from
History of Providence County, Rhode Island
Edited by Richard M. Bayles.
In two volumes, illustrated. Vol. I.
New York: W. W. Preston & Co., 1891.
pp. 264 - 285. (part 19)
"An act of the general assembly of Rhode Island passed at the June session,
1832, incorporated the New York, Providence & Boston Railroad Company, with
power to construct a road form the city of Providence to the Connecticut
line at Westerly. The capital stock in this original act was fixed at
$1,200,000 and the control of the road vested in nine directors. Messrs.
Charles Dyer, Daniel Jackson, John S. Crary, Frederic A. Norton, Courtlandt
Palmer, Samuel F. Denison, Charles H. Phelps, Gurdon Trumbull, and Robert
N. Foster were named in the charter to occupy this position for the first
year. Their first meeting was held in New York in January, 1833, and books
were ordered to be opened on March 4th, in Providence, for subscription to
stock. John S. Crary was chosen as the first president. By an act of the
Connecticut legislature in May, 1832, the New York & Stonington Railroad
Company had been incorporated to run from Stonington to the Rhode Island
line. By the union of these two, as provided by both legislatures, the New
York, Providence & Boston railroad was thus formed to run from Providence
to Stonington. This provision was accepted at a meeting of the
stockholders held in Providence, September 24th, 1833. The road was opened
for travel November 10th, 1837, A. S. Matthews being the first
superintendent. Its Providence terminus was situated at Hill's wharf, on
the west side of the harbor, and the roadbed extended up the shore from
where the company's coal wharf is now situated, near Sassafras point.
Previous to the commencement of traffic, arrangements had been made with
the Boston & New York Transportation Company for a line of boats to ply
between Stonington and New York, thus affording continuous connection
between Providence and the latter city. The charter of the Boston &
Providence Railroad Company also required that regular communication should
be kept up between their depot, then at India point, and that of the New
York, Providence & Boston railroad; and a steam ferry boat was run to
furnish this connection. The business of the road began favorably, though
the company labored under more or less financial difficulty from the
outset. In March, 1839, the trustees, under the second and third
mortgages, took possession of the road in consequence of the failure to pay
principal or interest on large amounts of its bonds which had fallen
due. It remained in their hands for nearly five years, during which time
the embarrassments of the company continued, and the interest on the bonds
could not be paid. Suits were brought and judgments obtained in the
Connecticut courts, and at one time there was danger that the operations of
the railroad might be suspended altogether. In 1843 an arrangement was
made whereby new bonds were issued to the holders of the defaulted bonds
and the debt reduced to one-half. The directors in the same year took
possession again of the road and property of the company."
continued in part 20.