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Turning towards our hero, he said, "May I inquire, young man, whether you are largely interested in this Erie Railroad?" "I haven't got no property except what's invested in Erie," said Dick, with a comical side-glance at Frank. "Indeed! I suppose the investment was made by your guardian." "No," said Dick; "I manage my property myself." "And I presume your dividends have not been large?"
The rumor began to spread that "Uncle Daniel" was cornered. His large obligations for future delivery must be met. Where was the Erie stock to come from? The stock continued to soar, and Treasurer Drew seemed to become more and more depressed. Then the blow fell. Drew laid his hands on the collateral which he held for his loan to the Erie.
The edifice, forty by sixty, with a basement, was so far completed that the lecture-room was ready for dedication in December, 1851. With this good work accomplished, our Quarterly Meeting at Sheboygan Falls was an occasion of great rejoicing. Brother Himebaugh entered the Erie Conference in 1839, then twenty years of age. His first circuit was Red Bank, on the Alleghany Mountains.
As usual the Erie treasury was short of funds, and as usual "Uncle Daniel" stood ready to advance all the money required that is, on proper security. There was but one kind of security to offer and that was convertible bonds. No stock could be issued by the company for less than par, but convertible bonds could be disposed of by the directors at any price.
The road was operated jointly with the Cleveland, Columbus and Cincinnati Railroad until April 1st, 1855, when the management was divided. In 1869, it was consolidated, first with the Cleveland and Toledo and then with the Michigan Southern and Buffalo and Erie Railroads. The Cleveland, Painesville and Ashtabula has been one of the most profitable railroads in the country.
By Madison's veto of the Cumberland Road Bill, however, in 1816, this enterprise was handed over to the States; and they eagerly seized upon it after the opening of the Erie Canal in 1825 and the perception of the immense success of the venture.
We have therefore made up our minds to give them a seat of two square miles of land lying on the outlet of Lake Erie, about three miles below Black Rock, beginning at the mouth of a creek known by the name of Scoy-gu-quoy-des Creek, running one mile from the river Niagara, up said creek, thence northerly as the river runs two miles, thence westerly one mile to the river, thence up the river as the river runs to the place of beginning, so as to contain two square miles.
It might be possible for a canoe to get past in the night, and to work its way through into Lake Erie, but I cannot quit my friends. If you can put us ALL in the way of getting away from this spot, I shall be ready to enter into the scheme. Why can't we all get into the canoe, and go down stream, as soon as another night sets in? Before morning we could be twenty miles on our road."
Such wonderful growth of corn was never known in York State, but Ohio was a terra incognita, and Munchausen himself would have had a chance of being believed had he located his adventures in what was then the Far West. Stephen Remington quit barn-building, shut up his shop, packed up his tools and started in the Fall of 1807 for the new Eden, on Lake Erie.
In 1836, $9,000,000 worth of merchandise was sent to western states over the Erie Canal and the lakes, and by 1854 the amount reached $94,000,000. After the latter year there was a rapid decline in the merchandise traffic over the canal and lake route because of railway competition.
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