Drew alike declared that he might as well
lay up his boats, as he would find it impossible to compete with the
faster time of the railroad. He was not dismayed, however, for he was
satisfied that the land route could not afford to carry freight and
passengers as cheap as they could be transported by water. He knew that
it would only be necessary to reduce his passenger and freight rates
below those of the railroad, to continue in the enjoyment of his immense
business, and his faith in the steady expansion of the trade of the city
induced him to believe that the time was close at hand when railroad and
steamers would all have as much as they could do to accommodate it. His
views were well founded, and his hopes have been more than realized. The
river trade has steadily increased, while the Hudson River Railroad is
taxed to its utmost capacity to accommodate its immense traffic.
In 1849, Mr. Drew, in connection with other parties, bought out the
Champlain Transportation Company. This corporation had a capital of one
hundred and fifty thousand dollars, and ran a line of five steamers from
White Hall to the Canada end of the lake.
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