Morning journal and courier., 1894-03-12
PLENTY OF DEPTH

! In New Haven Harbor - No Reason Why the Bath Iron Works Could NoI Have Located Here.
 To the Editor of the JOURNAL AND COURIER: The talk that the water of New Haven hsrbor is not deep enough to admit of the Bath iron works locating their great plant here Is ridiculous. Of the beach (so called) the water is twenty-five feet deep. and fac. tories could be located on the east shore opposite the ''deep hole," and wharves built to the channel to which vessels of the size of the famous Great Eastern could come and depart with full cargoss.
 In the thirties, when speculation in real estate was at it's height, before the collapse of 1886, the promoters of the project that day conceived plan for utilizing this ''deep hole" The idea was to make Oyster Point, now City Point, the object point, dock and bridge out to the beach building docks there to which large vessels could come. The project was to have whaling vessels to go from New Haven as we'll as quired was purchased on the west shore, through what is now How ard avenue, by these real estate operators, upon which stores and building blocks were to be built, the idea being to have that part of the town devoted to shipping nd,,other wholesale business on account of the great depth of water, as we'll as utiliz. ing the ''arm of the sea" (Wesr river) for smaller craft and for lumber yards. (Not much was known in those days about coal yards.) There was difficulty in getting vessels of large draft to Long wharf, so these parties thought they could transfer the shipping interests to Oyster point and beach.
 Another project was to establish ferry from the end of the beach to the opposite shore (near Raynham postonice district), purchase all thu property from the United States government roads to what Is now called Upson street, at the base of Beacon Hill, now Fort Wooster park, owned at that time by the late William K. Town. send, and still owned by his heirs. MT. Townsend was offered a large price, but declined to sell his Gas we'll as his ances- torsD home, to which they had become so much attached.
 After the collapse of 1886 (at which time ell these "promoters" failed) the parties divulged their project which was as stated to transfer the wholesale business and shipping of New Haven to that neck of land between the harbor and West river, to build docks at Oyster (uow City) point, bridges to the beach and on the east side of the beach dock out to the channel with ferry to Raynham which they expected to purchase, laying out streets and building lots 90 that the merchants and their em- ployes on this neck layout for New Haven business could reside. As one of the par ties remarked "Ws proposed to make Prospect Hill second Brooklyn and have the east shore to New Haven what Brook lyn Is to New York, a place of residence for the merchants of New Haven"
 At that time there was large and four ishing school on MT. Townsend's property called Prospect Hill school"
 But "another speculative burst up.n The panic of 1886 which was go disastrous throughout the whole country, buried these promoters beyond resurrection, and this property which they had purchased, sold for . mere pittance of what they agreed to pay. Their plan was to pay a certain sum and mortgage the balance. In most cases tho property reverted to the sellers, who retained the purchase money. Land was sold in those days for fabulous prices. Speculation in land extended over the en- tire town. Land in Fair Haven back of what is now Ferry street was sold to these speculatols for $6O a front foot which afterwards sold for $5.
 Some years after Beacon hill, now Fort Wooster park, was sold for $S0, ,000, 1000 cash, balance on mortgage. The party paid the interest for number of years and then being unable to continue them the property reverted to the sellers. The same property was sold to New Haven for park purposes for $5,000.