Connecticut western news., 1888-06-13
NEW RAILROADS.

NEW RAILROADS.
 THE HARTFORD CONNECTICUT WESTERN EXTENSIONS. WORK BEGUN AT POUCH
 KEEPsIE JUNE 2D.
 Notwithstanding the fact that the Massachusetts legislature recently re- fused to authorize the Hartford X Connecticut Western Railroad company to extend it's track to Springfield, the extension will be built under the gener- al railroad law. The so-called New York Massachusetts railroad company have bitterly opposed said extension, but the Fl. & O. W. will eventually "get thar" ale sanaee.
 It has been stated that MT Cone, the recent purchaser, and now virtual owner of the "streak of rust" the road originally called The Poughkeepsie X Eastern, but lately padded out with the high-sounding title of New York & Massachusetts Railroad (not rod of which has yet been built ln Massachu- setts) held the key to the Poughkeepsie bridge, or in other words, the original Poughkeepsie < Eastern Railroad con- trolled the eastern approach to said bridge. The Lee correspondent of the Pittsfield Sun says: /:
 "The Business Mems Association have passed 8 resolution of thanks to Mir Cone for defeating through the legislature tho plans of the Connecticut Western railroad to virtually close the prospects of Lee for another railroad. There isn't much doubt that the Con- necticut Western was using the legisla- ture to scare Mir Cone into selling his important little New, York & Massachu- setts with its bridge connection to them but he had the pluck to refuse and resist and he still holds the key. MT Cone paid about S75,0OO, I think, for the New York and Massachusetts, which runs from Poughkeepsie to Boston Cor ners, and which was apparently worth less concern, suddenly springing into value by the building of the Poughkeep- sic bridge on one end and the extension of the Massachusetts Central to Chico pee and Northampton at this end of the state. The Connecticut Western saw too late the importance of this |" streak of rust with it's bridge and coal con- nection. MT Cone saw it was coming and got there, and he holds on though offered $500, ,0OO for his bargain"
 Yes, Mir Cone knows how to hold on o hut # ba r,,s o,,or ss oecosol Ssnn 900 for his bargain" it would seem that the supreme moment to "let go" was when the golden opportunity presented itself for him to realize & fortune on his investment in streak of rust" It seems that he could not grasp ''strsak of luck" because he was ''holding on' with both hands to "streak of rust. ' We are told that nearly if not quite 20 years ago Mir Cone exemplifed his characteristic trait of "holding on, ' when he had the opportunity to pur chase the Taghkanic Iron Works al Housatonic, Mass, better known as the Stockbridge Iron Works, or Algel furnaces, valuable water privilege and the property included two blas furnaces, a number of dwelling houses store building, offices, barns and other buildings, fertile land, and all situated beside the Housatonic railroad, whicl had put in a side track there so tha cars could be loaded and unloaded witl ease and facility. Edward Larnard, o Pitts6eld, was the owner. A few year previous Mir Larnard either bought tn property on speculation or else took for debt in some business transaction He was not an iron maker and did no wish to carry on the business, so h leased the property. Finally he deci ded to sell it and he offered 1t at grea bargain, merely nominal sum. Tn water privilege, the buildings, or tn location were either of them alon worth nearly what he asked for tn entire property. It is said that M Cone then wished to build anothe paper mill, so he began to dicker wit MT Larnard for the property. M Larnard, 1t is said, made some COT cessIons, but Mir Cone had named tn figures that he would pay, so he sti 'held on, when only comparativel few dollars intervened between trans fer of ownership. The result was, NJ Cone did not purchase the property but he soon afterward began to 'create . water privilege two miles south ( there and to erect a paper mill, whic has never been completed, but in whic fortune has been invested and whic to-day is called s'a monument of folly, or l" Cone's folly" Some consider it
 monument to the folly of ''holding on for better bargain when good bal gain has already been offered.
 Many think that if the New York
 Massachusetts, Railroad should ever | built through Berkshire county would be another monument of N Cones folly. Many think such roa is not needed and it would probabl never pay operating expenses, muc laas any interest on the investmen