Morgan Iron Works
In the aftermath of the war, the U.S. government dumped more than a million tons of surplus shipping onto the market, depressing prices and leaving shipyards and marine engine builders with little or no work. From 1865 to 1870, many shipyards and engine builders were driven to bankruptcy.
Roach, however, managed to prosper in this difficult period by diversifying into the manufacture of machine tools, and selling them to the U.S. Navy which was in the process of upgrading the facilities of its own shipyards. He secured almost a million dollars worth of such contracts between 1866 and 1868, and was thus able to buy out most of his competitors. In 1867 he purchased the Morgan Iron Works and relocated his business there, retaining the Etna Works only as a rental property. The Morgan Works, with its ideal location on New York's East River, would remain a key part of the Roach business empire for the next four decades.
Read more about this topic: John Roach (shipbuilder), Later Career
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