New-York tribune., 1907-06-23
OWNERSHIP
Oldtime Records of Railroad
Scheme IN Indiana.

Indianapolis. June p (SpeciaD.-A document, dis
coered with age and musty from being pigeon
siblv In which advocates OF government ownership
of railroads would feel n keen interest, has Just
been resurrected here. II is the record Of series
of meetings held in a vain attempt TO inject ne
into one of the enterprises which the state or
Indiana had undertaken in 1887 and all of which
five years later were admitted failures thoush the
state had invested $l56o,0oo in them.
The resurrected record Is OF minutes OF the meet
inRs of the citizens OF a dozen more counties TO
consider some means for completing the old Madt-
son & Indianapolis Railroad to this city The road
had been built for distance Of twenty eight miles
from Madison and cars were running on II TO
little station known Griffith's From there To
FdInburg twenty-sevcn miles distant the road had
been partly graded and some work had been dom, done
the bridges spanning the numerous smail
streams But the state had fallen down on It's job
at that point and for two years. when the series of
meetings were held in 1892. there had been nothing
done 10 forward the enterprise.
Men OF public spirit. realizing that the state was
q CaiIura as n builder and operator OF railroads,
had appealed to others of like spirit for assistance.
but the people had not recovered from the panic OF
1887, money exceedingly scarce. ana enough
capital could be gotten together In that way to
complete the road Then recourse was had TO the
counties. IT proposed that ten or dozen
counties those through which the road would pass
and others Immediately adjoining and assumed TO
be In such proximity that they would reap special
benefits from the road. should be pledged to
raise the necessary funds.
1t was argued that, though the state had failed
10 complete the road, the counties could do SO he
cause of the greater interest that immediate prox-
$62 70 and 1t expected that the counties would
take stock in the road and bonds would be issued
them according 10 the amount of stock taken.
According to the proposed plan, Marion and JEFF
ferson counties representing the termini Of the
road would take stock equal to l per cent of the
assessed valuation of the property In them and the
smaller counties would take stock representing
half of l per cent of their property valuation
But the scheme wouldn't work The stupendous
failure Of the state in relation to canal and rail
road building regarded by many as an object
lesson too serious to form precedent for similar
undertakings by counties, and opponents of tho
scheme rising up in every county I'm irresisti-
he numbers They argued that n thing which the
state could not do could certainly not he accom-
plshed by n dozen more counties. for divers,
counsels. If nothing else. would hamper the enter
prise the start. Then the parties backing the
effort issued a statement showing the earnings of
various railroads then in operation in the United
States.
Among these was the Camden & Arboy sixtv-
miles in length whose gross receipts In one
year had reached S6s5,329 Another road was the
Utica & Schenectady which had declared a divf-
dend OF 10 per cent. But the opponents of state
or county ownership met these statements with
the assertion that the roads which made such n
We're owned and managed by private capital and
the judgment of one at best of a very few men
while road built and operated by the state or by
the counties must of necessity be managed by men
who would be selected from considerations other
than absolute fitness. and the chances OF failure