Erie Railroad

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Erie Railroad,

rail transportation line designed to connect the mouth of the Hudson River with the Great Lakes region. The New York and Erie RR Company was enfranchised and incorporated in 1832, and construction was begun in 1835 near Deposit, N.Y. The year 1851 saw 446 mi (718 km) of trunk line across New York state completed to Dunkirk, N.Y., on Lake Erie at a huge cost. The railroad was extended to Jersey City, N.J., and to Buffalo, N.Y., but in 1861 the company failed and was reorganized as the Erie Railway Company. The company gained sound financial footing during the Civil War before it became the subject of a tremendous financial battle. Daniel DrewDrew, Daniel,
1797–1879, American railroad speculator, b. Carmel, N.Y. He became a cattle dealer in early life and by 1834 was successful enough to engage in the steamboat business on the Hudson, which he developed rapidly. In 1844, Drew entered Wall St.
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, Jay GouldGould, Jay,
1836–92, American speculator, b. Delaware co., N.Y. A country-store clerk and surveyor's assistant, he rose to control half the railroad mileage in the Southwest, New York City's elevated railroads, and the Western Union Telegraph Company.
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, and James FiskFisk, James,
1834–72, American financial speculator, b. Pownal, Vt. In his youth he worked for a circus and as a wagon peddler of merchandise. During the Civil War he became wealthy purchasing cotton in occupied areas of the South for Northern firms and selling Confederate
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 allied themselves and from 1866 to 1868 outmaneuvered—with the aid of unauthorized stock issues, political chicanery, and incessant litigation—Cornelius VanderbiltVanderbilt, Cornelius,
1794–1877, American railroad magnate, b. Staten Island, N.Y. As a boy he ferried freight and passengers from Staten Island to Manhattan, and he soon gained control of most of the ferry lines and other short lines in the vicinity of New York City.
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 to keep control of the Erie Railway Company. After further financial trickery, the Erie Railway Company went bankrupt and was reorganized (1878) as the New York, Lake Erie and Western Railway Company. By 1880 branch lines were built to Chicago. The railroad went into receivership after the Panic of 1893 and was reorganized (1895) as the Erie RR Company. Under the presidency (1901–27) of Frederick D. Underwood, the Erie continued to suffer losses, and after a major reorganization (1941) it yielded (1942) a dividend for the first time in 69 years. In 1960 the Erie merged with the Delaware, Lackawanna, and Western RR to form the Erie-Lackawanna. In 1976 this organization and five other lines that had gone bankrupt were merged to form the Conrail system, which in 1999 became part of the CSX and Norfolk Southern railroads.

Bibliography

See C. F. Adams, Jr., and H. Adams, Chapters of Erie (1886, repr. 1967); F. C. Hicks, ed., High Finance in the Sixties (1929, repr. 1966); H. R. Grant, Erie Lackawanna (1994).

References in periodicals archive ?
Under the new deal, D&R will replace Morristown & Erie Railway to run the Dover & Rockaway, High Bridge Branch and the Chester Branch freight lines.
The Sarnia, Chatham & Erie Railway posed direct competition to the monopoly over freight rates previously enjoyed by the Great Western Railway.
Going back even further, to the dawn of the Industrial Age, consider the Erie Railway.
An introduction provides an overview of 19th century Canton railroad development while subsequent chapters discuss the different railway lines which serviced the region during the 19th and 20th centuries, including Pennsylvania Railroad, Conrail, Baltimore and Ohio Railroad, Wheeling and Lake Erie Railway, and the Ohio Central Railroad System.
Edgar Thomson of the Pennsylvania, and Charles Moran of the Erie Railway made comparable trips to see Dutch bankers.
NASDAQ:RAIL) announced today that it has begun delivering 150 multi-purpose steel triple hopper cars to Wheeling & Lake Erie Railway (W&LE) from its railcar production facility in Johnstown, PA.
Wheeling & Lake Erie Railway will upgrade rail crossing in Wayne County.
In his position as Vice President and Chief Marketing Officer for the Wheeling and Lake Erie Railway Company, Mr.
In 1992 he joined the investment group that had purchased the 580-mile regional Wheeling & Lake Erie Railway Co.
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Wheeling & Lake Erie Railway is planning to install flashing lights and gates at the crossings at Schwemly Road/Township Road 41 in Chatfield Township, Crawford County, at Newton Street/Jefferson Street in the city of Norwalk, Huron County and at Williams Road/Township Road 27 in Ridgefield Township, Huron County.
Wheeling & Lake Erie Railway will install flashing lights and gates at the crossings at Schwemly Road/Township Road 41 in Chatfield Township, Crawford County, at Newton Street/Jefferson Street in the city of Norwalk, Huron County and at Williams Road/Township Road 27 in Ridgefield Township, Huron County.