The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1856-11-05
14&~E

aNu' 'housh desltned 10 long delays and
difiicnliies before iis accomplishment, OF uni..
ling The great lakes with lhe Atlantic al ,as
point. - - 10y
Inc work OF construction was pushed Wig
orously forward with the funds provided by
the Bank Of the United States, and olher
subscribers 10 the stock, aud as these sub
scrip,ions were exhausted, further advances
were made by the Bank, until it's failure in
1851, when il was found that over eight hun
dfed thousand dollars had been obtained by
drafts On this institution alone, and six hun.
dfed thousand dollars from olEer sources.
10 this way nearly million aud half Of
dollars in cash had been expended. under
The immediate direction of Col. Paxton, and
we have his testimony, that owing 10 the
low rates Of labor and material, al that time,
and also TO the fact, those engaged in the
construction los! heavily by their contracts,
the same amour, of work could not be ac-
complished al this time for 1--WE millions of
dollars.
When il is considered that nearly all other
railroads have been constructed BY the pro-
ceeds OF The sales of their bonds and stock at
deprecated values, or by the contractors be-
ing Obliged 10 take large proportions of them
| in payment Tor their work, which is generally
even yet more expensive method OF con-
! siruclion--whfe the cost Of this road had
thus far been deirayeu, in cssS, without any
charge by Col. Paxton fer his services--we
can hardly consider his estimate Of iis COM
parative cheapness incorrect. This opinion
has also been confirmed by The professional
examins lions OF experienced engineers and
While this great work was thus rapidly
progressing towards the North, another en-
terprize, even yet more bold in ils projec.
lion, and more unfortunate IN its earlier ca
reer--;he New York and Erie Railfoad--was
stretching is slow length along The upper
waters of the Delaware and Susquehauua,
ia order to meet The Pennsy ylvania connec-
llon at Elmlra, and proceed from there in
one continuous line, to the Lakes.
The financial embarrassmenls which fol
lowed the expansion and speculation oi
1896, aud which swept over the land like
whirlwind, leaving on every side it's wrecks,
even 10 This day. prostrated for years the
New York and Erie company, and, had ii
mol been for The powerful aid OF The Bank oi
| the United States, would have entirely pre-
vented the efficient progress of the Little
Schuylki aud Susquebanna Road
Even this support failed with lhe final fall
of that great institution, and for } ears the
whols enterprise seemed buried in the ruin
an,. des ,laion which followed.
In ihe +, sar 1882, however, vigorous and
success FOL effort was made 10 revive it, un-
der the name of The Catswissa, Williams
mort and Erie Sailroad Company, and a
strong party was for mel, principally in New
York who subseribed two hundred thousand
dollars more of the, stock, and negotiated one
million and q half o. bonds at about their
par value. This is tho fret and only mort
gage on the real ,estale o., the Company, and
covers in The fulles, mann er The franchises
and charter of The road !; the mortgage being
drawn with extraordinary caun.,n aud s'iIcl-
ne,a, in order to invite English capital, which
has, 10 considerable extent, teen invested
in the bonds.
With these funds the road weseompleied,
but as il some fatality hung over tho enter
prize, il was only finished by The universal
loss OF the contractors. Believing that a
large fortune might be realized ir it's resins.
citation, the attempt was made by loo small
number and before their success could
inttodnce favorably the securities Of the
Company TO tire public, the pressure Of 1853
aud '5i again pros,rated those engaged in
the work. The stronger parties furnishing
the capital, determined 10 hold or TO their
securities, and will doubtless era long :ea'ize
their investment; bnt those who were not
able 10 do SO have lost heavily, many ruin
ousy, by their contracts. Tho road is, how
ever, now completed, with wider basis oil
operation, ard strong accession Of new par
lies, il is believed TO be placed beyond The
reach Of any future contingency.
A large amount of money has recently been
permanently invested in the securities of The
company, and as it's real condition becomes
more generally known, and the fact realized
IN. all lis bonds and stock are more than
,en,sse,, ed ia the property, these securities
mus, ere 10, g, rise to their level in the mar
ket,
From this statement Of the history and co.,
diiion of The Calawissa R.oad, it will be seen
that, so far as its cost and cInsIfrciion are
concerned, il com pares isvorably with any
similar road in the country; and 1t only re.
mains 10 establish the advantages of its 10
calily anG its prospects for trade and travel.
The oriaiua' otjec, Of its construction, the
junction of The Norlhem end Eastern Canals
Of Pennsylvan is now forgotten, and the
idea OF Nicholas Biddle fully realized, in the
perfect connection of Phils GeiPhia with the
Lakes and the Northwest. II in bis day this
was thought 10 be grand aud remune'a'Ins
enterprise, in our lime, when the trade oil the
Lakes surpasses every month their whole
yearly traffic then, il SURELY cannot now be
esteemed less impotan, thing TO tap this
vast inland commerce, and bear al least a
small proportion OF it to our own city. II is
this trade, and the population and capital il