Erie Lackawanna
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From: "Ron" rdukarm AT roadrunner DOT com
Date: Sat, 19 Jan 2008 14:36:19 -0500
Subject: Books On the Predecessors of the EL
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List,

With the bad weather and low temps, I've had time in the last two week to do some web surfing. Here are two books dealing rather heavily with the ERIE. Both address the ERIE's finances, an area I always found extremely complex, complicated and boring. However, these are the best treatments I've run across and present the subject in the most understandable language and fashion, so much so that I forced myself to read the ERIE excerpts from both documents.

It would take several years of study and a law degree to fully comprehend the machinations of the ERIE with its stocks, bonds, mortgages, leases. reorganizations, bankruptcies, etc. between the Civil War and 1900, but with these two volumes I think the average person might have a chance. At least I have a better feel for what was happening.

The first book, "RAILROAD REORGANIZATION", by Stuart Daggett, Ph.D., was published in 1908. Chapter Two deals with the ERIE RAILROAD and runs 41 pages. Dr. Daggett chronologically follows the ERIE thru its various reorganizations and bankruptcies and explains, as best one can, the successive financial instruments created by the ERIE to refinance its debt. He discusses the role of the English investors, and the concerns of bond holders vs. stockholders, etc. You can read it at:
http://books.google.com/books?id=qNc0AAAAIAAJ&printsec=frontcover&dqRailroad+Reorganization+Daggett#PPA34,M1

The second book, "RAILROADS - FINANCE & ORGANIZATION", by William Z. Ripley, Ph.D., was published in 1915. This tome is 638 pages, but there are only about 35 pages that directly deal with the ERIE. You can go to the index to find these pages or use the search feature on Google Books under ERIE, which is what I did and then I printed them. Dr. Ripley explains these various financial instruments (e.g.. convertible bonds, first consolidated mortgages, deed of trust, etc.) and what their practical impact was. The ERIE created new financial instruments unique to its railroad. He goes into the games played, physiological impacts on investors, etc. and really helps explain what was going on on the ERIE and all other railroads. Its fairly easy reading (considering the subject) and can be found at:
http://books.google.com/books?id=Ld1AAAAAIAAJ&pg=PA482&dq=railroad+construction+lackawanna&lr=&as_brr=1#PPR3,M1

I know these may not be of the greatest interest, but for those of you who ever tried to understand what was going on financially on the ERIE, this is the best I've read. I've copied the 75 pages and put it on my bookshelf.

Ron Dukarm

PS Attached are some ERIE photos I ran across in my surfing








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