The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-27

road at valuation of s2O25.OoO. and I
bought the road in 1890 for two million dol
Colonel Walker: That is assessed at
Sl2 900 a miller"
Mr. ingalls,: yes. just $4,000 a mile 1t
is road with very little ballast and light
RAN. have just been over IL. 1t is road
that runs from Greensburg TO the lakes 1t
mas mas very hight traffic, and runs up ana down
nil a great deal. 1t has none of the at
tributes of a tirst-cass road. AS L say,
you have assessed it trihe higher than
had 10 pay for IT, Then there is the Co
lumbus, Hope & Greensburg Railroad, 24.2S
miles at $1,000 mile Now gentlemen. II
any OF you Will take that road at $1,000
mile II is yours. and you shall have our
blessing with q. That is a road we built
in time of ligh prices from Greensburg
to Columbus, and we built it for $3.50 600
of bonds which We sold at 50 cents. or $780,
600. The road to-day isn't as good as the
day we built 1t. We built it on account OF
the cereaIine works at Columbus, and when
they moved to Indianapolis there was no
occasion for the road. We had no business
out of Columbus because the Pennsylvania
has that 1t should not be taxed over 81 900
a mile. 1t is, / think, the poorest railway
in the State. The bonds that were issued
went TO protest and were taken up and paid
for by the Big -Four and they own them,
but the road to-day we would be delighted
TO sell at those figures.
OFFERED TO SELL THE ROAD.
I'm regard to the Falkland. Martinsviile
& Franklin Railroad, I will say that we
paid $4,000 FOR that road, and you have it
appraised at $191,15O, Ii used to be good
feeder until the Pennsylvania built their
road to Vincennes, and We have not had
smell since. and it would be wiser for the
Big -Four to take up the rails We would
sell the road to you to-day for $I5.OOO ana
that is no idle boast or for $4,000. In GODS
name why do you make us pay taxes on
5000, 900 on this road? The Whitewater di-
sI1-. 1f lrna6
is taxed for SASS, 000 We bought that road
for 5000 goo 4-per-cent. bonds at 80 cents on
the dollar Now to sum up, you ought 10
reduce our main track to $4,000 a mile on
the Chicago, the Indianapolis and the %:
Louis divisions; you ought to take OH $l,UOV
a mile of the CLEVELAND division, the In
cinnau, Wabash & Michigan should not be
assessed over $4,000 mile; the Columbus,
Hope & Greensburg should not be assessed
over 50, 900 mile, and the whitewater
division not over $4,000 or $1,000 mile.
These reductions would amount TO about
$2,OOO000. About 40 per cent of our gross
earnings last year were used for operating
Mr.. ingalls, spoke of the valuation of the
l., l. & l.. the Glover Leaf, the Chicago q
parison with the valuation of his own
roads. Also the Terre Haute & Evans5viIle.
than the Tere Haute & Evansville as a to-
tai. However. Mr.. ingalls, claimed that
the sidetracks of that road to the coaI
mines were very valuable. Mr.; ingalls, atso
said that while steel rails in 1894 were $40
a ton they are now $16
TAYLORS MOURNFUL SONG.
There has been many a tale of woe pre-
sented to the State Board of Tax Commits
sioners by representatives, but w l.. Taylor,
counsel representing the Louisville, Evans
Vile & st. Louis, is conceded by all the
board TO have sung the most plaintive and
mournful song. According to his statement
that road is part of the time up in the
clouds on trestle bridge and again
down in the bowels of the earth in a tun-
mel, He said that the only thing people
raised down on the line of that road was
flowers and scenery.
oh, no. said bystander, they raise
something else
What is it?' said Mr. Taylor
They are all the, time raising hell" was
the reply.
Proceeding seriously Mr.. Taylor declared
that the road was in the hands of a re-
ceiver because 1t could not meet it's fixed
charges and that If roads were assessed
in accordance with their earning capacity
there should certainly be a great reduction
in the Louisville, Evansville & 81. Louis.
In the afternoon Mr.. II. X. Wheeler, of
Kankakee, spoke for the l. |. & l, road.
He declared that it had not been originally
built for a. belt road, but they ran out
of money when they had built a short Sec
ton of road and it had thus remained as
a sort of connecting link. 1t had no roll
ing I'M stock to speak of He ,s took occasion
that the market value of the Big -Four Sc
curities had advanced over 81 100000 during
the last year
the c., n, & D., or rather the c., II. & J.,
as the Indiana branch is named He de-
clared@that 1t had terminal facilities
either here or at Cincinnati and that it had
to fight for business under strong COMPETE
ton at each point
Judge Field spoke for the Monon, confining
himself almost entirely TO a plea for a rea
ducton on the line from Monon 10 Michi-
gan City. The main road, he said was
n fol h1Ic hut ,,..l,
doing practically nothing, and though it
had been denomnated as part of the main
line, IL had been nothing but a losing
branch since the construction of the air
line from Indianapolis to Chicago. They
ran but one passenger train a day each
way upon it and II carried little no
freight but lumber.
At 8 o'clock tho board adjourned until
Friday morning.