History
The New Jersey Midland Railway was formed in 1870 as a consolidation of several smaller railroads. The original plan was to cut through the New Jersey Palisades near Englewood and run south along the Hudson River to Weehawken, but the company lacked the money to do so, and instead they made arrangements to run through the Pennsylvania Railroad's cut through Bergen Hill in Jersey City to their Exchange Place Terminal.
However, the charter for the NJ Midland prevented it from crossing any other railroad to reach the Hudson River. But the route along the west side of the Palisades to reach the PRR took it across the Erie Railroad. So a new company with the same management, the Hudson Connecting Railway, was formed to build the final leg. The line was built in 1873 from New Durham, North Bergen (near the point now known as CP 2) south to the PRR at Marion Junction, with the southernmost part leased from the Erie Railroad's as their original terminus, built as the Paterson and Hudson River Railroad. The Susquehanna Transfer was later built near this point.
The NJ Midland also served as a terminus for the Montclair Railway, which later became the New York and Greenwood Lake Railway.
The NJ Midland went bankrupt and was sold to receivers in March 1875. By December 1878, a dispute broke out between various bondholders, some of whom disputed that the Hudson Connecting Railway should be included in the proceedings.
On February 21, 1880, the NJ Midland, along with the Hudson Connecting Railway, was sold to Charles Parsons, who represented the bondholders of the first and second mortgages; the two railroads were combined into one. In June 1881 the NJ Midland was consolidated with five other railroads to form the New York, Susquehanna and Western Railway, a name which it still holds.
Read more about this topic: Hudson Connecting Railway
Famous quotes containing the word history:
“History ... is, indeed, little more than the register of the crimes, follies, and misfortunes of mankind.
But what experience and history teach is this—that peoples and governments have never learned anything from history, or acted on principles deduced from it.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“I believe my ardour for invention springs from his loins. I can’t say that the brassiere will ever take as great a place in history as the steamboat, but I did invent it.”
—Caresse Crosby (1892–1970)
“In the history of the United States, there is no continuity at all. You can cut through it anywhere and nothing on this side of the cut has anything to do with anything on the other side.”
—Henry Brooks Adams (1838–1918)