Michigan-Peninsular Car Company
Encyclopedia
The Michigan-Peninsular Car Company was a railroad
rolling stock
manufacturing company formed from the merger of five manufacturing companies in 1892. It was Detroit
's largest manufacturer before the rise of the automotive industry
.
In 1899, it merged with a dozen other railroad car manufacturing firms to form American Car and Foundry Company
(ACF).
, Peninsular Car Company
, Detroit Car Wheel Company, Michigan Forge and Iron Company and Detroit Pipe and Foundry Company, with Russell A. Alger
appointed as the first president of the consolidated company. The combined company could build over 100 new freight cars per day. It was financed and controlled by a syndicate led by James A. McMillan.
The Panic of 1893
directly affected Michigan-Peninsular as orders for new cars evaporated, the plant was completely closed for five months. The next three years and the further financial difficulties of 1897 also negatively affected Michigan-Peninsular such that the company was considering reducing the amount of capital stock
available. One report in the New York Times claims that Michigan-Peninsular had issued $3,000,000 in common stock and $5,000,000 in preferred stock and that during this time Col. Frank J. Hecker
and Charles L. Freer gained a controlling interest
in the company.
In 1899, Michigan-Peninsular was one of 13 companies merged to form ACF, with Michigan-Peninsular's plant becoming ACF's Detroit Plant. In 1902, the Detroit Plant became the first of ACF's facilities to move a car under construction on its own trucks
between stationary workstations.
Rail transport
Rail transport is a means of conveyance of passengers and goods by way of wheeled vehicles running on rail tracks. In contrast to road transport, where vehicles merely run on a prepared surface, rail vehicles are also directionally guided by the tracks they run on...
rolling stock
Rolling stock
Rolling stock comprises all the vehicles that move on a railway. It usually includes both powered and unpowered vehicles, for example locomotives, railroad cars, coaches and wagons...
manufacturing company formed from the merger of five manufacturing companies in 1892. It was Detroit
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
's largest manufacturer before the rise of the automotive industry
Automotive industry
The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, and is one of the world's most important economic sectors by revenue....
.
In 1899, it merged with a dozen other railroad car manufacturing firms to form American Car and Foundry Company
American Car and Foundry Company
American Car and Foundry is a manufacturer of railroad rolling stock. One of its subsidiaries was once a manufacturer of motor coaches and trolley coaches under the brand names of ACF and ACF-Brill. Today ACF is known as ACF Industries LLC and is based in St. Charles, Missouri...
(ACF).
History
Michigan-Peninsular Car Company was formed from the merger of Michigan Car CompanyMichigan Car Company
The Michigan Car Company was a railroad rolling stock manufacturer located in Detroit, Michigan.The Michigan Car Company was organized in 1864 by John S. Newberry and James McMillan to manufacture railroad cars for the Union Army. In 1873 it relocated its main factory to Grand Trunk Junction...
, Peninsular Car Company
Peninsular Car Company
The Peninsular Car Company was a railroad rolling stock manufacturer, founded by Charles L. Freer and Frank J. Hecker in 1885.In 1892, the company merged with Michigan Car Company, the Russel Wheel and Foundry Company, the Detroit Car Wheel Company and several smaller manufacturers to form the...
, Detroit Car Wheel Company, Michigan Forge and Iron Company and Detroit Pipe and Foundry Company, with Russell A. Alger
Russell A. Alger
Russell Alexander Alger was the 20th Governor and U.S. Senator from the state of Michigan and also U.S. Secretary of War during the Presidential administration of William McKinley...
appointed as the first president of the consolidated company. The combined company could build over 100 new freight cars per day. It was financed and controlled by a syndicate led by James A. McMillan.
The Panic of 1893
Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...
directly affected Michigan-Peninsular as orders for new cars evaporated, the plant was completely closed for five months. The next three years and the further financial difficulties of 1897 also negatively affected Michigan-Peninsular such that the company was considering reducing the amount of capital stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
available. One report in the New York Times claims that Michigan-Peninsular had issued $3,000,000 in common stock and $5,000,000 in preferred stock and that during this time Col. Frank J. Hecker
Frank J. Hecker
Frank J. Hecker was an American railroad-car manufacturer from Detroit, Michigan-Early life:Frank J. Hecker was born in Freedom, Michigan on July 6, 1846. His family moved to St. Louis, Missouri in 1859, where Frank was educated...
and Charles L. Freer gained a controlling interest
Controlling interest
Controlling interest in a corporation means to have control of a large enough block of voting stock shares in a company such that no one stock holder or coalition of stock holders can successfully oppose a motion...
in the company.
In 1899, Michigan-Peninsular was one of 13 companies merged to form ACF, with Michigan-Peninsular's plant becoming ACF's Detroit Plant. In 1902, the Detroit Plant became the first of ACF's facilities to move a car under construction on its own trucks
Bogie
A bogie is a wheeled wagon or trolley. In mechanics terms, a bogie is a chassis or framework carrying wheels, attached to a vehicle. It can be fixed in place, as on a cargo truck, mounted on a swivel, as on a railway carriage/car or locomotive, or sprung as in the suspension of a caterpillar...
between stationary workstations.