page_title: James Bowen (railroad executive)
section_title: Overall Erie Railroad operations
hierarchical_section_title: James Bowen (railroad executive) / Work / Overall Erie Railroad operations
caption_attribution_description: English: Map of New York &amp; Erie Rail Road, 1844, showing the state of work.
context_page_description: James Bowen was an American railroad executive, President of Erie Railroad, who served as a Union Army general during the American Civil War.
context_section_description: Bowen was appointed president at the close of May, 1841, and continued in that office till the annual election in October, 1842. During the first six months of that period, the affairs of the Company continued to be prosperous in all four divisions. The Eastern division, after a considerable delay for the arrival of iron, was opened to the public from Piermont to Goshen, in the month of September. The work under the contracts on the Susquehanna and Western divisions was rapidly advanced. That on the Delaware division was delayed by an injunction obtained by the Delaware and Hudson Canal Company.
  Under the concurrent influence, however, of the political faction who were opposed to State Loans and to all public works, and of a depressed state of commercial affairs, the sale of the State stock became increasingly difficult, and the price receded from ninety-two per cent, in June, to eighty-two, in December. To avoid so heavy a discount, and prevent a further decline by throwing it on the market, a large amount of it was hypothecated as security for temporary loans. At length, in the course of the winter, the price fell below the rates at which hypothecations had been made, and sales became necessary.
  The result was a sacrifice of so large a sum (about $300,000) as suddenly to render the Company unable to pay the quarterly interest due on 1 April 1842. Their credit being thus destroyed, and their operations arrested, and there being a variety of claims which were liable to be prosecuted, the Company immediately placed its affairs in the hands of assignees, by whom its interests; were protected, and the Eastern division was kept in successful operation. An effort was made in the Legislature, at the session of 1842, to obtain a release of the State loan and authority to the Company to issue bonds; but neither that nor any accommodation in respect to the accruing interest, was agreeable to the politicians at that time.
  The liabilities of the Company, to the extent of about $600,000, for work and materials West of Goshen, and chiefly on the Susquehanna and Western divisions, were unprovided for; and all operations were suspended, and continued so till 1845. Owing to the disappointment of the Central and Western counties, and the old leaven of outside political influence, a change of directors was desired, by which a large majority of the Board should be taken, not from the city as before, but from the interior counties. This was accordingly effected at the annual election in the autumn, 1843. The former directors, with one or two exceptions, declined a reelection. A new direction was chosen, and Mr. William Maxwell, of Chemung county, was appointed president.
caption: Map of New York & Erie Rail Road, 1844, showing the state of work.
exif: {"Image Artist": "Karina", "Image ExifOffset": "2130", "Image XPAuthor": "Karina", "Image Padding": "[]", "EXIF DateTimeOriginal": "2014:02:11 02:42:27", "EXIF DateTimeDigitized": "2014:02:11 02:42:27", "EXIF SubSecTimeOriginal": "53", "EXIF SubSecTimeDigitized": "53", "EXIF Padding": "[]"}