 
 


, , .      ?

 , , .   ,         .         ,     -.   ,   ,    . ,  ,  ,        .           .





 

 








 ,     - Moodys Investors Service,    ,   .  1909         (Analysis of Railroad Investment)            ,      .         .  1913            .                -.

              -,               ,  ,   .      ,     ,      .       ,          .  ,      -,    ;  ,    ,       .

   ,      ,  .     ,        -. -       , ,       .  ,        ,         .




 1.      


     ,     ,        .        .          10 %   .           25,     40 %.          (Original cost)     (Replacement cost),   ,    .

           .               .   ,           .     ,  ,      ,  ,        .                ,     .

        .    :       ,       .   ,              ,     .     ,  ,    .     ,      .     ,              .   ,          ,     .            ,      .

                  . ,      ,     ,  ,  ,        ,         . ,           .  25 ,  1890  1915 ,     ,    ,     200    20  .

         .    ,  ,   ,   ,      .   1890        65  ,        25 .       .            :            .

     -,     ,        .   -  , , -,  (The Seligmans)     .   :          ,         .       ,            ,   .     XIX    (Nathan Rothschild)   ,         .      :           .

      .          ,       . ,   ,     ,    ,  ,       .    . ,       (Private bankers),   (Rothschilds),   (Barings),   (Morgans),         ,  .     ,   - .

        .         


          .       .  1812    ,               .       .

 1811     (George Peabody),    ,          ,  ,   .       ,     .       ,        -. ,  1837 ,     ,       -   ,    J. S. Morgan.

        .      ,    .              ,     .   - (Fox-Bourne)    :

               .         ,      .       ,        .   ,        ,       .        ,      .            .         ;          .

  ,   ,              .          ,  .     ,    ,     . ,       ,   ,    ,  ,     .       .

           .         .   ,       ,       ,               .       ,          .      ,       .  ,    ,     .     ,     ,          .     :    ,  1840-        .

    ,           .          -.     -      (August Belmont).    XIX               .           .        .              ,       .

              .    ,   .          .     20  ,        ,     ,   .    1869 ,         .       ,    ,   .

      1864      .  (Junius S. Morgan).         ,      J. M. Babey,           .     51 ,       :   ,       .             .           ,     J. S. Morgan & Co.

 ,    (John Pierpont Morgan),   1837   ,  ,       .       ,    ø   .  ,        .            ,      .          . ,            ,     .

 1857      .        ,     .       -   -,     .   ,          (Bank of England).   ,       ,      -     -.

 -          .  (Charles H. Dabney).           .       -  .  1864      ,     ,         -  -,   - (Exchange Place).      J. S. Morgan.    -      .

 -         .   :   ,   ,    . ,      .  -     ,            J. S. Morgan.  1871   .    ,    ,        (The Drexels of Philadelphia).    -.    .  (Anthony J. Drexel)       -   -      -  ,       .

     -         .       ,   ,   ,    .           (wildcat currency).  1837 ,     , -     ,      (Coast of Algiers).     ,       .     .

 1871      34 .       45;   ,    .       .       :            ,       J. S. Morgan,     ,     .     ,    :                    .

      ,  -     ,            .          (Jay Cooke).        ,         .    . .   


.      ,     .        :   1800 ,       .                1871 .

        .           .             ,  .  , ,   :    1848          . ,   ,     6 %   60    .  ,      ,       .          .

   ,  1869          1  ;        .               (Bond dealers),      .     :           -.

     ,        -     .    .        ,            .    .    .  (Levi P. Morton),    1873    ,       300  .       .        ,           --.

         .            .     -  ,       J. S. Morgan.    1870        250  .   :          .

  ,  ,      ,  -   .      ,   .        80       .   , ,       .     85 ;                  15  .  ,       5          .    ,  ,          .        ,  ,    ,       .




 2.     


      -           .           :    ,        .         .      750       ,       .  1877      -      . .    .     ,           .

 1879       ,         .        .       (August Belmont)   63 ,  .  (Levi P. Morton),         J. M. Babey,  55,     66.        ,       .    42    ,   -         .         ,        ,           .       .

        .     (Gould)   (Vanderbilt)   ,   .           .  1869  -                 (Albany and Susquehanna Railroad),          (Delaware and Hudson Canal Company).  1878       (Adolph Poppenhusen)  -     -. -    ,       Long Island Railroad.          :        .

   1879 .  .  (William H. Vanderbilt),     New York Central & Hudson River Railroad,      . ,          100  ,   .    -             .       -  .      ,  ,        .       ,        .      ?          ;    -    .         ?

    .         ,    .  .          250 000     .     ,         -  .   ,          .      ,    ,  ,      3  .

            .      ,       ,       .              ,    1873 .

    (The Northern Pacific)     ; ,   - (Atchison, Topeka and Santa Fe)        -;           .   (The Union Pacific)     ,       .         .

       ,       ,     .   1880-      ,  ,       ,         ,     .  1884    Poors Manual           4  .   ,     31  1883    2       ,     ( 1 )      .

          .    ,                ,    .     .      New York Central    ,         .       .        ,  ,  . ,             .

        ,   ,     .  1884         ,    .        .  :   -      ,          50 %.       ,    ,   New York Central   .    .

 1885   .    .  - (West Shore Railroad)  ,    . Ÿ    Pennsylvania Railroad,      .            .  -,    ,   ;       ,      .   Pennsylvania Railroad       .     .    :         -  New York Central  .

       -   ,       .         .  1887      -.         ,          .       --.

  1893  -            .          .          .      ; -     ;   (The Speyers)        ;  (The Seligmans)     ,        .                 ,                   ,  .

     Southern Railway.   -     ,     -,         .         .               .    ,      ,   ,   ,        1893      .

             .     ,     .      ,    ,    . ,        ,   ,            .            .  ,       .

                .         ,                  .   ,        .          .

       .   ,   .      1887 ,   -     .         .              (Voting trust):           .       Southern Railway        .

         (Erie Railroad).     ,       .   J. S. Morgan     ,        .     .       ,    ;        .   ,        ,    .     ,            ,        .

    .       - (The Hocking Valley)   .   (The Northern Pacific),        ,       .      -, ,   -    .       ,       .  -,      ,         ,    .      1893    ,  - (The Lehigh Valley)  -- (The Central of Georgia).

 1898         ,    .           ;     ,         -, ,   -.        --.          .

,         ,      .     . ,    ; ,         .     ,      .       .  (Egisto P. Fabbri),    18761884 .    

.  ,  . ,  .    . .       ,  ,   .    , ,   ,  .            . ,           . ,   :        .  -    ,  ,               .    ,    ,           .  1900    ;   ,       59 .

      .     ,           .  ,    .  ,   . .        ,      -.           .     .        ,    ,    .




 3.   


 1848     (Andrew Carnegie)        .          .     (Allegheny).     ,            .           ,   .       (Henry Phipps).            .

    ,   ,         (Telegraph messenger)      .               ,   .    ,     ,  .      .  ,      ,   ,  ,  ,   .

     ,  :          .            .  (Thomas A. Scott),        .    ,     .         .         .             .          .    ,     .

       .     ,          ,       .          ,    .            ,       .     ,              .      ,          .     Columbia Oil Company, Woodruff Sleeping Car Company, Pittsburgh Elevator Company, Citizens Passenger Railroad Company      (The Third National Bank of Pittsburgh).

     ,    .  1864 ,     ,        .             ,  - .    ,     .    ,     ,      .      ,     ,   .

           .     ,      ,       (Bessemer process).            :  ,   .       .

   ,      ,        .         .    ,        .      ,  ,        . -           .   1837  1857      ,           .

    ,      .      ,       . ,   ,     .       ,  ,   .  1847     (William Kelly)   Suwanee Iron Works    (Eddyville),  .    ,   .                ,    .       :     .




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