The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-05-02

as their reason therefor, that they were intnre.f-
Ga sas and in the the eou wss.srn part of th
the road was to be located. These gentlemen ,tats
in their letter of resignation, that /" they wers
among the earliest promoters Of the objects OF the
company, and assumed large response bilities in re-
spect to the first subscription to the capital stock
that the negotiations for tho purchase Of lands Ia
which they were interested, were commenced bs-
fore the object of the company had gained any such
hold on the public mind, or such support from indi
viduals to inspire confidence Of its being accom-
plished; that these negotiations were suggeste6
and entered into, as means OF gaining support
and aiordng encouragement IN the great under
taking for which the company was organized; that
large donations out of the lands purchased had been
protfered to the company, on condition of the road
being completed within given term of years,
&C." They also state that they and other parties
Interested III the lands and in the stock of the com
pany, :" are Of opinion that the measures 80 taken
on their part have been, aud will be, highly advan
tageous, and in no respect de trimental to the in
terests OF the company but the main object hay-
ing at length gained such support, and advanced
far as to justify and require active proceedings
the part Of the board, for the construction of the
road the same views which, in respect to the com
pany, induced them to take the steps referred to-
now indicate the proprety Of retiring from thu
stations which they have hitherto occupied in the
direction"
A the mum Der of saints and patriots willing te
devote their time and services for the pecuniary in
terest Of their fellow citizens without special bene-
fit to themselves, was not, at the time, remarkably
>
tors of the Erie Railroad Company were soon in
duced to rescnd their resolution requiring disn-
terested services. 1t discovered, II might
have occurred to them at first, that the individuals
most likely to promote the means and success OF tho
road would be those most interested in its compile
ton. Hence the subsequent changes in its direc-
ton and management.
Mr. Lord, in addition to his purchases at Dun
kirk, and in the counties on the line of the road
became also deeply interested in property at Pier
mont or Iappan, as it was called, when that pout
was fixed on by the engineers and the directors fol-
the eastern termination Of the road. lie took N
his residence at that place. and joined Judge Blau-
welt, of Rockland county, in making, purchases Of
lands at Piermont A part Of their plan of opera
tons was to exchange farms IL the Interior OF the
county for those situated in the village and vicinity
where the terminus was located. The location d
the pier, and part of the line the shore, at
PieImont, made in October, 1886, by Mr.
Hing President Of the company, and committee
Of the directors. They obtained from Judge Blau-
Welt grant Of about one hundred acres of land for
depot, and entered into contract with him
spt citing the road way along the south side OF thu
pier, contiguous to his adjacent lands II shsul,a
be here stated that Mr.. Lord and his brothers
among the largest subscribers to the capital stock 81
the company, on which $50 900 paid By them
and Mr.. L. states, in pamphlet recently published
that the loss of interest on the stock when he solo
and transferred it, amounted u nearly as much d.
he received for it. lie also states that the don,l-
tions Of lands, conditionally made to the company
in lst5, but afterwards forfeited we have stated
were estimated to be worth two millions of dollars
besides the free grants Of the right Of way generally
made by the people OF the southern tier of counties
In November, 1885, the directors put under con
tract section of the road on the delaware river.
extending from Calicoon creek to the village ot
Deposit, distance of forty and half miles. This
section taken by twenty-six contractors, and.
the contracts amounted to S3l3, 572, exhibiting 4
saving Of S52,736 below the estimate OF Judgt
Wright, in the expense Of graduating this section
The object in commencing this work at this point
which was fixed upon by the advice of Mr.. ;. 3
Ruggles, instead of the Hudson river desired by
those interested in property in Rockland and
Orange counties, was to open a communication with
the fertile valley of the Susque hannah from the Dei
ware and Hudson Canal, az soon as possible. That
canal II will be observed, extends from the Hudson
river at kondout up the valleys of the Wullkill
and Nevisink, and thence up the Delaware TO
point where II was proposed 10 connect it with thu
Erie Railroad. An extensive trade and travel, i
was believed, would at render the section pro-
ttabe, and urge on the undertaking and compile
tion of other sections of the road In the nfan ~
Of the company, IL was not considered good polcy
TO commence the difficult and costly construction VI
the Eastern section, from the Hudson to the Della
ware river, on which over two millions have been
since expended including the expensive pier at Pier
mont The original intentions of the projectors u
this plan of operation were, however, frustrated h.
subsequent events particularly the commercial dis
asters which affected the stockholders in 1896 and
1857, and the change of directors, which caused an
alteration Of the plan, by abandoning the Delaware
section after it was graded (but the superstructurg
not DOWN. and constructing the section between
Piermont and Goshen.
lmmed iately after the Delaware section was ~
under contract, viz on the 9Th Of November, 1876.
nj sunrise, the bank Of the delaware, a. Deposit
the President of the company, Mr.. hing, with a
committee OF the directors commenced the great
work, without ceremony or parade, in the presence
of a numerous assemblage of the citizens of that
vicinity, who united heartily in the undertaking
and displayed the utmost yea and shirt in prous,
ting the progress Of the enterprise. The grading
OF this section was not completed until the spring
Of 1887.
The views Of Mr. Ruggles, in commencing III.
road at the Delaware section are thus Sc. forth u,
the reIsr Of the directors, in 1885 BY complet.
ing a continuous line Of road from the Delaware
and Hudson Canal to Owego, and thence by mean.
o. the lateral railroad to Ithaca, very important
channel OF transportation will be opened 10 that
canal, from the fertile and populous districts ada
cent to the inland lakes Of this State aud the wes.
tern tributaries Of the Susquehannah anordng a .o
the means Of transporting passengers from the In.
terror to point distant less than thirty-nve mile.
from the Iiudson river. The necessities Of the
community, and the certain prospect 1T a rapid In
crease Of revenue could not fail TO insure the speedy
extension Of the line, either westwardly la one
case, or from the canal, eastwardly IN the ether"
We make these explanations respecting the com.
mencement OF the road, without any promftng.
from either Of the parties interested because IL h.
given occasion 70 much ccnsure and prejudice from
those who arc ignorant Of the motives which in
fucnced the beginning of operations On the bella
ware section, and II is right that IL should now b.
perfectly understood by the stockholders and the
public.
At the session q 1896, the Legislature granted tc
the company loan Of the credit OF the Stats fof
three millions Of dollars bearing interest Of four
and half per cent. by the terms of the act tho
loan was 70 be issued in four successive in. taments
a. the four specified divisions Of the road shoud re.
spcctisely he completed After violent contest. il
finally passed the Assembly by a majority Of one
Vote concurred in by the Senate and approve
by Governor Marcy, and thus became a Law.
AT the session OF 1893, the directors presented
memorial TO the Legislature, stating the condition
a. he in .sNrgl
u l-sl6 requiring large preliminary disbursement.
from the resources of the stockholdcr before any
portion of the loan could be used the state
credit was unavailable to the company, the events
growing out 81 the arrangement Of the currency.
preventing further calls upon the stock. After ex
pending sJuO.L0p, therefore, the directors had been
compelled, ~ May, 1887, to arrest entirely tho
prosecution 81 the work, TO discontinue the labor on
the sections under contract, and to discharge their
whole corps of engineers. Tho board. therefore
asked The Lcgi-lninre u authurize smbsc rinlion