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The American railroad industry in the late 1800s suffered an almost continuous string of bankruptcies, reorganizations, and mergers. Even the mighty Union Pacific went broke a couple of times. Many US railroads have a history of name changes between "xx Railroad" and "xx Railway," for example.

The constant factors were the government subsidies in terms of land, financial, and legal protection, the massive flow of money into the pockets of the executives, the massive losses of the investors, and the lousy service provided to the customers.

by asdf on Sat May 8th, 2021 at 01:36:41 AM EST
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