The New Haven railroad was the leading carrier in New England from 1872 to 1968. New York's leading banker, J. P. Morgan, had grown up in Hartford and had a strong interest in the New England economy. Starting in the 1890s Morgan began financing the major New England railroads, such as the New Haven and the Boston and Maine, dividing territory so they would not compete. In 1903 he brought in Charles Mellen as president of the New Haven (1903-1913). The goal, richly supported by Morgan's financing, was to purchase and consolidate the main railway lines of New England, merge their operations, lower their costs, electrify the heavily used routes, and modernize the system. With less competition and lower costs, there supposedly would be higher profits. The New Haven purchased 50 smaller companies, including streetcars, freight steamers, passenger steamships, and a network of light rails (electrified trolleys) that provided inter-urban transportation for all of southern New England. By 1912, the New Haven operated over of a track, with 120,000 employees, and practically monopolized traffic in a wide swath from Boston to New York City.