Meaning: The quote you provided, "The financial history of the Baltimore and Ohio since the close of the nineteenth century is interesting chiefly in connection with changes in the control of the property," by John Moody, a prominent businessman, refers to the significant shifts in ownership and management that occurred within the Baltimore and Ohio Railroad (B&O) during the late 19th and early 20th centuries. This period was marked by a series of financial challenges, reorganizations, and transitions in leadership, making it a compelling subject for those interested in the history of American business and finance.

The Baltimore and Ohio Railroad, one of the oldest railroads in the United States, played a crucial role in the development of the country's transportation infrastructure. Chartered in 1827, the B&O was the first common carrier railroad and played a vital role in the expansion of the railroad network across the eastern United States. However, by the end of the 19th century, the B&O faced significant financial difficulties, including mounting debt, fierce competition from other railroads, and the economic challenges of the time.

During this period, the control and ownership of the B&O underwent several changes, reflecting the efforts to address the company's financial woes and position it for future success. These changes included shifts in leadership, restructurings, and even the involvement of prominent financiers and industrialists who sought to stabilize the railroad's operations and finances.

John Moody's observation about the financial history of the B&O underscores the pivotal role played by changes in control and ownership in shaping the trajectory of the railroad during this turbulent period. Control of the property, in this context, refers to the ownership and decision-making authority that ultimately determines the direction and fortunes of the company. Understanding the shifts in control provides valuable insights into the strategies, challenges, and outcomes that characterized the B&O's financial history during this time.

The late 19th and early 20th centuries were marked by a wave of railroad consolidations and reorganizations as companies sought to navigate financial difficulties and adapt to changing market conditions. The B&O was not immune to these trends, and its financial history reflects the broader dynamics of the railroad industry during this era.

Moreover, the quote by John Moody highlights the enduring interest in the financial history of the B&O, particularly as it pertains to the complexities of corporate control and the impact of such changes on the company's fortunes. Studying the B&O's financial history provides valuable lessons about the challenges of managing a large, capital-intensive enterprise in the face of economic, technological, and competitive pressures.

In conclusion, John Moody's quote encapsulates the significance of changes in control and ownership in understanding the financial history of the Baltimore and Ohio Railroad since the close of the 19th century. The period in question was marked by financial upheaval, reorganizations, and transitions in leadership, making it a compelling subject for those interested in the intersection of business, finance, and American industrial history.

Understanding the intricacies of the B&O's financial history offers valuable insights into the broader dynamics of the railroad industry during this transformative era and sheds light on the enduring relevance of corporate control in shaping the destinies of major enterprises.