Publisher's Synopsis
The Philadelphia & Reading railroad commenced operations in 1842. To haul the seemingly infinite supply of anthracite coal from Pennsylvania mines to tidewater at Philadelphia 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 locomotives built by Locks & Canals 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, its inability to pay for engines, and its desire to sell two of the three railroads owned by the state. 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 early period of railroad development. The cast includes Locks & Canals, the Philadelphia & Reading, Baldwin & Whitney, the Central and Southern Railroads of Michigan, the State of Michigan and its Board of Internal Improvements, 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 was influenced by development of new technologies, especially the flexible beam truck, iron coal cars, and more powerful steam engines. The economic context was defined by 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, builders, especially Locks & Canals, developed the first equipment financing techniques. Those techniques remain in contemporary equipment finance structures. This book is available as (a) a hardcover with color interior, (b) a paperback with color interior, and (c) a paperback with black and white interior.
