenty years later, the development of internal commerce made it appear possible to combine the operation of geographically separated factories under a single management, so the creative imagination of the railroad operators grasped at the possibiUty of combining through routes and branch lines into closely knit railway systems. The natural instinct of the business executive is to play for bigger things. This is his mode of exercising the primal Anglo-Saxon craving for conquest. This simple statement is all that is necessary to explain why, during the ten or fifteen years of business expansion between the panics of 1873 and 1893, a large number of the great railway systems of the country were created out of disjointed parts. The methods employed in building up a railroad system varied in individual cases. They have been discussed already so far as they consist of legal devices and financial expedients. But a general plan of physical development has been sufficiently common among important railway systems to be considered typical. In brief, it has consisted of the extension, longitudinally and laterally, of a single relatively short trunk line. This extension was usually effected both by consolidation with previously existent lines and by the construction of new lines and new connecting links. A single line, oftentimes only a few miles in length and of relative insignificance, became dominated by men who were moved by the impulse for expansion. The line was then extended longitudinally and laterally. It seemed to move forward, like a primitive amoeba, by the 0 24 Penn. R. R. Rep. 19 (1871). See also Book IV, Chapter V, note (b).
Beschrijving voorwerp
Titel | The financial policy of corporations |
Auteur | Dewing, Arthur Stone |
Jaartal | 1926 |
Collectienaam | NIVRA Historisch Archief, UBVU gedigitaliseerd |
PPN | 344552586 |
Toegangsgegevens (URL) | http://imagebase.ubvu.vu.nl/getobj.php?ppn=344552586 |
Signatuur origineel | NIVRAHA149 |
Evaluatie |
Beschrijving
Titel | NIVRAHA149_00772 |
Transcript | 748 EXPANSION [Bk. IV a charter for the Pennsylvania Company, one of the few holding company charters ever granted by the state.*^ The railroad then transferred to the Pennsylvania Company all these interests taking in return $8,000,000 of its $12,000,000 of stock. After the depression following the panic of 1873 the whole motive changed. A new force, psychological rather than technical or economic in character, had injected its virus into the railroad world. Just as, some fifteen or twenty years later, the development of internal commerce made it appear possible to combine the operation of geographically separated factories under a single management, so the creative imagination of the railroad operators grasped at the possibiUty of combining through routes and branch lines into closely knit railway systems. The natural instinct of the business executive is to play for bigger things. This is his mode of exercising the primal Anglo-Saxon craving for conquest. This simple statement is all that is necessary to explain why, during the ten or fifteen years of business expansion between the panics of 1873 and 1893, a large number of the great railway systems of the country were created out of disjointed parts. The methods employed in building up a railroad system varied in individual cases. They have been discussed already so far as they consist of legal devices and financial expedients. But a general plan of physical development has been sufficiently common among important railway systems to be considered typical. In brief, it has consisted of the extension, longitudinally and laterally, of a single relatively short trunk line. This extension was usually effected both by consolidation with previously existent lines and by the construction of new lines and new connecting links. A single line, oftentimes only a few miles in length and of relative insignificance, became dominated by men who were moved by the impulse for expansion. The line was then extended longitudinally and laterally. It seemed to move forward, like a primitive amoeba, by the 0 24 Penn. R. R. Rep. 19 (1871). See also Book IV, Chapter V, note (b). |
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