Morning journal and courier., 1882-03-04

other, because they would be invading the rights of the antecedent Parallel. Why should they not be told not to come here and another enterprise, but to join teams if they choose, pay their $500 mile and file their certificate with the Secretary of State? These gentlemen ask you to say what this State has said in it's majesty and l power they cannot do, except under certain provisions and restrictions. You will then, I believe, satisfy your own minds that if the State of Connecticut was operating the New York and New Haven road to-day, that they would not build a railroad par allel to it unless they believed the | interests of the State required it. Then I | say that I believe you will carefully inquire | whether another road is needed before you l grant these extraordinary powers to Govern ! or Jewell and his so-called co-corporators. l think you will scrutinize sharply before ! you give them these powers, and failing to l find any cause reason for it you will 1n- quire what is at the bottom of this petl- l ton. You will inquire what motive these men have. Now these old corporators and l the new corporators met about the first Of I December, as stated by MT. Redfeld, for consultation He (RedfeldJ also tells you that Mir. Pool was present and they tried to find out about his charter for the HEast Side' railroad, the Camden Construction company, &c.
 MT. Watrous here read the articles of asso- citation of the Camden Construction compa- ny, which declared their purpose to be to build and construct railroads in New Jersey, New York and Connecticut and adjoining States, and to take in payment therefor the bonds and stocks of railroad companies thus built. Proceeding, he read that the capital stock of such company was to be $500, ,OO0, but only $1,000 was actually subscribed. This corporation, said MT. Watrous, was born at the same time that this project for building Parallel road was born, and for the sole purpose, as appears on the face of 1t, to build this identical road. It was formed for this very scheme of foisting on to trusting public their stocks and bonds. They could not wait until they got charter: These two creations, contemporaneous In the1r birth, came from the same mind, had common origin and common purpose. You can't wipe out the fact that these things come too close together to not have com mon purpose. I have heard the hard things that have been said about the New Haven road and the mean insinuatlons that have been thrown out and have felt hurt by them. But gentlemen, we have some rights. We have tried and I do not say it boastfully, tried to give the State good service. It is said that we have put $500, 900 in corner" But our merit hns this one method, we are honest, we cheat nobody. The question arises shall the stockholders have this money or the public hava it. We decided that the stockholders should have their ten per cent. and the public the benefit of the remainder. We want to make OUT road good as it can be. We want to build stone and iron bridges in place of wooden ones and increase the comfort and safety of the travelling public. Is there anything wrong in this? Yet 1t has been circulated around these halls that we were piling up money, and it has been said Tn mean and insinuating way to prejudice the members of this Legislature against us, whereas the whole facts had been given to the public in our annual report. MT. Watrous then referred to the purchase of the New Haven and Northampton railroad stock, and said it was fair, open transaction, made in the interest of the stockholders of the New York road and the interest of the State of Connecticut. Now shall we be punished for doing what is right? say to you, gentlemen, it is not good policy to build Parallel road. You may as we'll talk about building parallel turnpikes where, as in this case there is no need of it. If the State IS not to be benefited why should you permit $2O, GOO, 900 to be expended in the construc- tion of road where it is not needed? l believe it to be the policy of the State not to permit money to De wasted in schemes from which no benefit IS to be derived. Does anyone doubt but that the present road can do all the business It is called upon to do and continue to do so in definitely ? Referring to those who grumbled about freight rates, MT. Watrous said there were those who would grumble if their freight was carried for nothing and they had ''dead-head" ticket thrown in. Referring to the Harlem branch he said it was the only way they had for transporting western freight and bringing it into the State. AL though it has cost considerable sum, 1t could not be bought for twice it's cost Fin ally gentlemen I must close by saying that this proposed scheme is not an honest one. They propose to enrich themselves by issuing securities like~the western method of build ing railroads, and we ask you that you shall not inhict the injury proposed upon us and the people of this State.
 The argument of MT. Watrous was listened to with deep attention and when he conclud- ed it was nearly p. m. An adjournment was then ordered until o'clock
 AFTERNOON SESSION.
 At 2:20 o'clock General Kellogg commenced the closing argument for the petitioners in Representa- tives' hall. He said will say, gentlemen of the committee that congratulate you as well as myself on the near approach to the close of this know it is very easy to bring in forty fifty commuters to that there is need for another railroad from new road from Boston to New York, and if this is built the local traffic will bring us the business
 contend that 1000 miles of railroads seek an otet on metropolis. Whether the time had come tWelye or
 fifteen years ago for new road or not 1t has certain tie New York and New Haven road which has been extremely fortunate for the past thirty-hve years
 have nothing to say against MT. Bishop, the former president of this road nor of Hon: George H. Wat rous the present president. Now say that there is business enough for another road alongside the New York and New Haven. The road was started with capital of $2oOOoOO, and by the Schuyler fraud they of capital stock to $4O0o00, and by another act of the Legislature it was increased to S5,00O,OOo. 50 again petitioned for increase of their capital stock to ss,ooo,ooO which, was in was granted no provision was made that any of the capital stock should be paid n and can there be any earnings Fifteen twenty the traffic by railroads nothing like what it is now. They say
 more than we do now Can they point to any instance
 in the country where there have been competingira- roads that such was the case say no, gentlemen The slow transportation by water has gone py; ana the time s not far distant when the transportaton twill be by all rail wherever possible We are met by the claim that this road should be built under the general law. But it is perfectly apparent that we cannot build under that law We cannot cross navl- gable streams unless by special act of the Leglsae and who.is going to put four five millions into parallel road not knowing whether the Legislature will grant the privileges asked for? Continuing, General Kellogg said there not a week passed while the Legislature in session that special char ters were not granted to manufacturing corpora- tions yet there was general law on this subject as we'll railroads If you think that tnese nonoFa ble men who have petitioned for charter are in tending to perpetrate fraud, then for Gods sake don't give them charter. In referring to the bud ing of the road by construction company, Mr. kel-
 ogg said 1t made difference whether the road was built by a construction company or by contract so
 long as the people the State got the benefit of it. Hon MT. Kellogg proceeded to defend the Credit Mobier and Oaks Ames, and declared that the Union Pacific road could never have been built but for this very institntton. He said it was not proposed to build this Parallel road any such plan, and they could not do it if they would.
 It being half past D. m. the committee adjourned until next Tuesday afterno at o'clock, when Gen eraI Kellogg will conclude his argument.
 Barnum's Greatest Elephant
 BRIDGEPORT, Ct., March 3.