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Railroad Boom Essay
Starting in the first 1870s, railway business in the United States increased dramatically. Prior to 1871, about 45,000 miles of road got been set. Between 1871 and 1900, another 170,000 miles were brought to the country's developing railway structure. Some of this development can be attributed to the construction of the transcontinental railways. In 1862, Congress passed the ocean railroad Act, which authorized the building of the transcontinental Railway. The first much line was finished on May 10, 1869. By 1900, four more continental railways connected the eastern states with the ocean Coast.
Fear of 1857 Land and railway boom at America following discovery of wealth in California in 1849. Resulted in massive increase of America money supply. Railways boomed as people went west. Railway funds peaks in July 1857. The failure of Ohio living in August 1857 brought attention to the business state of the line industry and estate markets, thereby causing the business anxiety to turn into the more common issue. Since banks had financed these railroads and estate purchases, they started to sense the pressures of the decreasing amount of railway securities and some went bankrupt. Ended in global situation.
As this canal prosperity slowed in the late 1830s, this railway boom kicked into equipment. By 1840, nearly 3,000 miles of road had been lain in U.S. And investing in railways had outstripped that at canals. The city and river railway, chartered in 1828, successfully contended with the Erie Canal for commerce. MA, unable to link to the lake Canal because of obstructing sights, chartered the Boston and Worcester railway at 1831 and the Western railway from Worcester to Albany at 1833. Railways were quicker, cheaper, and had greater scope than canals, but still rose just gradually at first.
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