Minor Cooper Keith: Difference between revisions
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Keith was rather the last resort for the Costa Ricans--the route was mountainous, the bank accounts empty, the securities of the railroad unsellable. Keith began this business with his two brothers, who both died in the endeavor. To have something to transport on the railroad--and to sell--Keith began planting bananas along the rail line, from roots he obtained from the French. He had begun planting bananas in 1873. He imported labor from all over the world. |
Keith was rather the last resort for the Costa Ricans--the route was mountainous, the bank accounts empty, the securities of the railroad unsellable. Keith began this business with his two brothers, who both died in the endeavor. To have something to transport on the railroad--and to sell--Keith began planting bananas along the rail line, from roots he obtained from the French. He had begun planting bananas in 1873. He imported labor from all over the world. |
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When the Costa Rican government defaulted on its payments in 1882, Keith had to borrow [[Pound sterling|£]]1.2 million from [[London]] banks and from private investors in order to continue the difficult engineering project. In 1884, the government of President [[Próspero Fernández Oreamuno]] agreed to give Keith 800,000 acres (3,200 km²) of tax-free land along the railroad, plus a 99-year lease on the operation of the train route, and on the port of [[Limón]]. The railroad was completed in 1890, but the flow of passengers proved insufficent to finance Keith's debt. On the other hand, the sale of bananas grown in his lands and transported first by train to Limón and then by ship to the United States, proved very lucrative. Keith soon came to dominate the banana trade in Central America and in the Caribbean coast of [[Colombia]]. In return, the Costa Ricans got a railroad they needed to have any chance of developing the country. |
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To market the bananas, Keith soon ran a steamship line from Limón to the United States. He bought up other Central American banana companies. In 1899, Keith combined his venture with [[Andrew W. Preston]]'s Boston Fruit Company in the West Indies to form the [[United Fruit Company]]. |
To market the bananas, Keith soon ran a steamship line from Limón to the United States. He bought up other Central American banana companies. In 1899, Keith combined his venture with [[Andrew W. Preston]]'s Boston Fruit Company in the West Indies to form the [[United Fruit Company]]. |
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Revision as of 20:22, 15 May 2006
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Minor Cooper Keith (1848-1929) was the nephew of U.S. railroad entrepreneur Henry Meiggs, who took over Meiggs' contract to build a railroad in Costa Rica. Keith was involved from the start of the project in 1871 and took full control on Meiggs' death in 1877.
Keith was rather the last resort for the Costa Ricans--the route was mountainous, the bank accounts empty, the securities of the railroad unsellable. Keith began this business with his two brothers, who both died in the endeavor. To have something to transport on the railroad--and to sell--Keith began planting bananas along the rail line, from roots he obtained from the French. He had begun planting bananas in 1873. He imported labor from all over the world.
When the Costa Rican government defaulted on its payments in 1882, Keith had to borrow £1.2 million from London banks and from private investors in order to continue the difficult engineering project. In 1884, the government of President Próspero Fernández Oreamuno agreed to give Keith 800,000 acres (3,200 km²) of tax-free land along the railroad, plus a 99-year lease on the operation of the train route, and on the port of Limón. The railroad was completed in 1890, but the flow of passengers proved insufficent to finance Keith's debt. On the other hand, the sale of bananas grown in his lands and transported first by train to Limón and then by ship to the United States, proved very lucrative. Keith soon came to dominate the banana trade in Central America and in the Caribbean coast of Colombia. In return, the Costa Ricans got a railroad they needed to have any chance of developing the country.
To market the bananas, Keith soon ran a steamship line from Limón to the United States. He bought up other Central American banana companies. In 1899, Keith combined his venture with Andrew W. Preston's Boston Fruit Company in the West Indies to form the United Fruit Company.
He returned to railroad building, organized (1912) the International Railways of Central America, and completed an 800-mi (1,287-km) railway system, but died before realizing his dream of a line from Guatemala to the Panama Canal. His work profoundly altered the economic life of Central American countries.[1]