Yet, in 1850 nearly all the railroads in the United States lay east of the Mississippi River, and all of them, even when they were physically mere extensions of one another, were separately owned and separately managed.

The history of the Erie Railroad ever since 1901 has been a record of progress

Farmers, merchants, manufacturers, and the traveling public have all had their troubles with the transportation lines, and the difficulties to which these struggles have given rise have produced that problem which is even now apparently far from solution.

Consequently many large railroad systems of heavy capitalization bid fair to run into difficulties on the first serious falling off in general business

While no one railroad can completely duplicate another line, two or more may compete at particular points

The railroad originally was as completely dissociated from steam propulsion as was the ship

The financial history of the Baltimore and Ohio since the close of the nineteenth century is interesting chiefly in connection with changes in the control of the property