Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1860-05-26
American Railways

the opening 2fIlcic W Ahoao0 -. N'"eS ~ S''''
Engineer. is devoted to consideration Of Tho
Future Of American Railways" Good sense,
practical information, and sound Judgment. char
acteriue this article, and we purpose giving some
extracts from 1t, because the subject has rarely
been so we'll treated.
Mr.. Clarke, alter noticing the popular belief
that railways have benefited everybody but their
projectors and that the general opinion OF the
community after the crash Of 1887, was that their
final bankruptcy and ruin was merely question
of fime. thinks that during the next decade sn'h
a change viii have taken place in the condition OF
our railways. thai We shall see them averaging
eight and ten per cent dividends on their legiti-
mate costs
Financial acknowledgement, imperfect constroc-
ton and want ofnaisidsal responsibility ia their
operation he sets down IS the caus'r'' -. .eh my
be traced the languishi,g ola4.t1sn i 'sr i7'''
ways.
British railways cost from two to Il ru 1s
much rs they should have done.-heeagee tee''
projectors had too much money. Ann can rail
ways have been too cos,ly--beeause " have moi
had money enough.
The Great Northern, from London TO York, PA
miles, expeL leo III pehiHS - ht'0i"
tive acl II incorporation. The mere 9 81 Of land
en- which British railways arc constructed has av'
eraged $4,000 per mile--as much rs ne average
cost Of making a railway in the United iac. ar.
Clarke proceeds to point out the error q consirne'
ting and managing our railways. American
railway companios have never been troubled with
too much money They have usually commenced
with great desire for economy, selecting cheap
engineer, and getting low estimate oi the prob
able cost a portion Of the amount is Subscribed
for in stock and the next thing is to ruH in debt
Firs,mortgage bonds are issued and r "a. The
proceeds are expended. and the road n", hall
done. Another 49," a. old 81 arca, lsconni,
and vet another, il pvaS lie. Ae the ron, apprua
ches completion, the desperate directors alse mo-
ney by the most desperate cxpedents such ms
would bankrupt any merchant in tho cot nry in
his private business. Sometimes the roal has Vi
talty enough to work itself out of the troubles
but in other cases, unfortunately too numerous,
passes into the hands of the bondholdcrs,and all
it can earn goes to remunerate trustees, and pay
legal expenses commissions, etc.
1.-The financial mistakes Of eur railways have
been, in cndeavorina to do too much with too little
money. and gripping themselves with n lond OF
debt that no project could stand under. This has
led, as q matter Of course to the second eyil-lm.
perfect construction. The projectors of new
railway have thus reasoned with themselves: "The
average cost Of our railways hns been between
$4,000 and $50. 900 per mile, and this one, no
doubt, will reach those figures before We get
through But it viii lnever do to talk SO, or
could not get the money to build. Mr.. Transit
our engineer, says it can be opened for twenty
thousand dollars per mile, and we will earn
ney enough to finish it by-and-by. So they 60 on,
and, to get the road open for the small sum attai-
nable everything has to 10 'scrimpcd' and pared
down to the lowest scale. The cuttings are taken
out just wide enough for the to pass through,
and the ends Of the ties overhang the edges Of the
embankments. Temporary trestle.work of wood
is substituted for stone bridges and culyers.
Some reckless fellow losses down the iron as fast
as a horse can trot, and the road lie opened.
Another way in which imperfect construction
is inevitable is where companies admit their ina
blity TO be their own fnanciers, by giving some
influential contractor his price, and allowing him
to "do his own engineering" in consideration of
his taking such securities they have to offer
and which he undertakes u noat by meaus oi his
superior connections. Having tho thing his owr
way, and being naturally anxious to bua h.~ roa,
for as little money possible he paros d wn eve
rything. even below the standard OF embirrasse,
railway boards. If the road will only l. Id tose
Their until be has sold his bonds, it is all he asks
If the business is good, the road will. perhaps b,
finished, or what is thought to be fnisl ed som,
day or other. If business is dull nothin; is done
and the bridges aud trestle-works remain .ucl
murder-traps as thar the albany Nor.her;
Road, which broke down last year."
Mr. Clarke Is Down Easter, and of course ma
turally believes Massachusetts, to be the Paradise
and Boston the hub Of the EARTH and NATURALLY
compares the working of Massachusetts with Bri
tish lines Of railways. In 1856, the re'orns o
the Massachusetts, railways showed that Their,
were 1895 miles open. costing on an lverag
s46.4so per mile SOL, GIL ,l2l in all. The receipts
per mile Of road 81 ,2l7, the expense 81 26(
leaving net earning Of $2,957, or 40 T. r cent
Of the whole. This was equal TO 642 pr cent
on the whole cost Of the railways. In tho sam,
year there were $500 miles OF railway open il
Great Britain. costing $4,000 per mile, or 81.
sos 500 ,303 in all and the receipts per mile o
road were 400. the expense SC, 249. leaving
net earning Of N,0<7, or SO per cent Of tn
whole. This wss equal to . dividend of 397 pc
cent on the whole cost Here the expense O
working the Britsh lines 10 less than TINT of wol
king de AassAehnsstts. The actual receipts pc
niIs ran OF Massachusetts trains were sI.s
asafnst "A az British trains; bat the erpesse
Pr MID RIM Of Massachusetts trains were 81 .06
while those of Bsisish trains were only $50 cents
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