Brown was president, large loans were negotiated in Europe, the principal creditor being the Franco- Egyptian Bank of Paris, and Bishop Scheim and T. Gold Schulz of London, who advanced several millions of dollars; but the foreclosure of prior mortgages, and the sale of the road rendered these advances a complete loss, and a suit has long been pending in the United States Courts to determine the j)crsonal responsibility of the trustees who had the handling of the funds. At the time of the sale under foreclosure, the road was purchased by the former bond-holders, and was reorganized under its present name, in 1878. The rat president was A. B. Stout, who shortly after re-

signed and was succeeded by Robert M. Galloway, who has retained the position till the present time. The first secretary was Calvin Goddard, who still holds the position. When the road was built, its New York terminus was at High Bridge, but an extension, something over a mile in length, connects with the Eighth Avenue Elevated Road. This extension was made under a separate organization known sis " the West Side and Yonkers Railroad," and furnishes the most direct road for rapid transit between New York and the interior of Westchester County.

At the time of the organization of the present company, a contract was made with Louis Roberts, to finish the building, and to equip the road. This task was performed by Mr. Roberts in a most active and energetic manner. The right of way was repurchased, the grading finished, and the track laid and the completed road opened for business in the spring of 1881. The length of this road from High Bridge to Brewsters (Putnam County) is fifty-three miles, and the length of the extension from High Bridge to Eighth Avenue is one and one-sixteenth miles.