co ast ▁rail road . ▁This ▁was ▁a ▁George ▁and ▁Jay ▁G ould ▁enter prise ; ▁the ▁G ould s ▁were ▁often ▁rum ored ▁to ▁have ▁a ▁st ake ▁in ▁the ▁P & W , ▁though ▁they ▁public ly ▁denied ▁it . ▁ ▁The ▁first ▁train ▁ran ▁from ▁ 6 9 th ▁Street ▁to ▁Stra ff ord ▁on ▁May ▁ 2 2 , ▁ 1 9 0 7 . ▁On ▁June ▁ 6 , ▁ 1 9 0 7 , ▁the ▁company ▁was ▁re organ izing ▁because ▁it ▁had ▁default ed ▁on ▁the ▁payment ▁of ▁first ▁mort g age ▁b onds ▁it ▁had ▁issued . ▁The ▁company ▁was ▁sold ▁at ▁public ▁sale ▁by ▁the ▁bond ▁trust ee , ▁the ▁Trust ▁Company ▁of ▁North ▁America ▁for ▁$ 1 , 0 0 0 , 0 0 0 ▁to ▁the ▁Sh eld on ▁Sy nd icate ▁of ▁New ▁York , ▁which ▁was ▁the ▁original ▁owner ▁of ▁the ▁company . ▁The ▁re organ ized ▁company ▁had ▁a ▁capital ▁stock ▁of ▁$ 4 , 0 0 0 , 0 0 0 , ▁consisting ▁of ▁$ 3 , 4 0 0 , 0 0 0 ▁of ▁common ▁stock ▁and ▁$ 6 0 0 , 0 0 0 ▁of ▁ 5 % ▁preferred ▁stock . ▁The ▁planned ▁extension ▁to ▁Park es burg ▁and ▁York ▁was ▁officially ▁abandoned ▁on ▁March ▁ 2 2 , ▁ 1 9 1 2 ; ▁an ▁alternate ▁extension ▁to ▁the ▁PR R ▁main ▁line ▁in ▁Stra ff ord ▁opened ▁on ▁October ▁ 1 1 , ▁