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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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