History
The Maine Central Railroad came under the control of the Boston & Maine Railroad in 1884. The New Haven Railroad secured control of the Boston & Maine in 1907, and the Portland Terminal Company was formed in 1911 as part of the New Haven's consolidation of New England transportation facilities. Portland Terminal Company became a subsidiary of the Maine Central Railroad while the Boston & Maine was in financial difficulty in 1914.
PTM's activities were vital to Portland's role as a winter seaport receiving Canadian products from the Grand Trunk Railway for export to Europe. Shipping from Portland declined sharply as Canadian exports were routed via the Maritime ports of St. John, New Brunswick and Halifax, Nova Scotia following nationalization of the Grand Trunk in 1923. Exports from Portland declined from 600,000 short tons (536,000 long tons; 544,000 t) per year in the early 1920s to 21,000 short tons (18,800 long tons; 19,100 t) per year during the worst year of the following depression. In the decade following World War II, PTM operated on 40 miles (64 km) of main lines and branch tracks, 84 miles (135 km) of yard tracks, and 18 miles (29 km) of industry-owned tracks. PTM was acquired by Guilford Transportation Industries in 1981, and continues as a subsidiary of Pan Am Railways.
Read more about this topic: Portland Terminal Company
Famous quotes containing the word history:
“The history of persecution is a history of endeavors to cheat nature, to make water run up hill, to twist a rope of sand.”
—Ralph Waldo Emerson (1803–1882)
“We don’t know when our name came into being or how some distant ancestor acquired it. We don’t understand our name at all, we don’t know its history and yet we bear it with exalted fidelity, we merge with it, we like it, we are ridiculously proud of it as if we had thought it up ourselves in a moment of brilliant inspiration.”
—Milan Kundera (b. 1929)
“The history of progress is written in the blood of men and women who have dared to espouse an unpopular cause, as, for instance, the black man’s right to his body, or woman’s right to her soul.”
—Emma Goldman (1869–1940)