Untitled - Clpdigital.org

THE STORY OF ERIE 463
ents were Joseph and Ruth Stockbridge Ramsdell, natives
1845-1853.
of the old town of Hanover, Mass., both being representatives
of pioneer families. He was educated at the Academy of
Benjamin Loder.—Soon after Benjamin Loder was
Monson, Hampden County, Mass., and aftei the close of his
chosen president of Erie in 1845, he invited twenty-two of the
educational course, entered the dry-goods tunic in Newrichest
men in New York City to meet him in conference
York, where he remained from 1832 to 1840. In 1S44 he
at the New York Hotel. They met, and he at once declared
to them that among them they must subst ribe suffi­
became one of the freight-forwarding firm of Thomas Powell
& Co., of Newburgh, N. Y., and was a member of that
cient money to start up the work on the railroad and keepit
firm all the rest of his life. 'Phe history of Newburgh for
going, a sum which he placed at $3,000,000. To set an example
to the others, he himself subscribed $250,000,
over a quarter of a century has been his history. Thomas
his
entire fortune. Stephen Whitney, the millionaire cotton-merchant,
was one of the men present at the meeting. He pulled
at Mr. Loder's coat-tail to attract his attention, and admonished
him not to risk his all in the enterprise.
" It will ruin you," the cautious cotton-merchant whispered
in his ear.
But President Loder shook his head, and refused to withdraw
the subscription. Aroused by his confidence in the
enterprise, the twenty-two men there and then subscribed the
required amount.
The story of the struggles of Benjamin Loder in pushing
the completion of the railroatl from Middletown to Dunkirk
is graphically told in the chapter on his administration of Erie
in this History (also, "The Building of It," page 3S8). He
was born at South Salem, Westchester County, N. Y.,
Pebruary 15, 1801. He began life as a school-teacher, and
later engaged in the wholesale dry-goods trade in Cedar
Street, New York. Having accumulated a comfortable fortune,
he had retired from active business "life at the age of
forty-three, when the reputation he had made as a progressive
and successful business man led the struggling New York and
PCrie Railroad Company, at a crisis in its affairs, to solicit him
to take hold of them, and endeavor to save the Company
from ruin. He was elected president, August 14, 1S45, succeeding
Eleazar Lord, and remained at the head of the Company
eight years. He retired from the presidency broken
in health. A friend, knowing of his large subscription to the
stock of the Company, asked him, soon after he had retired,
if he lost his money.
" No," said he, " I neither lost nor made any money while
with the railroad."
As a matter of fact, the money President Poder received
for his services, which were given night and day, barely reimbursed
him for his expenses. (" Administration of Benjamin
Loder," pages S6-113.) •
In course of time, Mr. Loder's health was restored to
somewhat of its old vigor, and he spent the closing days of
his life in Westchester County. He died at Rye, October 7,
1S76, aged seventy-five years. He was a modest, able,
generous, and honest man. He was survived by two sons
and five daughters. The older of the two sons died in 1S90.
1853-1857.
Homer Ramsdell.—Homer Ramsdell was born in Warren,
Worcester County, Mass., August 12,1810. His par­
Powell died in 1S56. Mr. Ramsdell, by purchase and consolidation,
added other forwarding lines to his enterprises,
embracing not only those of Newburgh, but those of Poughkeepsie,
Fishkill, and Highland, so that at his death he stood
at the head of the forwarding and transportation business of
the Hudson River. In 1S45 Mr. Ramsdell came conspicuously
to the front in Erie affairs, and not only was instrumental in
restoring them to stability at a critical time, but made the
Erie project at the same time subserve the interests of Newburgh.
(" Third Administration of PCleazar Lord," pages 76-
83.) Later in that year he was electetl to the Board of Directors,
and, excepting a brief interval, he continued in the
board through the various changes of administration up to
the coming in of Hugh J. Jewett. In 1S45 the question of the
change of gauge of the ICrie Railroad from six feet to four
feet eight and one-half inches was discussed, and Mr. Ramsdell
advocated and voted for the narrow gauge. ("The
Building of It," page 338.) In June, 1S53, he was elected
president of the Company. He served four years. (" Administration
of Homer Ramsdell," pages 114-122.) He resigned
in July, 1857. A committee in behalf of the Board,
by letter, after expressing for him their jiersonal esteem and
their appreciation of other valued services rendered lw him
to the Company, wrote as follows : " We desire particularly
to tender the thanks of the Boanl for that crowning service
of your administration, your original conception and judicious
purchase of the Long Dock property, which project, when
fully completed and annexed to the lOrie Railroad, will constitute
an unbroken channel of communication between the
immense granaries of the productive West and the markets
of this great metropolis and Europe, so that while one
end of our road terminates at the lakes and rivers of the
West, the other end shall discharge and receive its freights
and passengers at the wharf shipping at the port of New-
York, an advantage of location, productiveness, and economy
which is without precedent in the history of railroads,
and as long as New York continues the great commercial
centre and distributing point for the commerce of
this country, the Erie Railroad must be the great channel
of its western transportation. Your project has, therefore,
not only rendered the P'.rie Railroad a permanent
antl valuable auxiliary to the commercial prosperity of our
city, but it opens at the same time an unfailing resource of
income to the Company which must yield a permanent profit
to the stockholders." The construction of the Hawley Branch
of the Plrie Railroad was originated by Mr. Ramsdell. (" 'Phe