Word: railroadingâ
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...basic causes of the St. Paul failure run back many years. In general, they can be summarized as the failure of the road's earnings to sustain its tremendous capitalization. In part, the bankruptcy can be attributed to one of the greatest gambles ever taken in U. S. railroading???the construction of the 1,400 miles "Puget Sound extension" which carried the road from the Middle West to the Pacific Coast, 15 years ago. Previous to this time, the St. Paul had been a prosperous "granger" road in the Middle West. But James J. Hill and others had pressed their...
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