Comments by "John D" (@johnd8892) on "Timeline - World History Documentaries"
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@scottpeacock5492 the examples I am thinking of were documented in UK rail history books in the 1950s. The Stanhope and Tyne was an example of early bankruptcy and closure of the biggest loss making sections.
To quote Wikipedia about the 1840s bankruptcy :
At the end of 1840 the company was unable to pay its debts, and the loss of the Tanfield Moor traffic emphasised the difficulty. As it was a partnership the partners were each liable for the debt without limit. The authorised capital of the company was £150,000 and loans to the extent of £440,000 had been taken, in violation of the terms of the deeds of the company. It had closed the Stanhope to Carr House section to save money, although it was obliged to continue the rental of the quarry and the wayleave fees for the line.
On 29 December 1840 an extraordinary general meeting was held at which it was decided to promote a statutory company, with capital of £440,000, to take over the railway and its debts. On 5 February 1841 the Stanhope & Tyne Railroad company was dissolved, and its assets and debts transferred to a new company.
The losses of the passenger function was especially commented on by the railway engineer.
Better routes by competitors had the largest impact on a marginal operation.
Other closures of minor companies with poor reasons to exist are buried in some of the detailed regional rail history books that people used to read.
In the railway mania of the 1840s some railways failed before they even opened, since they did not attract enough smart money to proceed. Often a nice little earner from those disappearing with the limited funds raised unless they landed in prison. Trying to think if the "Railway King" George Hudson landed in prison.
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