"The Philadelphia & Reading railroad commenced operations in 1842. To haul the seemingly infinite supply of anthracite coal from Pennsylvania mines to tidewater and generate revenue, it ordered over twenty-two locomotives and hundreds of coal cars in 1842-1843. Twelve locomotives were built by The Proprietors of Locks and Canals on Merrimack River. Curiously, one of the twelve engines, then only fifteen months old, was sold to Michigan in 1844 when only fifteen months old. Despite the Philadelphia & Reading's urgent need ...
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"The Philadelphia & Reading railroad commenced operations in 1842. To haul the seemingly infinite supply of anthracite coal from Pennsylvania mines to tidewater and generate revenue, it ordered over twenty-two locomotives and hundreds of coal cars in 1842-1843. Twelve locomotives were built by The Proprietors of Locks and Canals on Merrimack River. Curiously, one of the twelve engines, then only fifteen months old, was sold to Michigan in 1844 when only fifteen months old. Despite the Philadelphia & Reading's urgent need for more engines. And despite Michigan's repudiation of the state bonds used to finance its railroads and its inability to pay for engines. This book explores the mystery of the engine sold to Michigan. Through archival research, the engine has been identified and its fate revealed. The story involves a web of corporate maneuvers in the era of railroad development. The cast includes Locks & Canals, the Philadelphia & Reading, Baldwin & Whitney, the Central and Southern Railroads of Michigan, the State of Michigan, Morris Canal & Banking, the Bank of the United States, and northeastern investors that formed the Michigan Central Railroad to purchase Central Railroad assets in 1846. The decision to sell the engine as influenced by development of new engine technologies: the flexible beam engine truck, iron coal cars, and more powerful steam engines. The economic context was the Panic of 1837 and its aftermath. The Philadelphia & Reading, teetering on bankruptcy, needed massive funding to complete infrastructure construction and purchase rolling stock. Engine builders were forced to extend credit and then financing to desperate railroad clients. Builders became financial intermediaries. To protect their interests, the builders developed the first equipment financing techniques. Those techniques remain in contemporary equipment finance structures"--
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Add this copy of Tracks of the Mohegan: a Second Engine Mystery (the to cart. $47.62, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2022 by River Stone Publishing Group.
Add this copy of Tracks of the Mohegan: a Second Engine Mystery (the to cart. $80.57, new condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2022 by River Stone Publishing Group.
