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Beginning in the 1890s and accelerating in 1903, New York banker J. P. Morgan sought to monopolize New England transportation by arranging the NH's acquisition of 50 companies, including other railroads and steamship lines, and building a network of electrified trolley lines that provided interurban transportation for all of southern New England. By 1912, the New Haven operated more than 2,000 miles (3,200 km) of track, with 120,000 employees, and practically monopolized traffic in a wide swath from Boston to New York City.
This quest for monopoly angered Progressive Era reformers, alienated public opinion, resulted in high prices for acquisitions, and increased construction costs. Debt soared from $14 million in 1903 to $242 million in 1913, even as the advent of automobiles, trucks and buses reduced railroad profits. Also in 1913, the federal government filed an anti-trust lawsuit that forced the NH to divest its trolley systems.
The line became bankrupt in 1935, was reorganized and reduced in scope, went bankrupt again in 1961, and in 1969 was merged with the Penn Central system, formed a year earlier by the merger of the also bankrupt New York Central Railroad and Pennsylvania Railroad; Already a poorly conceived merger, Penn Central proceeded to go bankrupt in 1970, becoming the largest bankruptcy in the U.S. until the Enron Corporation superseded it in 2001. The remnants of the system now comprise Metro-North Railroad's New Haven Line, (parts of) Amtrak's Northeast Corridor, Shore Line East, parts of the MBTA, and numerous freight operators such as CSX and the Providence and Worcester Railroad. The majority of the system is now owned publicly by the states of Connecticut, Rhode Island, and Massachusetts.
Read more on Wikipedia and New Haven Railroad Historical and Technical Association, Inc.
Founded in Philadelphia, Pennsylvania, the home of its North American headquarters, Bachmann is today part of the Kader group, who model products are made at a Chinese Government joint-venture plant in Dongguan, China. Bachmann's brand is the largest seller, in terms of volume, of model trains in the world. Bachmann primarily specializes in entry level train sets, and premium offerings in many scales. The Spectrum line is the high quality, model railroad product line, offered in N, HO, Large Scale, On30, and Williams O gauge all aimed for the hobbyist market. Bachmann is the producer of the famous railroad village product line known as "Plasticville." The turnover for Bachmann model trains for the year ended 31 December 2006 was approximately $46.87 million, a slight increase of 3.36% as compared to 2005.
Item created by: gdm on 2016-12-21 06:25:35
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