New York Central Railroad

J.P. Morgan Yacht Meeting: Ending Railroad Competition Through Financial Coercion

1885-07-01 00:00:00 +0000 UTC | Importance: 7/10

In 1885, J.P. Morgan invited leading railroad executives to a meeting aboard his yacht to address what he perceived as “ruinous competition” in the railroad industry. Morgan used the gathering to convince railroad magnates controlling major lines including the New York Central and …

J.P. Morgan New York Central Railroad Pennsylvania Railroad Railroad Executives price-fixing market-manipulation financial-coercion corporate-consolidation anti-competitive-practices

Vanderbilt Consolidates New York Central Railroad - Creates First Giant Railroad System

1867-01-01 00:00:00 +0000 UTC | Importance: 8/10

In 1867, Cornelius Vanderbilt gained control of the New York Central Railroad after driving down its stock price, then combined it with his New York and Harlem Railroad and Hudson River Railroad to create one of the first giant railroad consolidations in American history. Vanderbilt had entered the …

Cornelius Vanderbilt New York Central Railroad Hudson River Railroad Harlem Railroad railroad-consolidation corporate-power gilded-age monopoly infrastructure-capture