The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-22
THE PEORIA & EASTERN
DEVELOPMENT THAT WILL SOON
MAKE 1T DIyIDEND-PAYER.
Railroad Bills Before Congress Said
to De Shelved--The Wisdom of
Pension Schemes Questioned.

On no road in Central Traffic Associa-
ton territory have greater improvements
been made in the condition of the prop
erty and in developing its business than on
the Peoria & Eastern. Ten years ago NJ.
r Ingalls,. president of the Big Four. and
John Newell, late president of the Lake
Shore. made trip over the lire for the
purpose Of ascertaining the condition Of
the property. knowing at the time that it's
financial condition was not of a promis-
ing character. On their return from the
trip, when asked what they thought of
the property. Mr.. Newell answered that it
was "a mighty good road to let alone; its
track deep in the mud. its business unsat-
isfactory and its finances in bad shape"
Mr.. ingalls, did not take so respondent a
view of the road and its probable outcome
and he at once set about taking steps to
secure the road in the interests of the Big
Four syndicate and to remove from this
territory a road which was great rate de-
moralizer. both in passenger and freight
business Mr.. ingalls, reorgahized the COM
pany. borrowed money from the Big Four
road proper to at once improve its condi-
ton, and I'm the ten years the road has
been operated under his direction the west
ern division has been converted into a first
class road, laid with heavy steel rails and
new steel bridges. Some of the best equip
ment or the Big Four was transferred to
the Peoria & Eastern, and now in it's pas
senger and freight service it is not obliged
tn take a back seat TO any of it's compel
itors. After piacing the western division in
good shape, two years ago he turned his
attention to the eastern division, which
extends from Indianapolis to Springfield,
o.. and while the improvements on this
division are not yet completed a large mile
age has been laid with new steel, the road
proper cross-tied and ballasted with gravel,
stations have been remodeled and the di-
vision properly equipped, and with its i'm
proved condition it's passenger business has
increased handsomely and its fast freight
service Is drawing additional business to
the road. The earnings OF the road for
100 viii pay the interest on funded debt,
operating expenses and for the improve
ment of the roadbed, leaving quite hand
some surplus to pay off its Indebtedness
to the Big Four for money advanced from
time to time to bring the property TO its
present higher standard. This year Pres
ident ingalls, said the earnings will be
ample to give a surplus which will liquidate
its Indebtedness to the Big Four, and next
year there will be a surplus to pay divi-
dend, all its liabilities except interest
Oh its funded debt and that of current
expenses, will be out of the way, and as
the road, as now organized. has a small
bonded 1sr debt per mile he thinks its future
gals has been the chief promoter in i'm
proving this road j. A. Barnard, general
manager of the property. President ingalls,
says, deserves a good share of the credit,
as he has been untiring in pushing improv-
mentS and increasing the business of the
road and In operating II economically.