Fulton Chain Steamers III: The Fulton Navigation Co. Years, 1901–1932
PART ONE
In a letter dated April 19, 1901, Dr. William Seward Webb informed J. Pierpont Morgan in New York City that, on behalf of the Raquette Lake Railway directors, he was accepting the option from the Old Forge Company to purchase the two mile Fulton Chain Railroad and the docks and boats of the Crosby Transportation Company.
Dr. Webb informed Morgan that the purchase price was $45,000, but additional amounts necessary for repairing the railroad lines and upgrading the docks brought the total costs to $56,000.
Dr. Webb also asked Morgan and the other partners copied in the letter to send him their share of the purchase price.
The other paying partners were Collis P. Huntington, William C. Whitney and Harry Payne Whitney.
Planned improvements for steamer traffic included “extension and improvement of docks, construction of canopies for protection of passengers and baggage, and other desirable improvements which will permit the docking of deeper draft boats, the direct trans-shipment of freight from cars to steamers…” and other upgrades.
Also, the costs included purchasing a dredging machine and pile driver for improving channels and allowing safe navigation by their steamer “Clearwater,” larger than any of the former Crosby Transportation Company steamers.
Webb advised Morgan that the Old Forge Company also assigned the “apparent title to all the lands under water in Forge Pond,” excepting state dam frontage, “without extra cost.” Continue reading