Atlantic and Great Western Railroad
History
The Atlantic and Great Western Railroad began as three separate railroads: the Erie and New York City Railroad based in Jamestown, NY, the Meadville Railroad based in Meadville, PA, and the Franklin and Warren Railroad based in Franklin Mills, OH. The owners of the three railroads had been working closely together since an October 8, 1852 meeting in Cleveland to plan an expansion of the "Great Broad Route", the Erie Railroad, through their respective areas.
On March 12, 1862, general control of all three companies was placed under a central board made of two directors from each of the companies. The Ohio Board was represented by Marvin Kent and W. S. Streator; the Pennsylvania Board by William Reynolds and John Dick; and the New York Board by A. F. Allen and T. W. Kennard. William Reynolds was elected President of the Board. The line reached Cleveland on November 18, 1863 and was connected to the Cincinnati, Hamilton and Dayton Railroad in Dayton on June 20, 1864; thus linking St. Louis with New York via a six-foot gauge line.
On August 19, 1865 an agreement was drafted to merge the three separate companies into the Atlantic and Great Western Railway Company. On October 5th of that year the new company issued a $30 million mortgage to pay off the outstanding mortgages on various companies included in the merger.
The company went into the hands of a receiver, Robert B. Potter of New York, on April 1, 1867. Potter operated the railroad until December 1868 when it was leased for 12 years by the Erie Railroad. Jay Gould, then president of the Erie, arranged to have the company again placed into receivership, this time with Gould and W. A. O'Doherty as receivers. This receivership was transferred to Reuben Hitchcock of Cleveland in November 1869. In February 1870, the Erie again leased the company, pending foreclosure. The foreclosure took place and the property was purchased on July 26, 1871 by Gen. George B. McClellan, William Butler Duncan and Allen G. Thurman. A deed for the property was finalized on October 3, 1871.
In May 1874, the Atlantic & Great Western was again leased by the Erie, at terms very generous to the A&GW and it's backer James McHenry. On December 10, 1874 the new president of the Erie, Hugh M. Jewett, repudiated the lease and the company went into the hands of a new receiver, J. H. Devereaux. This action lead to a series of lawsuits between McHenry and Jewett which brought shame to both companies. On January 10, 1880 the property was again sold at foreclosure and was reorganized as the New York, Pennsylvania and Ohio Railroad Company.
External links
References
- Hungerford, Edward. Men of Erie: A Story of Human Effort. New York: Random House, 1946.
- Mott, Edward. Between the Ocean and the Lakes - The Story of Erie. New York, NY: J.S. Collins. 1899.