Captains of Industry; or, Men of Business Who Did Something Besides Making MoneyParton, James
History
Captains of Industry; or, Men of Business Who Did Something Besides Making Money
Parton, James
Industrial arts -- Biography
He developed the glue business until it yielded him a profit of thirty
thousand dollars a year. He soon began to feel himself a capitalist, and
to count the years until he would be able to begin the erection of the
institution he had in his mind. But men who are known to have capital
are continually solicited to embark in enterprises, and he was under a
strong temptation to yield to such solicitations, for the scheme which
he had projected would involve a larger expenditure than could be
ordinarily made from one business in one lifetime. He used to tell the
story of his getting into the business of making iron, which was finally
a source of great profit to him.
"In 1828," he would say, "I bought three thousand acres of land within
the city limits of Baltimore for $105,000. When I first purchased the
property it was in the midst of a great excitement created by a promise
of the rapid completion of the Baltimore and Ohio Railroad, which had
been commenced by a subscription of five dollars per share. In the
course of the first year's operations they had spent more than the five
dollars per share. But the road had to make so many short turns in going
around points of rocks that they found they could not complete the road
without a much larger sum than they had supposed would be necessary;
while the many short turns in the road seemed to render it entirely
useless for locomotive purposes. The principal stockholders had become
so discouraged that they said they would not pay any more, and would
lose all they had already paid in. After conversing with them, I told
them that if they would hold on a little while I would put a small
locomotive on the road, which I thought would demonstrate the
practicability of using steam-engines on the road, even with all the
short turns in it. I got up a small engine for that purpose, and put it
upon the road, and invited the stockholders to witness the experiment.
After a good deal of trouble and difficulty in accomplishing the work,
the stockholders came, and thirty-six men were taken into a car, and,
with six men on the locomotive, which carried its own fuel and water,
and having to go up hill eighteen feet to a mile, and turn all the short
turns around the points of rocks, we succeeded in making the thirteen
miles, on the first passage out, in one hour and twelve minutes, and we
returned from Ellicott's Mills to Baltimore in fifty-seven minutes. This
locomotive was built to demonstrate that cars could be drawn around
short curves, beyond anything believed at that time to be possible. The
success of this locomotive also answered the question of the possibility
of building railroads in a country scarce of capital, and with immense
stretches of very rough country to pass, in order to connect commercial
centres, without the deep cuts, the tunneling and leveling which short
curves might avoid. My contrivance saved this road from bankruptcy."
Public-domain text, read in full here on John Shaqi.
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