Rutland and Washington Railroad
Encyclopedia
The Rutland and Washington Railroad was a railroad company based in Rutland, Vermont
which was chartered in Vermont on November 13, 1847 and built between Rutland and Eagle Bridge
in Rensselaer County
, New York
in 1851 and 1852. One of the company's founders was Merritt Clark
, a Vermont politician, and another was Thomas Canfield, later involved with the Northern Pacific. In order to build in New York, the company, on June 24, 1850, took a perpetual rent-free lease of the franchise rights east of Salem of the Troy and Rutland Railroad, which had been chartered in that state on July 2, 1849. The remainder of the Troy and Rutland, from Salem west to Eagle Bridge, was completed in 1852 and leased to the Rutland and Washington effective July 2.
After the Panic of 1857
, a majority of the company's bonds were acquired by Jay Gould
at 10 cents on the dollar, which left him in control of the company. Gould is identified as the company's superintendent in a July 1863 newspaper article.
The company's property (Salem to Rutland) was sold at foreclosure
in 1865, the portions in New York and Vermont being sold on March 15 and May 23, respectively, to holders of the Rutland and Washington's securities. The property of the Troy and Rutland (Eagle Bridge to Salem) was sold on July 11, 1863 to Jay Gould. The property in New York was conveyed to the Troy, Salem and Rutland Railroad (incorporated June 3, 1865) on June 3 (Eagle Bridge to Salem) and June 30 (Salem to state line). On February 1, 1867, the Salem and Rutland Railroad was incorporated and received the portion in Vermont. The Troy, Salem and Rutland leased the Salem and Rutland on March 19, and subsequently acquired its entire stock, allowing the latter to release the former from all obligations on October 10, 1867. However, the Troy, Salem and Rutland was never an operating company, immediately leasing its road to the Rensselaer and Saratoga Railroad
upon acquisition until it was merged into that company on October 20, 1868. The Delaware and Hudson Canal Company leased the Rensselaer and Saratoga, including the Eagle Bridge-Rutland line, on February 24, 1870.
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
which was chartered in Vermont on November 13, 1847 and built between Rutland and Eagle Bridge
Eagle Bridge, New York
Eagle Bridge is an unincorporated community in Rensselaer County, New York, United States. It was served by the Rutland and Washington Railroad.Eagle Bridge is also the name used by the United States Postal Service to identify ZIP code 12057...
in Rensselaer County
Rensselaer County, New York
Rensselaer County is a county in the U.S. state of New York. As of the 2010 census, the population was 159,429. Its name is in honor of the family of Kiliaen van Rensselaer, the original Dutch owner of the land in the area. Its county seat is Troy...
, 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...
in 1851 and 1852. One of the company's founders was Merritt Clark
Merritt Clark
Merritt Clark was a Vermont businessperson and politician. He graduated from Middlebury College in 1823. A member of the Democratic Party, he was elected to the Vermont House of Representatives in 1832-33, 1839, and 1865–66, and to the Vermont Senate in 1863-64 and 1868–69, as well as the 1870...
, a Vermont politician, and another was Thomas Canfield, later involved with the Northern Pacific. In order to build in New York, the company, on June 24, 1850, took a perpetual rent-free lease of the franchise rights east of Salem of the Troy and Rutland Railroad, which had been chartered in that state on July 2, 1849. The remainder of the Troy and Rutland, from Salem west to Eagle Bridge, was completed in 1852 and leased to the Rutland and Washington effective July 2.
After the Panic of 1857
Panic of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...
, a majority of the company's bonds were acquired 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...
at 10 cents on the dollar, which left him in control of the company. Gould is identified as the company's superintendent in a July 1863 newspaper article.
The company's property (Salem to Rutland) was sold at foreclosure
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
in 1865, the portions in New York and Vermont being sold on March 15 and May 23, respectively, to holders of the Rutland and Washington's securities. The property of the Troy and Rutland (Eagle Bridge to Salem) was sold on July 11, 1863 to Jay Gould. The property in New York was conveyed to the Troy, Salem and Rutland Railroad (incorporated June 3, 1865) on June 3 (Eagle Bridge to Salem) and June 30 (Salem to state line). On February 1, 1867, the Salem and Rutland Railroad was incorporated and received the portion in Vermont. The Troy, Salem and Rutland leased the Salem and Rutland on March 19, and subsequently acquired its entire stock, allowing the latter to release the former from all obligations on October 10, 1867. However, the Troy, Salem and Rutland was never an operating company, immediately leasing its road to the Rensselaer and Saratoga Railroad
Rensselaer and Saratoga Railroad
The Rensselaer and Saratoga Railroad was chartered on April 14, 1832. It completed between Troy and Ballston Spa on March 19, 1836. The Delaware and Hudson Canal Company leased the line on May 1, 1871, and it was consolidated into the Delaware and Hudson Railroad effective January 30, 1945....
upon acquisition until it was merged into that company on October 20, 1868. The Delaware and Hudson Canal Company leased the Rensselaer and Saratoga, including the Eagle Bridge-Rutland line, on February 24, 1870.