The Railroad Builders (A Chronicle of the Welding of the States) - Softcover

Moody, John

Softcover

ISBN 10: 1404327657 ISBN 13: 9781404327658

Publisher: IndyPublish, 2002

Synopsis

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER III THE GREAT PENNSYLVANIA SYSTEM In the early forties the commercial importance of Philadelphia was menaced from two directions. A steadily increasing volume of trade was passing through the Erie Canal from the Central West to the northern seaboard, while traffic over the new Baltimore and Ohio Railroad promised a great commercial future to the rival city of Baltimore. With commendable enterprise the Baltimore and Ohio Company was even then reaching out for connections with Pittsburgh in the hope of diverting western trade from eastern Pennsylvania. Moreover the financial prestige of Philadelphia had suffered from recent events. The panic of 1837, the contest of the United States Bank with President Jackson, its defeat, and its subsequent failure as a state bank, the consequent distress in local financial circles — all conspired to shift the monetary center of the country to New York. It was at this time that Philadelphia capitalists began to bestir themselves in an attempt to recover their lost opportunities. Philadelphia must share in this trade with the Central West. The designs of the Baltimore and Ohio Company must be defeated by bringing Pittsburgh into contact with f its natural Eastern market. To this end, the Penn- v—] sylvania Railroad was incorporated on April 13, 1846, with a franchise permitting the construction /of a railroad across the State from Harrisburg to ( Pittsburgh. An added incentive to constructive expansion was given by an act of the Legislature authorizing the Baltimore and Ohio to extend its line to Pittsburgh if the Pennsylvania Company failed to avail itself of its franchise. In order to avoid the heavy cost of constructing a road between Philadelphia and Harrisburg, the Pennsylvania Railroad entered into arrangements with the Phi...

About this edition

• Publisher: IndyPublish
• Publication date: 2002
• ISBN 10: 1404327657
• ISBN 13: 9781404327658
• Binding: Paperback
• Number of pages: 122