The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-02-07
Coal Roads as an Investment.

The railways of Ohio, whose construction
has been mainly for the development and
transportation of coal and iron, are profita-
BILE investments because the opening of
these mines of wealth has furnished them q
continuous traffic extending over the whole
year. AS the demand for coal increases
there is not only corresponding increase OF
this traffic, but large addition to their bust
ness in transporting the miner and his sup
plies, which are drawn from distance, and
hence 1t is that these roads have, and will
continue to have, a rapidly increasing bust
ness so long as the consumption of coal con-
tinues to increase. Wood must cease to be
in demand for fuel, not only because coal is
cheaper, but because timber and lumber are
steadily increasing in value, and hence are
more valuable for general uses than for DO
nestle or steam purposes. Referring to the
annual report OF the commissioner of rail-
roads of Ohio for 1873, we find that the Co.
lumbus & Hooking Valley, a standard gauge
coal road, has cost SAG, $50 GA per mile; thatit
has debt of s27,OS5 AZ per mile, and that
in 1873 it paid operating expenses, interest
account, taxes. and a dividend of ten per
cent to its stockholders. Our proposed mar
row gauge coal road will not cost exceeding
sl3, 900 per mile, equipped, or only one half
as much as the interest bearing debt per
mile of the Columbus & Hooking Valley.
The reader can readily determine whether,
under these circumstances, the India
napolis Mineral railway will prove to
be paying investment. The Cleve-
land & Pittsbug, a standard gauge coal
road, cost s7s,74S 90 per mile, has debt
of $50, 14s "A per mile, and in 1873 paid
operating expenses, interest account, taxes
and dividend of IL per cent. If this road,
costing over $4,000 per mile, with an ir-
terest bearing debt much larger per mile
than the total cost per mile of our proposed
coal road, what then may we reasonably
expect the Indianapolis Mineral railway to
paye The Cleveland q Mshoning Valley,
another standard gauge coal road, cost
$4,000 46 per mile, has a debt of Sl6,26l 16
per mile, and in 1873 paid operating ex-
penses, interest account, taxes, and divi-
dend of 215< PER cent. If this road, costing
nearly s40,0 900 per mile, and with debt per
mile much larger than. the total cost per
mile of our proposed coal road, paid divi-
dend of 21A per cent, what should our pro-
posed coal road pay? This is not only
question for our capitalists to consider, but
it is also one for our merchants and manu-
facturers to take into consideration.
This cheap coal road means cheaper
coal, and cheaper coal means an
increase of manufactures, commerce,
population and wealth. Our position
is not so impregnable as to warrant
us in igsoring the fact that cities who avail
themselves of the immensely productive and
withdrawing power of cheap coal out
strip all others in material prosperity. Our
present wants and future prosperity impera-
lively demand this coal road, with its small
cost and cheaper coal rates. 1t means an
increase in value and an active demand for
real estate, the strengthening of our present
manufactures and their rapid increase, and,
the drawing up to us of large new bust
ness that otherwise may seek other market
Are not these objects worthy of our imms--
diate attentionf Can indianapolis afford to
deny to herself these advantages which can
be so easily and cheaply obtained? 1t will
not do to say that times are hard, and that
we are too poor to incur this expense, and
that too with a valuation of Sl7, 000, 00o's star
ing us in the face. The harder the times
the greater the reason for sharp, quick, reso-
lutte, enterprising action. Cities can not
stand still. They must advance or reoede.
Non-action means paralysis, death.