New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-11-15

,;,;on. made Of cnpveyabce and eur vel con rive
,a,xo,l NJ rsiroscs throughout ths wide spread
oo,r,,, me- This eviden; semsnd Of the age. Der
canal most uncenisby are s,ili to be ussssiy 60
Mn, A in their Mace viz the Isnsposts,ien q
heavy freight and IS he sres scJunce oil NE cany-
;o I'D bp, our railroads are destined to Be Ne
sin reliance ard this for n asons to, obvsusiy an
a.n.,oed b, the mercantile co immunity to need dis
cussion The railroad system is not yet in suihcsos
maturity 10 ADMIT of the omaiien OF correcs
uert az TO the economy, capacity and cost OIL nse-
tens, o.; ard upon the solution Of this problem o.
Del DIS wholly the pre- duesveaess Of railroads -
herman. Ut inves meat
H,t little more than year since, the most assouad-
,e raues APO ero.s msmsnsg ement by parties hitA-
erto in high estseu as raj road managers, came uPoe
the commercial community like s Ihusder Gap Nv
erbecv seemed panic stricken, and the hundreds q
millions Of dollars invested in our various rahrssd
enterprises. we're Iocieo upon generally almost -
much morey "a. sudered and lost Oar banks ssa
none, ed men seemed disposed to igoore the very e.
st.nce of such an nteres IS the railroad ioArest-
Upon such securities money cou d not be obtained.
rsilr, ad oans basee upon securities OF most unQscs'
tior he soupdness ard productiveness, sefe u -
usSk It without bidders and the very appearances OF
railrosd pegotiator for loan was enough To Gauss
money lender to doub clock bis vaults and keep hs
hancs fast upon bis pockets.
Admit &c, the country had gone too fast little.
Still il must DO admitted from the actual showing OF
results that the panic of 1854 was senseiess psniS'
ard Lot much different from tho usual run OF pAnos v
this respect but the result has been worth milises q
dollars TO the r.iroac interest and the country al
l.ree. The amount Of the Schuyler frauds, enormous
as they were il assesed pro rata upon the whole rail-
rpan interest of the country for its present aud faure
her efts ud have been prof able assessment.
Our sbrewd intelligent anc investigating capitalists
have rom tbi hiiDg up of the cu't.in been nessed
to ok into the whole OF the machlrery sod manage
ue,tet our roads, and the result OF his glance nAn
fes,ed in more thorough and complete reform in al
apartments of railroad msnsg ment clsscr csies'
lation as TO the cost Of maintenance, soundef ds-
c,im nation as regsros lines of railroads built or co.,
templsred, and a better understanding OF the ran
road wants Of the country.
Unquts tiopaoly il is fact that large properties
Of all the miles of railroad now in operation are
destined eventually to be fairly paying roads, when
mspsced tn the same degree of care and economy
az is practiced by successful merchant In the con-
du It of bis business and it is fact too, which can
rot be disputed that there hardly TO pc found ras
road in the whole country which the landowner, tor
ten miles upon each sioe, could not very vel afford
Ia nav twenty tb ousand dollars per mi for, rather
| than have the rails taken up and the track powsd
over. lbe enormous advance in agricultural lands
lir, alopp the line Of completed railroad Is faot
| ~ 100 palpabe a charac er to need any additional
couoboratior Our farmers do not build our rarosas,
q, railroad, build our farmers But railroads wear ous
inst Ms wooden and cotton factories wear ou ana The
results of the experience OF the past twenty years
show that thew wear out and need renewing In Just
| about the same length of time-ssy completely IN
tp elye years or about eight per cent per annu" rno
,,e.t consolidation Of the NewYork roads OF 1888
called the attention of careful thinkers to this hitherto
but little understood fact. This expense, II charged
rstably each year, as it should be, sppesrs in tho
road expense accounts and If judiciousy spphed' IA
the best expenditu that can be made for the real
| Interests of stockholders
Ever, road should be in as good condition at inc
end Of each year it's average appointments as was
at the beginning Of the year. During the years Oh
1ss4-55 our roads generally have well vihdioated
themselves an his too in the gh'est season Of agri
outural PRODUCTION, and during the most severe
money pressure since 1897 the aggregate of earnings
bss been very largely ircrs ased, while the pro rata
eapetse Of working the various roads hos been
N a,erialy diminished. Our great lines are today
crowced with business with better prospects for .
Winter business han have before presented them
selves; and with few exceptions our roads have
very promptly net the nstaIments OF interest dss
upop their bonds Stocks which had during the Stris-
gene, of 1885 receoed very far below their real
value have during the present season advanced from
30 to 20 cent from the lowest point Of depression;
ard az rue this advance is based upon the actual
busipess eArpiDgs of the roads. And the stock Of
many Of cur main lines will unquestonsby still war
rant very decided advance from preeen, prices
This il a vino ication OF the railroad policy OF tho
courtry az u whole. To-day man would hardly be
avoided for bis supposed connection with raiirosd
III derokng financially or bis application Tor loan
upon sound railroad securities laid under the table OIL
bank pa or. The railroad feature, as one OF the inds-
ptp,sbe elements of the trade and pros 'erity OF tho
country c.nnot be ignored. If judcios railroad In
vssnen's are not be deemed god secu rites, htrs
nothing in the country that is good. Bonds and mort
gags upon farm. are not to be paid, and Stsse
Dor DIS are not fire proof So entirely has the rairosd
s,t.m identified itsef as matter Of necessity, with
every ether commercial interest, ths, this interest
mat a. legitimate branch of our industry as Is the
| msDufae ure OF bour.
tits unquestionably sound doctrine, as question
of D, irical oromy and question OF prohtseie
returns Inst railroad undertakings should be the re-
suits of the commercial demands OF the country; bus
there are some notable exceptions TO this rule.
As rule, our great paying roads are from eaS' 70
west. or connecting the board with the valleys oil
the Ohio and Mississippi This Is obviously the cosrss
of the trade Of the country, and doubtless viii be for
ages yet to come. Our cross lines operaed as al
juI CTS TO the main lines, end where real needed VIII
undoubtedly pay q fair interest upon their cost
tn. railroads of New-EDgsnd seem TO have reached
reaIIy theb maximum Of earnings for the presens The
| immense outlay Of money in New Eng and to reach