Sunday, June 9, 2013

My latest-A stock but no railroad


                                                            click to enlarge image

At least that would be what I would be saying if I was one of the original 1000 investors. The idea was to run a railroad from San Diego to Near Yuma 175 miles in length. A separate Arizona company would run a line from Phoenix Arizona to Yuma a distance of 160 miles. The scheme was the idea of William H. Carlson part time lawyer, Politician and conman. He was elected Mayor of San Diego and served from 1893-1896. He was listed as the president of the railroad although my preferred stock example list D.C. Reed as president. Reed was on the board of directors of the ill faded railroad company. Reed also succeeded Carlson as Mayor of San Diego 1897-1898.

The original idea for the railroad was a good one as it would shorten the present rail line by 200 miles and it would tie San Diego with the Cities of Denver, Chicago and New York. The company was chartered in April 1893 with authorized $4,000,000 in stock with $400,000 capital raised. It managed to actually lay track of 13 miles and graded 2 additional miles before the line was abandoned in 1900. Carlson eventually went to federal prison for mail fraud in 1917. He was involved in another shady real estate deal when he died in 1938.
 
 
William H. Carlson

Daniel C. Reed


References:
1.The Great Southwest-A monthly journal of Horticulture 1894
2.Wikipedia
3. Poors Manual 1899

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