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Established in 1932 by the Hoover administration to restore public confidence in the economy and banking to their pre-Depression levels, the RFC provided financial support to state and local governments, recapitalized banks to prevent bank failures and stimulate lending, and made loans to railroads, mortgage associations, and other large ...
This worsening situation for railroad workers led to strikes against many railroads, culminating in the Great Railroad Strike of 1877, involving over 100,000 people in multiple cities. [58] The Great Strike began on July 14 in Martinsburg, West Virginia, in response to the cutting of wages for the second time in a year by the B&O Railroad.
These competing modes were basically unregulated at the time, and received extensive financial assistance from the federal government. This competition contributed to the railroads' decline in the 1920s and beyond, and which was amplified in the 1930s during the Great Depression. [14]: 356–362 [15]: 192–196
[4]: 111 This period of relative prosperity ended during the Great Depression; the railroad's gross revenues fell by half from 1932 to 1935. [4]: 114 In the mid-1930s, the Ma and Pa became a favorite of railfans, who were attracted to its hilly, curving line through rural Maryland and Pennsylvania. The railroad offered several popular fan ...
The SI was reorganized October 1, 1941, following financial difficulties and receivership during the Great Depression. The line was renamed the Spokane International Railroad as part of the restructuring agreement until the 1950s. On October 6, 1958, the Union Pacific Railroad (UP) took control of Spokane International Railroad. [2]
The Louisville and Nashville Railroad (reporting mark LN), commonly called the L&N, was a Class I railroad that operated freight and passenger services in the southeast United States. Chartered by the Commonwealth of Kentucky in 1850, the road grew into one of the great success stories of American business.
The Cleveland, Cincinnati, Chicago and St. Louis Railway, also known as the Big Four Railroad and commonly abbreviated CCC&StL, was a railroad company in the Midwestern United States. It operated in affiliation with the New York Central system. Its primary routes were in Illinois, Indiana, Michigan, and Ohio. At the end of 1925 it reported ...
The railroad was profitable, even during the Great Depression, and was a significant mode of communications and transportation until the 1930s. As with railroads in the mainland, private automobiles and public roads led to a decline in traffic, especially passengers.