The Bridgeport evening farmer., 1915-08-14

ana AllfeQ Lines when They
 Found the Obligations Crow
 ing Burdensome.
 RECALLS HIS OWN
 VISIT TO MORGAN Even City of Bridgeport Was
 Stuck to the Tune of $50, ,O0O
 in the Promotion of the Ori-
 ginal Housatonic Railroad
 Corporatfon-O Old Stock Still
 Litters Attics.
 How Austin Gorbin, famous railroad f1nancier, once owner of the Long Island and other well known railroads gave the late J TPierrepont Morgan and other f1nanciers of the day an opportunity to form what is now the New Haven system, how many persons now dead contributed land to the infant lines of the great system, how the city of Bridgeport was even bonded for the projects, one probably told for the first time through the columns of a news paper by John v. Giles of Strat- ford, who in the early 7O's and later had intimate relations with the railroad kings and the great financiers of the country.
 An insight into the manner in which Morgan dealt with the big men of other cities who came to see him is also given by M. Giles, who is now retired at S9 King street. Stratford, he Is still able to see the great Naug- atuck engines that he helped to build compete with the modern Pacific type that has not succeeded in replac- ing the fast type that made a name for Bridgeport and New Haven loco motive builders.
 MT. Giles is a Civil war veteran Aftersthe war he founded the firm of Giles & Clancy. now the Coulter & Mackenzie Machine Go, and lived in Bridgeport for 40 years. during which he served in the common council, on the board of apportionn1ent and tax 2 alton for five years. and as well one of theschief stockholders in the older railroads of this city. Mr.eGiIes still retains perfect memory as to dates and incidents of the past. ss
 He is yet a large stockholder in the New Haven road. His comparison of the history of the inside anu outside of the consolidation with the present day possibilities of the New Haven in conjunction with governm mental efnves- tigatfon or it's f1nah siering is particu- .Iarty interesting
 Mr. Giles consented to sf talk for publication only after remarks made ih private had been conveyedeto The Farmer and it was made apparent to him that but few others left in Bridge port could tell of the affairs of the road with as brilliant recollection as his
 Before the cohsolfdation, Of what is now the New Haven system, h began, there had been many inde- pendent roads built throughout New England, some of which were paying well. while others were and always have been 8 source of expense For instance the Housatonic railroad, which ran, into Bridgeport from Pitts- field, and is now known the sBerkshire division" landed at the old station but had extensive dock properties of great value along the 7 water front. In the days T speak of, William Fl. Starbuck of New York (A1bany,YI tT1inkl, was president, Will liam H. Stevenson was vice president and general N1nanagers but was con .frolled by the Starbucl- crowd, which included fnanciers from New York. named Heney. McCauIey and another I have forgotten.
 x The Housat0nic never paid from it's start In fact it never paid divi- dends on it's common stock and the stock was not even recognized by the New Haven when it was taken over in the consolidation for nine shares of the New Haven for eight of the Housatonc Tt might have paid better if the freight had not been. diverted from the water lines to the an-rai1 to New York
 There was the fNaugatuek railroad, which ran down through the great manufacturing valley from Winsted to Bridgeport and came into the same old brick station that now has been replaced: The offices were" at the corner of Main street and South ave epue in what was oncel a private dwelling, think. It is now all board . ei up. This road was a paying one and in the consolidation one-ha1f its stock came in at one for one and one hhlf of the balance, or three quarters oE the issue was bought up, which Tneant that the rest could be con- damned by those in control There fore the holders of the minority re- ckived a check for $500 per share to 1k cashed at any national bank where fAe stock, was delivered with the ulti- n7atum that condemnation proceed ings would be started if the stock was -npt forthcoming.
 ''The New York & New Haven road had been built from NGt Vernon to New Haven and was connected with. the New Haven & Hartford road. They had a lease on the Shore line.
 aer lines running separately >Gas the Stonington (t5ae New York. fs9vfdence & Boston, which was a fine paying line exchanged one share for one share the Old Colony ex- changed nine shares of New Haven for 10 of Old Colony; the New Haven Sos Derby which was leased to the Hpusatonic and later exchanged for four shares of New Haven for three of Derby and the New York & Boston