The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-05-02
that they had expended 100000 of their own

tne ABOVE mentioned law, Mr.. Lord was reelected
TO the Board Of Directors. In the course of the
suing summer, nhe condition Of that law was COM
Piled with; contracts were entered into, and the
work was commenced on the designated portions Of
the road AT this period, or rather up to the close
Of 1888 the collections which had been made on the
stock OF the company amounted to ssh, Z7, against
which three issues Of 100000 each Of state stock
had been received and sold, prior to September,
1879, from which payments were made on the con-
tracts above mentioned. The laws under which
these issues were made authorized the payment OF
only y per cent. As tho times then were, It could
De sold only at a very heavy discount. The pro-
ceeds of the three instalments amounted only to
Ga, 2J5 a sum not sufficient to complete the work
Under contract In the crippled state of the stock
holders, and the continued Embarrassment of com
alercsi affairs, it was not then practicable to make
further collections on the existing stock of the
company Tie prevent another suspension of the
work, therefore, before the completion Of the sub
listing contracts other measures became necessary.
We should here mention that in October, 1887,
numerous convention Of delegates had been held at
e.lmira, of which Charles Humphrey, Esq, of
lonrkins, was president, and an address to the
people Of the state in favor Of the railroad was
adopted, having been drawn up by VIM. IL.
Seward, who attended u delegate fron Chau-
Tauque county. Tho convention recomme tended an
appeal to the Legislature for aid, and appointed
committees to take up subscriptions to the stock.
But little of Importance was effected in the latter
Fei i $50 0,ono. rendered hv III. ho, d
10 the nh ibitants on the route of the road to the
tucct that SUBSCRIPTIONS payments inau0 them
-houd be expended in the counties respectively,
together with like ratio of the proceeds of
bonding issues of State stock. With view to
carry into effect this plan in the counties Of Rock
land and Orange, and to exten the construction
Of the road to Goshen, Mr.. Lord accepted the APP
pointment Of commissioner for those counties in
May, 1899, and having procured subscriptions to
the amount at first required. with stipulation as
20 the times of payment, contracted in July for the
construction of the SO miles between Goshen and
the ten miles previously commenced. The payments
IN these contracts being thus provided for, the
work proceeded with energy during the remainder
of that, and throughout the succeeding year, when
it was nearly completed on the 10 miles, with the
exception of laying the iron rails. In September,
1889, MIR. hing resigned as President and Mr.. Lord
again elected to that Office, continuing in the
same until May, lSil. From the date Of his cleo
ton Pre- sdent, until March, 1911, Mr.. Lord held
that office rs well as that of commissioner, Wiz for
about eighteen months.
There being no other practicable method of OBJ
tanning funds for carrying the work on the road,
active measures were taken in November, 1899, for
attending the plan adopted in Rockland and
Orange, to other portions Of the line, particularly
20 the Susquehannah division, between Bingha mton
and Hornellsville, III miles in extent. These
measures successful under the management of
the Commissioner, Mr.. Lyman, and the division
was put under contract in February, 1919, and
subsequently,, under the same system, contracts
made for the western division, from Hornells-
Vile to the ten miles east from Dunkirk, which had
been commenced in 1898.
amended the Loan bill, to authorize issues Of
100000 of State Stock against every $50 900 which
had been and should thereafter be collected on the
stock Of the company, until the original amount of
three millions wis issued. Under this arrangement
the work was vigorously prosecuted on the Eastern
S0:quehannah, and Western divisions of the road
, ,onsorsing together distance of 300 miles. The
rate Of interest the state stock was changed by
rho act of 1850, to y and per cent, instead of "
per cent.
The executive committee Of the company in 1910,
consisting of Aaron Clark, Geo. = Il obbins, X. NJ
Blatchford, Simeon Draper, and James Bowen, with
H. l.. person, Treasurer, when the drst SlOO,OO0 OF
the State loan was expended, from private sources
raised 1000, TO enable the company to obtain
100000 from the state, when funds were particu-
lary required to sustain the work on the road and
they continued their efforts in assisting to raise
funds, until the three millions State stock was all
obtained from the Comptroller and expended on the
road. IL il had no: been for their exertions, the
work would have been abandoned in 1910. They,
as the executive committee, formed the plans, and
Mr.. Lyman. as the Commissioner, carried them out.
In June. 1870, Mr.. Henry l.. Pierson and Major
I. s. Brown, Engineer, (now in the employ OF the
Emperor Of Russia,) were sent by the company to
England, agents 70 purchase iron for the eastern
Hvision Of the road. They were successful IN OBJ
aiming the iron advantageous terms, aud, in tho
; ensuing Summer, the rails began to arrive IN New
York.
President caused investigation Of the affairs and
proceedings Of the company by the Committee on
X iilroads, Of which Mr.. Culver was Chairman
The committee, after examining numerous witness
ses reported in the most favorable manner, and de-
,laring that this company deserve the encourage
ment and liberal support Of the Legislature. mis-
report being made by wings, the democrats 10 the
Assembly dissatisfied, and towards the close OF
the session, having an accidental majority, they
elected by ballot committee to SIT dunng the re-
ccss visit the different Offices &c, Of the company
and report 20 the next Legislature. The committee
consisted of A. g.. Chatfeld and w Il. Maciay,
o. au1f Tea .ruh m "a "A
aborious investigation which occupied six months,
turing which they passed over the whole line OF the
road. they made report in January lSl2, entirely
satisfactory the company, and very interesting ia
its details, The directors, and their officers gene
rally, were entirely exempted from msmanage-
tucnt, except in few immatcrial points. They had
not In The opinion Of the committee, used their
mower for political purposes, and IL was proved That
The work done up 20 that time was a. favorable
terms any similar work IN ths country.
Various attempts were made to induce the lie
glslature TO adopt the road ~ state work. nat
the plan desired by Mr. hing, and some other
4 the directors; but Mr. Lord, Mr. Lyman, and
Mr. Pcrson. with other friends Of the road always
lscOunteuauccd the idea, rs II would, IN their
opinion, have been fatal - the project, and IN
urious 10 tho state. 4 bill 10 make the road
state work. however, passed the Assembly in
Is:a, but was defeated Ia the Senatc-the wings
having a ma 0rly ia the former, and the democrats
IA the latter: but the division not strictly
Iafty vote. There were indications that Governor
seward aud some Of the wings, wished e. make the
railroad POLITICAL scheme, whcrewth 70 carry the
elections la the southern tier Of counties; but i
never could bc made party question although
he democrats not residing in the counties inte-
rested were generally opposed 20 aiding the road
with the state credit, while the wings supported
the plan.
on the - September. 1911 the road was opened
~ miles. 90 Goshen, NJ which place there was a
grand celebration Ut the cvcnt, attended b. Cover
nor ~,1.srd. aud many citizens rom New ork
rity, and other parts 81 the state. On the return
~ the steamboat from fiermont 10 this city, ~ tho
evening Governor seward made u 1i-cUutaging
Iccch -. o. tlo prospects Of toe road. iutima,ing
that il wa doubtful whether Il could be made
within reasonable period, without thcr all
nom the state after all The CNcriions which
lad been mpdc, only about onc-teEth 81 tho lcngth
II the road finished
Among the matters investigated by The com
-nittce a. which Flr Chatdcli was chairman in
1871, was the consolidation Of the stock which had
been Subscribed principally in this city, On which
from, - 10 SlJ per share Of 500 had been paid.
The ditecut~, IN view Of the inability 81 many of
-. ~ 3#s g.. H. HfM