Benjamin Loder

Benjamin Loder (February 15, 1801 – October 7, 1876) was an American businessman and president of the Erie Railroad from 1845 to 1853,[1] who had made his fortune in New York as dry goods merchant.

He began life as a school teacher, and later engaged in the wholesale dry-goods trade in Cedar Street, New York City.

As a matter of fact, the money President Loder received for his services, which were given night and day, barely reimbursed him for his expenses.

[3] In course of time, Loder's health was restored to somewhat of its old vigor, and he spent the closing days his life in Westchester County, New York.

In this he made these interesting statements,[6] published among other places in an 1845 edition of the Railway Locomotives and Cars journal:[7] More precise, of the $3,000,000 required to be raised by subscription, more than one million of dollars have been pledged in large sums by a very few friends of the road, leaving less than two millions to be raised by additional subscriptions, to secure the full benefit of the recent act of the Legislature.

For comparison, when the Erie came into existence a quarter of a century earlier, it had stated : " The whole work, on which about §5,000,000 has been expended, will be represented by stock and debts to the amount only of §1,350,000."

"[6] A genuine inclination on the part of capital to take hold in earnest and push the New York and Erie Railroad to completion, now manifested itself.