Albany and Susquehanna Railroad
Encyclopedia
The Albany and Susquehanna Railroad was a railroad running from Albany to Binghamton, operating 1851 to 1870
to Schoharie Junction, New York
, a distance of 35 miles (56 km). This phase was completed in 1863. The railroad was extended to Binghamton
in 1869, increasing the railroad's total mileage to 143 miles (230 km).
and Binghamton, was at the centre of a bitter struggle. Although only a relatively small road, it connected with four larger ones heading south to the Pennsylvania coal mines; one of these roads was the Erie
, owned by Jay Gould
. When completed in 1868, Gould realised its potential for access to both the New England markets and Pennsylvania's coal, and wanted to add the A&S line to the Erie.
In the summer of 1869, Jay Gould and Jim Fisk
began to buy up shares in A&S, aiming to accumulate a controlling interest and install their own people to the board and take over. The A&S president at the time, Joseph H. Ramsey, reacted to Gould and Fisk by issuing thousands of shares that had been sitting on the company's books to his supporters; Ramsey then had the books spirited from his office and buried in the Albany Cemetery. Gould and Fisk, incensed by his actions, had him suspended as president of the A&S by a judge they controlled on the New York State Supreme Court, George G. Barnard
. Ramsey responded and applied to Albany judge Rufus W. Peckham, both sides trying to force the A&S into the control of a partisan recipient. Peckham succeeded, getting his order in first by a matter of minutes.
Subsequently, Fisk stormed the office of the A&S in Albany with hired thugs; he was then taken to a police station by an A&S employee masquerading as a policeman. As soon as he was free from jail, Fisk returned to the A&S headquarters with a restraining order signed by Judge Barnard and a new set of thugs. They took over the A&S station at Binghamton, stealing a train, and set off down the line to Albany, seizing stations as they went; A&S men flipped a switch to derail the cars. Fisk and his recruits met their adversaries, the men of the A&S, in a tunnel near Harpursville, proceeding to attack each other with all manner of weapons until the governor ordered state militia to take charge of the road.
Morgan, who had arranged a $500,000 mortgage for the road and been appointed a trustee, arrived in New York on 1 September and was recruited by Ramsey’s supporters. In the name of Dabney, Morgan he bought six hundred shares of A&S and made contact with all the shareholders loyal to Ramsey, ensuring that they or their proxies would be present at the annual meeting held in Albany on 7 September. Personally supervising the voting, Morgan was elected a vice-president and director of the road. Gould and Fisk counteracted by voting in their own men in separate elections. The case reached the New York State Supreme Court which ruled in favour of the Ramsey group’s elections. Morgan subsequently leased the A&S to the Delaware and Hudson Canal Company on February 24, 1870 for ninety nine years, taking the company out of play. The company was merged into the Delaware and Hudson Railroad effective July 2, 1945.
History
Construction began on April 19, 1851 from AlbanyAlbany, New York
Albany is the capital city of the U.S. state of New York, the seat of Albany County, and the central city of New York's Capital District. Roughly north of New York City, Albany sits on the west bank of the Hudson River, about south of its confluence with the Mohawk River...
to Schoharie Junction, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, a distance of 35 miles (56 km). This phase was completed in 1863. The railroad was extended to Binghamton
Binghamton, New York
Binghamton is a city in the Southern Tier of New York in the United States. It is near the Pennsylvania border, in a bowl-shaped valley at the confluence of the Susquehanna and Chenango Rivers...
in 1869, increasing the railroad's total mileage to 143 miles (230 km).
J. P. Morgan
In 1869, the railroad, now running between AlbanyAlbany, New York
Albany is the capital city of the U.S. state of New York, the seat of Albany County, and the central city of New York's Capital District. Roughly north of New York City, Albany sits on the west bank of the Hudson River, about south of its confluence with the Mohawk River...
and Binghamton, was at the centre of a bitter struggle. Although only a relatively small road, it connected with four larger ones heading south to the Pennsylvania coal mines; one of these roads was the Erie
Erie Railroad
The Erie Railroad was a railroad that operated in New York State, New Jersey, Pennsylvania, Ohio, Indiana, and Illinois, originally connecting New York City with Lake Erie...
, owned by Jay Gould
Jay Gould
Jason "Jay" Gould was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time...
. When completed in 1868, Gould realised its potential for access to both the New England markets and Pennsylvania's coal, and wanted to add the A&S line to the Erie.
In the summer of 1869, Jay Gould and Jim Fisk
James Fisk (financier)
James Fisk, Jr. —known variously as "Big Jim," "Diamond Jim," and "Jubilee Jim"—was an American stock broker and corporate executive.-Early life and career:...
began to buy up shares in A&S, aiming to accumulate a controlling interest and install their own people to the board and take over. The A&S president at the time, Joseph H. Ramsey, reacted to Gould and Fisk by issuing thousands of shares that had been sitting on the company's books to his supporters; Ramsey then had the books spirited from his office and buried in the Albany Cemetery. Gould and Fisk, incensed by his actions, had him suspended as president of the A&S by a judge they controlled on the New York State Supreme Court, George G. Barnard
George G. Barnard
George Gardner Barnard was an American lawyer and politician from New York. He was one of only four people tried by the New York Court for the Trial of Impeachments.-Life:...
. Ramsey responded and applied to Albany judge Rufus W. Peckham, both sides trying to force the A&S into the control of a partisan recipient. Peckham succeeded, getting his order in first by a matter of minutes.
Subsequently, Fisk stormed the office of the A&S in Albany with hired thugs; he was then taken to a police station by an A&S employee masquerading as a policeman. As soon as he was free from jail, Fisk returned to the A&S headquarters with a restraining order signed by Judge Barnard and a new set of thugs. They took over the A&S station at Binghamton, stealing a train, and set off down the line to Albany, seizing stations as they went; A&S men flipped a switch to derail the cars. Fisk and his recruits met their adversaries, the men of the A&S, in a tunnel near Harpursville, proceeding to attack each other with all manner of weapons until the governor ordered state militia to take charge of the road.
Morgan, who had arranged a $500,000 mortgage for the road and been appointed a trustee, arrived in New York on 1 September and was recruited by Ramsey’s supporters. In the name of Dabney, Morgan he bought six hundred shares of A&S and made contact with all the shareholders loyal to Ramsey, ensuring that they or their proxies would be present at the annual meeting held in Albany on 7 September. Personally supervising the voting, Morgan was elected a vice-president and director of the road. Gould and Fisk counteracted by voting in their own men in separate elections. The case reached the New York State Supreme Court which ruled in favour of the Ramsey group’s elections. Morgan subsequently leased the A&S to the Delaware and Hudson Canal Company on February 24, 1870 for ninety nine years, taking the company out of play. The company was merged into the Delaware and Hudson Railroad effective July 2, 1945.