Ramblings & ephemera

Who made money during the era of railroads

From Paul Graham’s “What the Bubble Got Right” (September 2004):

In fact most of the money to be made from big trends is made indirectly. It was not the railroads themselves that made the most money during the railroad boom, but the companies on either side, like Carnegie’s steelworks, which made the rails, and Standard Oil, which used railroads to get oil to the East Coast, where it could be shipped to Europe.

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