AMERICAN RAILROADS by Ted Levitt

“Less than seventy-five years ago American railroads enjoyed a fierce loyalty among astute Wall Streeters. European monarchs invested in them heavily. Eternal wealth was thought to be the benediction for anybody who could scrape a few thousand dollars together to put into rail stocks. No other form of transportation could compete with them in speed, flexibility, durability, economy, and growth potentials. As Jacques Barzun put it, ‘By the turn of the century it was an institution, an image of man, a tradition, a code of honor, a source of poetry, a nursery of boyhood desires, a sublimest of toys, and the most solemn machine—next to the funeral hearse—that marks the epochs in man’s life.’ ”

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AMERICAN RAILROADS by Ted Levitt

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