Re: (erielack) Re: the West Shore; J.P. Morgan's yacht

["J. Henry Priebe Jr." <root_@_net.bluemoon.net>]

On Tue, 8 Aug 2006, Philip Martin wrote:

> Regarding peter Heimbach's post on J.P. Morgan's influence on PRR-NYC
> competition, I wasn't aware of it.  I don't know much about Morgan, and
> didn't know that he was concerned with railroads.  But it certainly makes
> sence.

I believe J.P. Morgan was the NYC's main banker as well as a banker for
several other RRs.  He was upset by the wasteful cutthroat competition between
the PRR and the NYC. Andrew Carnegie, Henry Frick and some other
industrialists were tired of the PRR's stranglehold on Pittsburgh so they
naturally backed the South Penn. William K Vanderbilt had been getting nervous
about how much the South Penn was costing and was looking for an easy way out.
I recall reading that Morgan told the presidents of the NYC and PRR (George
Roberts and Chauncey Depew) that they weren't leaving his yacht until a deal
was worked out. 

Henry

J. Henry Priebe Jr.    Blue Moon Internet Corp Network Administrator
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