Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1853-08-19
Kenosha, Aug. II, 1853.
BRIpGEpoRr, AUG. 10th. 1853.
c.. c.. SIIoLE

Mr.. C. C. SHoLEs, MAYOR, KENosHA:
DEAR SIR:-The Housatonic r. r. was
projected and the construction of it common
ced in about the year 1885 or 1896, by the
late Alfred Bishop, Esq, of Bridgeport The
city of Bridgeport having just been incorpo-
rated, and DESTROYS of taking place among
her older sisters, resolved to extend to the en-
terprise what feeble assistance she could, and
passed vote subscribing to $l50,0O0 of the
stock of the company. But in 1886 and
1887 the general suspension Of business by
capitalists and bSnks throughout the country
obliged the Railroad company to submit to
great sacrifices in negotiating the bonds of
the city, given in payment for the stock sub
scriptons as well as in the negotiation of the
company's own securities. MIR. Bishop, how
ever, by his untiring energy and indetatiga-
bic perseverance, and by throwing his entire
private fortune iuto the enterprise succeeded
in completing the railroad, but owing to the
immense sacrifices the rail road company was
Obliged to suffer by reason of the great and
general distress In The money market and ge-
neral business of the country, its road when
completed, represented much larger capital
than the actual cost of its constructions. The
period of its completion, too, was exceedingly
unpropitious, as just at that time the busIn-
ess of the whole valley through which the
railroad passed was i'll a PROSTATE condition
in common with business everywhere and
was consequently entirely inadequate to any
thing like furnishing a support to the road
and return for the capital invested. The
flat bar rail having been used in constructing
the road and having been found unsuitable
for the purpose was rejected and the present
form Of heavy rail substituted which involy-
ed an entire loss of the original timber work,
comprising the snperstructure of the road
This also tended greatly to increase the amt
of capital of the company. After the road
was relaid it transacted heavy business for
several years and yielded handsome profit,
furnishing liberal returns upon the capital in
vested, but the construction of the Hudson
River and Harlem railroads put an end TO the
prosperity of the company. Allthis combi-
nation Of unfortunate circumstances rendered
the company unable to afford in dtUtdends
upon the stocks of the city sufficient to pay
the interest upon the bonds, and the city in
view of this state of things sold its railroad
stock at so per cent. of its par value, and re-
duced its debt by that amount, and paid or
funded permanently the balance. The pros
perity Of the city of Bridgeport, withstand
ing the debt which was then incurred by it,
commenced from tie time of the completion
of the Housatonic Railroad, and has ever
since continued without check. The value
of property in the city was increased so per
cent, at the least calculation, by the construc
ton of the road, which much more than com
pensated for the slight liabilities incurred by
the city in its aid. No property holder in
the city of Bridgeport would consent to have
the Housatonic railroad discontinued if the
total cost of its construction to the city were
refunded to the City Treasurer twenty fold.
The result to the city has been constant in
crease in population and wealth, unequalled
by that Of any other city in tho State of Con-
necticut, in proportion to the size at that pc
Rod
In view of these facts, | can unqualifedly
say in reply to your inquiries, that the con-