Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1882-04-07
Price Four Cents.
The Parallel Scheme.

How Joseph A, Pool Wanted to Trade
with the Consolidated Road.
Extract from Mr.. Bishops Letter to Senator Hoyt.I
Just previous to the commencement of the
present session of the General Assembly, no.
tice was given through the public press that
application would be made to it for special
charter to construct parallel railroad from
New York to New Haven, and two lines from
thence to the eastern boundary of Connect
cut, one substantially parallel with the Air
Line railroad, and the other substantially par
allel with the Shore Line railroad. About
the time of the commencement of the pres
emit session of the General Assembly, or soon
after, information was brought to me that
man by the name of Pool had the control of
this new enterprise and was very anxious to
bring about an interview between President
Watrous, the Hon Nathaniel Wheeler and
myself. After several days delay time Was
fixed and the persons named met at President
Watrous' Office in New York. We there met
Mr.. Joseph Pool, who appeared with various
maps and documents He stated that he had
secured the control of the right of the Second
avenue horse railroad of New York city to
build bridge across the Harlem river; that
he also had bought up and had under his
control the organization and charter Of 3
certain bankrupt railroad corporation which
had the right to construct railroad from
the Harlem river to Portchester and the west
line of Connecticut, which was the only
corporation that had the necessary legal
authority to bridge nsvigable waters be-
tween those points He also stated
loESo al Al1A
he had or soon would present
petition to the Connecticut Legislature for a
special charter for corporation with au-
thority to build railroad from the west line
of Connecticut parallel with and near the
New York, New Haven and Hartford to New
Haven, and two lines from thence to the east
line OF Connecticut that be had got the
consent of certain prominent business men In
Connecticut to use their names as corpora
tors in his charter, and that the names of
these corporators would give such character
and strength to the charter as TO insure its
passage through the legislature but that the
whole matter was and would be under his
control, and he was in q position to make
such arrangements as he thought would be to
the mutual advantage of the Consolidated
road and of himself. / informed Mr. Pool
that there was a corporation already orga--
nized under the general railroad Law of Con-
necticut for the purpose of building paral-
lei railroad between New Haven and the west
line of Connecticut, which company would
apply to this Legislature for authority to
bridge nsyiRable waters, and that he could
hardly expect the Legislature would sanction
both measures. His reply Was that he had
made an arrangement with the other parallel
company that they were to make no move
ment in their matter, but to quietly aid him
In obtaining his charter, withthe understand
ing that if his charter was granted his COM
pany was to buy up their surveys. maps, etc,
and to pay them reasonable price for them
and for previous expenses, etc Mr. Pool
was asked, Why do you apply to the Legisla-
ture for special charter, instead of going
on under the general railroad law His re-
ply wes that there were conditions attached
to the general law that they wished to get nd
of, one of which was the restriction on the
issue of bonds. At this interview Mr.. Pool
had with him the maps and surveys of the
other parallel railroad company, and stated
that he should adopt that line substantially,
except where it passed through NorwAlk;
that they should do away with the circuitous
route through Upper NorEalk and run their
line more direct and near the New York and
New Haven tracks, crossing Eorwalk river by
a drawbridge.
Mr. Pool then went on to say that he con-
sidered it verySimportant to the interest of
the n. Y, n. H. d h r. r. Co. that they
should take controlling interests In his enter
prise, and work the matter IN such way that
he and his party could 60 ahead, secure
charter and construct road over such por-
ton of the route between New York and
New Haven might be necessary to cover
the ground and prevent the future construc-
ton of any other parallel road He claimed
that as soon as 1t became known to the pub
lie that the Y. Y, n. Il. d H K. r Co.
owned a majority of the stock and was to
have the control of his company, the stock
and bonds Of the latter would &C mmand q
premium, and thereby he and his friends
would be able to make handsome profit out
of the construction of the road He deemed
it, however, of the greatest importance that
the Consolidated railroads interest in the
new railroad should be kept secret until
after the night of way was secured, for il 1t
was known in advance the land owners on
the line would ask ten times as much for the
right of way they otherwise would and
thus greatly increase the cost of the road To
this end he desired that the Consolidated road
should make feeble opposition to his char
ter, but not enough to,endanger its passage
/ inquired of Mr.. Pool what his object was
in applying for authority to build two lines
of railroad between New haven and the
east line of the State He replied that
il was important to create local
interest in the towns east of New Haven. and
would aid very much in securing the passage
that all he wished to accomplish vas to Sc
cure his charter and then Join with the Con-
solidated road in building a second line from
New Haven west, which the New York. New
Haven and Hartford Railroad company
should have entire control of when complet-
ed, and out of the construction of which be
and his friends could make q handsome
profit. President Wstrous asked Mr.. Pool
whether if the Consolidated road would take
half the stock in the new company and pay
in cash for it at par he and his friends would
subscribe for the balance in good faith as an
investment and CO operate with the CoBsoh-
dated company In building the new line on
cash basis and at the lowest cash price. Mr..
Pool replied no; that be wished to make his
money out of the construction of the road
through the avalls of bonds and to receive
the stock as profit; that he did not care
what became of the road after it was FIN
ished.
President watrous, Mr.. Wheeler and N.Y.
self, after quite a long interview with Mr.
Pool, and, after listening to various reasons
and arguments from him to induce us to
favor his scheme, informed him that we did
not see that he had presented anything prac-
teal or in shape to justify the Consolidnt-
ed road in investing any money In the enter
prise. ThereupoE the interview terminated
A few days after this interview l called at
President Watrous' Office, when be said. II
WISH YOU 1a1 come IN a nttle sooner. Tor MY
Pool has Just left and has made definite
proposition which he wants US to consider,
and which he thinks will be greatly for the
! interest of the Consolidated road in
quired, What IS the proposition 2" Presi-
dent Watrous' statement of the proposition
was substantially as follows:
First-That Mr. Pool should get his char
ter in Connecticut and organize his company
with 50, 600, 600 of stock and - 900, 600 of
first mortgage bonds.
Second-Fhat his (Pools) company should
make a contract with the Consolidated Rail-
road company by which his company should
| have the right to run their trains over the
tracks of the Harlem River branch between
New Rochelle and Harlem river, and also
over the tracks of the Consolidated company,
between the west side of the Housatouic nv
err and New Haven. together with the right to
use the terminal facilities of the latter CON-
pany at Harlem river and New Haven
Third-That for such a contract his CPool's)
company would transfer to the Consolidated
company a majority of the full paid capital
stock of his company, and thus give them
the control of the corporation
Fourth-Thst Mr.. POOLS construction
/ company, which he had got all arranged.
should have the contract for building the
| railroad from New Rochelle to the Ho1saton-
| ic river, a distance of about IS miles, and
should receive in payment therefor the So
4 - L. lmn1