In nineteenth century USA, railways proliferated early with easy access to capital. In the absence of market regulation and information disclosure standards, t

In nineteenth century USA, railways proliferated early with easy access to capital. In the absence of market regulation and information disclosure standards, the commercial results were often failures and dysfunction, with unbalanced networks, local monopolies, and death spiral competition on oversupplied lines. In his ascent to power, uber banker JP Morgan focused on railroads, America's largest business enterprises. He wrested control of the Albany and Susquehanna Railroad from Jay Gould and Jim Fisk in 1869; led the syndicate that broke the government-financing privileges of Jay Cooke; and developed and financed a railroad empire by reorganization and consolidation in all parts of the United States. https://en.wikipedia.org/wiki/J._P._Morgan#Railroads https://en.wikipedia.org/wiki/J._P._Morgan#Railroads