. Bulletin - United States National Museum . Figure 52.—The Sabine, Built in 1857 for the New Orleans, Opelousas,and Great VV^estern Railroad, was the last Cincinnati-built locomotive inexistence. It was scrapped in 1942. {Photo courtesy Southern PacificRailroad.) best locomotives manufactured in the most celebrated Eastern estab-lishments. In a similar vein the advertisements of Niles & Company and Moore& Richardson stated, almost apologetically, that their productsw^ere equal to those of the best eastern shops. Credit was the most potent reason for the eastern domination ofthe locomotive mar
. Bulletin - United States National Museum . Figure 52.—The Sabine, Built in 1857 for the New Orleans, Opelousas,and Great VV^estern Railroad, was the last Cincinnati-built locomotive inexistence. It was scrapped in 1942. {Photo courtesy Southern PacificRailroad.) best locomotives manufactured in the most celebrated Eastern estab-lishments. In a similar vein the advertisements of Niles & Company and Moore& Richardson stated, almost apologetically, that their productsw^ere equal to those of the best eastern shops. Credit was the most potent reason for the eastern domination ofthe locomotive market. With greater resources than most westernshops could muster, many eastern builders would extend long-termsales contracts or accept shares of stock, usually at a discount, for a 113 ^^. Figure 53.—The Vincennes, Built by Niles in 1855 or 1856 for theEvansville and Crawfordsville Railroad. large portion of the selling price. The Lawrence Machine Shop isknown to have accepted land from railroads in Indiana, Illinois,and Nebraska in return for locomotives.^^ Undoubtedly othereastern shops of no less means were willing to speculate on the risingvalue of western land. Conversely, the railroads were apparentlydelighted to accept cheap locomotives on easy terms, since theycould then invest their cash in land or extensions of their linesin the belief that rapid settlement of the country would increase landvalue and traffic so that new and better equipment could be pur-chased at some future date. It was this shortsighted optimism,coupled with no small degree of opportunism, which contributed tothe huge over extension of credit (mainly to booming midwesternrail lines) that resulted in the Panic of 1857. While commenting on the state of the locomotive building industryand the
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Keywords: ., bookauthorun, bookcentury1800, bookdecade1870, booksubjectscience
