USA > Massachusetts > Hampshire County > Amherst > The history of the town of Amherst, Massachusetts, pt 1 > Part 39
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MASSACHUSETTS CENTRAL RAILROAD.
Belchertown, Enfield, Greenwich, Ware, Palmer, West Brookfield, New Braintree, Hardwick, Dana, Petersham, Barre, Phillipston, Oakham, Hub- bardston, Rutland, Princeton, Holden, Sterling, Boylston, West Boylston, Clinton, Lancaster, Northborough, Berlin, Bolton, Hudson, Stow and Marlborough, or any of them, to Mill Village in Sudbury, thence over the line of the Wayland and Sudbury Branch railroad company, incorporated in 1868, to its terminus near the Stony Brook station on the Fitchburg road. The Wayland and Sudbury Branch railroad might be consolidated with and merged in the Massachusetts Central railroad company. The Williamsburg and North Adams railroad company, incorporated in 1867, and the Massa- chusetts Central railroad company were authorized to merge and consolidate their capital stock, rights, powers and franchises, if the stockholders of both companies should so vote. The Massachusetts Central railroad company might enter upon, unite with and use the Ware River railroad company, and the latter company might sell, assign, convey or lease its road and franchise or any part thereof to the Massachusetts Central. The Central railroad was also empowered to unite with the New Haven and Northampton, the Connecticut River, the New London Northern, the Worcester and Nashua, the Boston, Clinton and Fitchburg, the Lancaster and Sterling Branch, and the Fitchburg railroads, or with either or any of them, and either of them might enter upon and unite with the road of the Massachusetts Central. The towns named in the act, and also the towns of Wayland and Weston, or any of them, were authorized to subscribe for and hold stock in the Massachusetts Central to an amount not exceeding five per cent. of their assessed valuation. They might pay for the same out of their town treasuries, and raise the money by a loan upon bonds, by tax or otherwise, and might hold and dispose of the stock like other town property. The capital stock should be not less than $3,000,000 and might be increased to $6,000,000, divided into shares of Sioo each. The road was to be located within three years and constructed within six years.
From the comprehensive nature of this charter, the number of towns through which the road might be constructed and the different railroads with which it was granted power to unite, it was plain that the incorpora- tors had in view the construction of a through line, and intended to con- solidate under one management the routes of several smaller railroads that had already secured charters. Connection with Boston was to be secured over the tracks of the Fitchburg road, and the western terminus was to be North Adams. The company was organized under its charter, Sept. 2, 1869, when the following officers were chosen : President, J. M. Stone ; treasurer, Francis J. Parker ; chief engineer, Edward Frost ; directors, J. M. Stone of Charlestown, C. A. Cutting of Boston, J. S. Draper of Way-
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HISTORY OF THE TOWN OF AMHERST, MASS.
land, Francis Brigham and George Houghton of Hudson, E. B. Shattuck, J. E. Smith and Hiram Wadsworth of Barre, B. H. Tripp of Rutland, H. F. Hills of Amherst, L. J. Dudley of Northampton and Joel Hayden of Haydenville. By a special act of the General Court, passed in June, 1870, the company was authorized to issue bonds in sums not less than SIoo each, payable at periods not exceeding twenty years from date, bearing interest not exceeding seven per cent. per annum, to an amount not exceeding the capital stock actually paid in, and might mortgage the road to secure the bonds. The capital stock might be reduced to $2,000,000. For purposes of construction, the road might be divided into four sections. Subscriptions might be received for the construction of the sections sepa- rately, and work on constructing each section might begin when stock had been sold to the full amount needed for the construction of that section and twenty per cent. of the purchase money had been paid into the treasury.
A public meeting was held at Amherst, May 16, 1870, at which time President Stone and Engineer Frost explained the plans of the company, and gave statistics tending to show that the road as projected would be a paying property. The location of the road would depend on the action taken by the towns in regard to subscriptions. If Amherst subscribed, then the route between Belchertown and Northampton would be definitely fixed. A special town-meeting was held in Amherst, Sept. 6, 1870. Hon. Edward Dickinson offered a motion that the town treasurer be authorized to subscribe immediately in the name of the town for $100,000 of the capital stock of the Massachusetts Central railroad company, agreeably to the terms of the charter, and to borrow money on credit of the town to pay assessments as they were made, on condition that not less than $3,000,000 in bona-fide subscriptions be made to such stock, that a contract be made with responsible parties to construct the road through Hadley, the central part of Amherst, stations for passengers and freight to be built within one-half mile of the Amherst house, and through Belchertown, Enfield, Greenwich, and so on to make a continuous line to the Stony Brook station on the Fitchburg railroad. The motion was voted down, 153 votes being cast in the affirmative and 228 in the negative.
The friends of the road regretted this action, but were not discouraged. They entered at once upon a short but sharp campaign to influence public sentiment in favor of the project. In this they were assisted by the mer- ciless ridicule that was heaped upon the town and its citizens by individ- uals and by newspapers in adjoining communities. A special town-meeting was held Oct. 4. to take action on the matter. There was a larger attend- ance than at any town-meeting ever before held in Amherst. Edward Dickinson offered a motion substantially the same as that which had met
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AMHERST SUBSCRIBERS TO STOCK.
with defeat at a previous meeting. Discussion began at 2-30 o'clock and was continued about two hours. The leading arguments in favor of the road were made by Edward Dickinson and Levi Stockbridge ; the princi- pal speakers in opposition were Cummings Fish, Aaron Ingram and Simeon Clark. The voting, by ballot, began at 4-30 o'clock and was con- tinued until 7 o'clock, soon after which the result was announced, 369 votes having been cast in favor of the road and 270 in opposition. There was great excitement while the vote was being cast and intense anxiety as to the result. Both friends and opponents of the road were confident of success. When the vote was declared it was greeted with deafening cheers. A salute was fired and a huge bonfire was built on the common. The opponents of the road were accused of resorting to all manner of means to defeat it. When they found themselves outnumbered, they claimed that 77 more votes were counted on the ballot than had been checked, and threat- ened to call another meeting to rescind. the vote. But the charge was proven false, and as public sentiment grew in favor of the road the oppo- sition was given up.
In October, 1870, President Stone issued a circular, in which it was stated that the efforts made in behalf of the road had been successful beyond the most sanguine expectation of its originators. The speedy construction of the road was assured, a contract having been made with a responsible builder of railroads to construct the entire line from Weston to Northampton. As soon as a definite location of the road was made in the several towns in the chartered limit the work of construction would begin, and would be completed in about two years. The preliminary surveys made by Engineer Frost, showed that it would be impracticable to locate the road through the southern part of Pelham into Enfield. At a meeting of stockholders, held in Boston, Oct. 26, a pledge was given, by what authority is not stated, that residents of Amherst would raise $30,000 for the road, in addition to the sum subscribed by the town. The Boston Journal announced in April, IS71, that a contract had been made for building the road from Northampton to Stony Brook station, and work would begin at once. In August, 1871, President Stone was in Amherst to confer with land-owners along the proposed line of the road in regard to land damages and also to determine a location for the bridge across Fort river. .
In the summer of 1871, the directors of the road laid the first assess- ment of 20 per cent. upon the stock subscribed. The treasurer of the town of Northampton refused to pay the assessment on the $300,000 of stock subscribed for by that town, on the ground that as certain conditions had been attached to the subscription its legality was doubtful. In this contention he was sustained by eminent legal authority. At a town-meeting
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HISTORY OF THE TOWN OF AMHERST, MASS.
held in Northampton in September, a new and unconditional subscription of $300,000 was made to the company's stock, and the town treasurer paid the first assessment. The town of Amherst paid its first assessment of $20,000 early in October. The Amherst Record, under date of Sept. 27, 1871, stated that it was the company's intention to begin the work of con- struction on the west end of the line, and that as soon as the bridge across the Connecticut river was completed cars would run to Amherst. The first grading on the road was done at Hardwick in October, 1871 : it was expected at the time that grading would be begun in Amherst in a few days. In 1871, the General Court granted permission to the company to extend its road to Brookline and there connect with the Boston and Albany road. The same year, the Holyoke and Belchertown railroad company was incorporated and authorized to unite with the Massachusetts Central company.
In February, 1872, the second assessment of 20 per cent. was levied by the directors upon the capital stock, payable on or before March I. Considerable dissatisfaction was expressed by Amherst parties over the fact that the road had not yet been located through the town. The Record made the following announcement, under date of March 13, 1872 : " The Central Railroad will enter the town parallel to the Northampton road, pass through College grove (formerly Baker's grove), cross the Mill Valley road by a 15- feet cut, meander through Prof. Snell's garden, and then strike across the fields to the southeast. It will hit Freshman river near Dana's bridge and cross the road by an 18-feet cut and continue on to the southeast." Under date of March 27, announcement was made that the location of the road through the town had been filed. It would cross the Dickinson farin south of College hill, and the highway near W. B. Smith's place. In June, 1872, the company made a contract with J. H. Smith of Springfield, to build the bridge across the Connecticut river; work was to begin at once and the bridge was to be completed by Sept. 1, 1873. The third assessment of 20 per cent. was levied by the directors of the road in August.
By a special act passed by the General Court in 1872, the company was allowed an extension of time for two years in which to file its location. The subscriptions by towns and individuals amounted to nearly $1.000,000, and under authority of an aet passed in 1870 the road was bonded to the amount of $995,000, and a mortgage was placed upon the property for that amount. The general work of construction began in 1872, Norman C. Munson of Boston having contracted to build the road from Stony Brook to Northampton. Grading was done in several towns at the eastern end of the route, land was purchased for terminal facilities at Northampton, and a contract made for building the Connecticut river bridge. Considerable
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BUILDING THE ROAD.
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work had been done upon the bridge piers, when ill success in raising funds and the failure of Contractor Munson put an end to all work. Up to the fall of 1878, the total cost of construction had been $2,782,932.78. The company at that time had a funded debt of $995,000 and a floating debt of $37,428.76.
It was not until the summer of 1878, that an effort was made to revive the fortunes of the road. A meeting of the stockholders was held at Boston, June 5, when it was unanimously recommended that the stock- holders, both town and individual, should transfer their stock to a trustee to be held by him two years ; if at the end of that time the entire road was completed and in running order, then the trustees should convey three- fourths of the stock to the order of the directors and one-fourth to the original owners. If the road was not completed and ready for use, then all stock should be reconveyed to the original owners. At a special meeting held June 29, Amherst voted to act in accordance with this recommenda- tion. At a meeting of the directors held in Boston, July 24, Thomas Talbot was chosen a trustee to represent the interests of the towns. A new board of directors, including several New York capitalists was chosen, new capital was subscribed, and the total indebtedness of the company was provided for by an issue of six per cent. bonds, to run twenty years, to the amount of $1,843,000. The General Court granted permission to the company to extend its tracks through Waltham to Cambridge, there to connect with the Arlington branch of the Boston and Lowell road, and also from Amherst to West Deerfield, thence to connect with the Tunnel road. In May, 1879, a new survey was made by Engineer S. D. Kendall. Enfield and Greenwich, where grading had been nearly completed, were omitted from the route, the line running further south, while beyond Amherst the survey was continued north to a junction with the Tunnel road at Old Deerfield. The contract to build the road was again awarded to N. C. Munson, he sub-letting the contract for the grading and mason-work between Northampton and Belchertown to W. C. McClellan of Chicopee. The selectmen of Amherst in May, 1880, accepted the plans of the road and its location through the town, as presented by the company's officials. Early in 18So, work was resumed on the road-bed on all parts of the line. Grading was begun in Amherst, Sept. 20, 18So, on land of Patrick Hurley, West of Blake-field. Thus ten years lacking two weeks had elapsed from the time when Amherst voted a subscription of $100,000 to the company's capital stock ere its citizens were permitted to witness in their town any sign of the road's construction. Oct. 4, the first rail was spiked down at South Sudbury. In October, ISSI, the road was opened from Boston to Hudson, a distance of 28 miles : in June, 1882, it was opened to Oakdale, 41 miles. Soon afterward the road was opened to Jeffersonville, seven
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HISTORY OF THE TOWN OF AMHERST, MASS.
miles west of Oakdale, but the latter became for a time the western termi- nus of the road.
The misfortunes that had attended the road from the beginning seemed destined to continue with it. In 1882, C. A. Sweet & Co., of Boston, who had been made the selling agents of the company's bonds, became insolvent, bringing about a crisis in the company's affairs and putting an end to the work of construction. In 1883, the road was sold under foreclosure to a committee of the bondholders, consisting of S. N. Aldrich, T. H. Perkins and Henry Woods. This committee, in 1885, made a contract with the Boston and Lowell railroad company to put the line in working order and operate it so far as it had been completed. The Boston and Lowell company advanced the sun of $200,000 to meet neces- sary expenses, taking in return the entire receipts of the road. This arrangement continued one year, the road being operated at a loss. In December, 1886, the road was leased to the Boston and Lowell company for 99 years. Under the agreement then made, the Massachusetts Central company issued bonds to the amount of $2,000,000, and gave them to the Boston and Lowell company, the latter, in return, having made good the loss of $200,000 already sustained, agreed to complete the road to North- ampton. The Boston and Lowell company further agreed to pay the Massachusetts Central company 20 per cent. of the gross receipts of the road up to $1,000,000 annually, and 25 per cent. of all earnings in excess of that amount. If the earnings should not amount to $1,000,000, the Boston and Lowell company agreed to pay the interest on the bonds at five per cent., thus guaranteeing interest and all fixed charges. Under this. agreement, the previous bonded indebtedness became preferred stock, and the old, amounting to about three and one-half millions, remained common stock. Of the preferred stock there was about $4,000,000, and the road was obliged to earn at least $500,000 to pay the interest on its bonded indebtedness. At the time of reorganization, the name of the road was changed from the Massachusetts Central to the Central Massachusetts.
The work of construction was renewed in the spring of 1887, and the road was completed to Northampton in the fall of that year. The first through train from Boston to Northampton passed over the road Dec. 12, 1887. Leaving Boston at 8-30 A. M., it arrived at Northampton at 12-30. The train was drawn by the locomotive "Hudson " and consisted of a smoking-car and a drawing-room car. The passengers included officers of the Boston and Lowell, Boston and Maine and Central Massachusetts rail- way companies. The arrival of the train at Northampton was greeted with ringing of bells, blowing of steam-whistles, firing of cannon and music by a brass band. Mayor Hill made an address of welcome, after which the passengers took dinner at the Norwood. The road was opened
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FIRST TRAIN ON THE CENTRAL.
to public travel, Dec. 19. The first passenger train, consisting of a loco- motive, two passenger coaches, and a combination smoking and baggage- car, left Ware at 7-25 A. M. The locomotive was the " Fabyan's No. 97," in charge of Frank Lane, engineer, and G. F. French, fireman. The con- ductor was C. A. Phelps of Lowell, the brakeman John Q. Hawes, the baggage-master W. N. Titus. The train left Ware with 13 passengers, and received accessions to this number from all the stations along the route. At Amherst about 75 persons were waiting to take the train. F. E. Alden was the first station-master at Amherst and John E. Williams purchased the first ticket sold at the station. The first through train for Boston left Northampton, Dec. 19, at 9 A. M. It consisted of three passenger coaches and a smoking-car, drawn by the engine "Orleans." Daniel Spofford was the engineer and Charles Gilpatrick the conductor. There was a serious controversy among Amherst residents as to where the freight and passenger depots of the new road should be located .. Some favored the site that was afterwards adopted, others a location considerably further to the east on land owned by John C. White and Mrs. Edward Tuckerman. At a special town meeting held Nov. 12, 1887, after extended discussion, a vote was taken on the question, and 320 ballots were cast in favor of the present site, while the " union station " to the east received but 175. The road since it was opened has done an extensive business in the transportation of both passengers and freight, Amherst being one of the best paying stations on the line. From time to time as the business increased, the train service has been extended to the general satisfaction of the public. In 1888, the Boston and Lowell system was leased to the Boston and Maine, and the Central Massachusetts road is now known as the Southern Division of the Boston and Maine.
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CHAPTER XXXIX.
BANKS, POST-OFFICES AND COURTS .- THE FIRST AMHERST BANK .- HAMPSHIRE AND FRANKLIN BANK .- FIRST NATIONAL BANK .-- AMHERST SAVINGS BANK .- POST-OFFICES, POST-MASTERS AND MAILS .- COURTS, COURT SESSIONS AND COURT OFFICERS .- JUSTICES OF THE PEACE.
Soon after 1820, the residents of the smaller towns in Western Massa- chusetts began to feel the need of better banking facilities than were fur- nished by the cities near at hand. In February, 1825, the " Farmers'
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HISTORY OF THE TOWN OF AMHERST, MASS.
Bank " of Belchertown was incorporated, but its charter was repealed in 1829. The Sunderland bank was incorporated Feb, 26, 1825. The follow- ing act, passed by the General Court, and approved by the governor June 13, 1831, resulted in the removal of the Sunderland bank to Amherst :
" Be it enacted, etc.,
That, from and after the first day of October next, the president. directors and company of the Sunderland Bank, may establish their banking house and do their banking business in Amherst, in the county of Hampshire, and. the name of the said corporation shall thereafter be changed, and the same be known and called by the name and style of The President, Directors and Company of the Amherst bank ; and from and after the said first day of October, the power of said corpor- ation to transact their banking business in Sunderland shall cease.
Be it further enacted,
That the said president, directors and company of the Amherst Bank shall be subject to all the duties, liabilities and obligations of the said president, direc- tors and company of the Sunderland Bank, as they shall exist on the said first day of October next, and the same shall be by them performed and assumed at their banking house in said Amherst, anything in the tenor of their bills, or other con- tracts and obligations to the contrary notwithstanding. Provided. that the present board of directors may continue in office until the next regular election of directors. although a majority of them may not be resident within the said county of Hampshire."
The bank began operations in Amherst in October, 1831. Its capital stock at the time of its removal to Amherst was $100,000 ; its first president was Nathaniel Smith, its first cashier Luther Root. Like all banks estab- lished by authority of the state, the Amherst bank was a bank of issue, and its currency doubtless proved a great convenience to persons living in Amherst and vicinity in the transaction of their business. In 1837, the bank suspended specie payments, and during the same year counterfeit five-dollar bills of its issue were put in circulation. In 1841, a crisis came in the bank's affairs. Its funds had been mismanaged, and separate inves- tigations were undertaken by the bank commissioners and by a committee appointed by the stockholders. Feb. 9, 1841, Solomon Pitkin, president, Joseph A. Sweetser, cashier, and Edward Dickinson, attorney, of the Amherst bank, addressed a letter to Bank Commissioner J. Rockwell. requesting that two or more of the bank commissioners should visit Amherst at once, on account of the progress made by a committee of investigation in relation to an excess of the old circulation. In accordance with this request two of the commissioners visited Amherst and remained there three days. As a result of their examination, it appeared that from the organiz- ation of the bank up to October, 1838, when Luther Root. the cashier, left the bank, the bills in sheets engraved and furnished to the Amherst bank amounted to $268.305. The bills issued during that time amounted to $220,732. The bills on hand, in sheets, never issued, amounted Oct. 1,
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THE OLD AMHERST BANK.
1838, to $31,400. It would thus appear that $16, 173, in sheets, which had been furnished to the bank were not accounted for. Up to Feb. 10, an overplus of bills had been redeemed amounting to $24,212. It was cus- tomary for each president to open an account with himself for the bills issued during his administration, debiting himself with the amount issued and crediting himself with the amount destroyed. When bills were retired from circulation, they were burned in the presence of the president and directors, who signed a statement to that effect. Upon the supposition that bills were issued which were not entered on any account, it appeared that bills so issued could only amount to $16, 173, leaving $8,039 to be accounted for in some other way. The commissioners were of the opinion that there was an error somewhere in the account of the destruction of bills, that is not so many bills had been destroyed as was made to appear by the books and certificates.
The committee of investigation appointed by the stockholders sub- mitted a long report under date of June 2, 1841 ; they were satisfied that fraud had been committed, and committed since Luther Root gave up his situation as cashier. Neither the bank commissioners or the stockholders' committee were able to discover what had become of the missing funds. Early in 1842, another investigation was undertaken by a disinterested committee, with the following result, as recorded in the Hampshire Gazette : " The deficiency heretofore unaccounted for, is traced to frauds committed by Luther Root, the late cashier. Mr. Root commenced his depredations upon the funds of the bank as long ago as the presidency of Nathaniel Smith. We have not seen the report, but understand that this fact is established to the satisfaction of all who know its contents. * It is well that the truth has come to light, for cruel suspicions have rested on the innocent." After leaving Amherst. Mr. Root was for about a year agent of the Grand Haven, Mich. Lumber company, and later taught school at Orangeburgh, S. C., where he died in February, 1842. He was succeeded as cashier of the Amherst bank, in December, 1838, by Thomas Green, and he in turn by Joseph A. Sweetser, brother to Luke Sweetser, with whom he was associated in mercantile business at Amherst. The president and directors of the bank brought suit against Luther Root and others who were sureties on Root's bond. Mr. Root was appointed cashier in 1831, and re-appointed in 1832, but gave no new bond. The case was carried to the supreme court, and Metcalf's Reports state that Root's sureties were held liable, not being exonerated on account of the failure of the directors of the bank to examine into its condition. Suit was also entered to ascertain whether the signatures on the bond were genuine, it being thought that some were forgeries : the jury before whom the case was tried were unable to agree.
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