At the end of 1856 Train ceded control of his packet line to his two junior partners, Frederick W. Thayer and George Warren, and in February 1857 he declared insolvency. The demise of his business has sometimes been mistakenly attributed to the Panic of 1857, but that did not begin until six months later, in August of that year. After Thayer's retirement in 1862, the successor to Enoch Train's line was renamed the Warren Line.
