, 1868-04-24
The Utility Of Railroads.
OFFICE o. G. R. R. CO., l
SALEM, Oregon, 1868. !


The following address was reported by special
csamittee, viz A. NJ Loryea, P. Wasserman
and H. Boyd, on
Tho Utility of Railroads.
Thirty eight years ago the railroad system
was regarded as substantially inaugurated on
The. completion of the "Liverpool and Man'
chester" track, iu England. On short trial its
advantages became so apparent, that it grew
steadily in popular favor, until as means Of
development and transportation it has come TO
be regarded 10 the country as permanent in'
stitution, equally with any OF the Industrial oc~
equations, and furnishes one of the most reliable
nroofs of the time That this view is widely
eutertained by the English Government, and
nsople, may be gathered from an article in the
Westminster ReuieO, of December, Eighteen
Hundred apd Forty five, lS45) which says: "We
have arrived at a new epoch in the history OF
the world-a, new element of civilization has
been deVeloped-as was the printing press go is
the RAILWAY in the affairs of mankind. 1t is
revolution among nations-a moral revolution
as affecting the diffusion Of knowledge, the in
terchange of social relatons, the perpetuation
of peace, the extension of commerce and
revolution in all the relations of property. We
refer by the later observations, to the cheapen>
inc of all kinds of commodities by the facilities
of carriage, and by the saving of time on the
mart of producers, afforded by railways, and
especially to the influence of the railway upon
the value of houses and lands; hence the de-
maud for railways to connect every town OF the
United Kingdom for they the bona yfds
want of society which sooner or later must be
supplied"
-n Railroads in England.
This was said of country so populous and
oounact iu its settlement, with such vast facili-
4iss for intercommunication-tha the surprise
becomes all the greater to learn how high an
annreciation was set upon public work at the
time little more than experimental in its char
acter; of a country entirely surrounded by
coast navigation, provided with nearly 5000
miles of completed canal and macadamized
tnrnpike roads The opinion expressed by the
Westminster Revieu, has become prophetic; at
the present time the British Isles contain near
5000 miles of complete railway.
Railroads in the United States.
John D. Jervis Civil Engineer of repute, has
furnished the world with a treatise on railways,
in which he remarks "But the railway has be-
come so much necessity, that local interests
will make greater efforts toIdo, what capitalists
nave been willing to do,for them. The local
interest, when it becomes strong enongh to act,
will not be so much controlled by the expecta,
r;ion of dividends as by the rise in the value of
their houses and lands, and the general promo
ton of their business interests
The truth OF this assertion when applied to
new and sparSely settled countries, is so appar-
ent as to require arguement. And yet the
remarks which follow will be devoted to illus.
tration of the fact that railroads hold out
great inducements for investments per sc, inde-
pendent of the countless benefits accruing to
the communities and sections of the country
through which they pass
Amount of Capital Invested in Railroads.
Seven years ago it estimated that there
were &c 900 miles of railroad completed and in
running order in the United States, constructed
at a cost Of one thousand millions of dollars, on
which the gross receipts per annum were set
down at SlO6, ola, 600, and it was shown that
the earnings on the capital expended for con>
struction in the United States, were about Al
per cent greater than the earnings capital
similarly invested in Great Britain. At the
present time there over 10000 miles OF
road in running order, constructed at an estima-
ted cost of l $50 900, 900. As an encouraging
.ucitation in this connection, it may be noted
that there are thousands of miles of railroads
iu the United States traversGg districts not
more than one half to ne>sxth occupied, still
they not only manage to afford the roads a
profitable support, but the roads in turn are
opening up a commerce for those States which
is rapidly bestowing upon them the wealth, the
dignity, the power of Empire.
Some of the Eastern Roads.
From a tabular statement in the American
Railroad Journal, for December, 1867, we as.
certain the following facts concerning few of
the railroads 10 operation in the Northern and
Western States during the year.
Connecticut.
The net earnings of the Hartford and New
Haven Railroad for tbeyear ending August 3lst,
1861 were 1892 ,2s3 on capital invested of
S3,2S8, ,932 dividends IL per cent.
Illinois
The net earnings of the Chicago, Burlington
and Quincy Railroad, for the year ending April
3Oth, 1867, were 81 246, ,463, on capital of Sl3,
24s,7ll; dividends 20 per cent.
Indiana.
The net earnings of the Terre>Haute and In-
.dianapolis Railroad for the year ending Nov
3Oth, 1865, were $297 ,l66, on capital invested
of 81 1888, 1885, dividends II per cent.
Iowa.
The net earnings of the Dubuque and Siou1
Road, for the year ending Decemner, 3lst, 1866
were $237 1851, on a capital invested of S. ,257,
O43; dividends not given.
.r.. Michigan.
The net .eaJningsaon tho Michigan Ceutra
Railroad; for the year ending May s1st, 1867
were $I49s, ,7l3, on a capital invested of $I4,
930,sl4; dividends, 10 per cent. The net earn
ings on the Michigan Southern and Western
Indiana Railroad for the year ending March 3lst
1867, were 81 500 ,3S7, on a capital invested o
$751; ,53l dividends not stated.
Massachusetts,.
The net earnings on the Boston and Lowell
Railroad, for the year ending November seth
1866, were $l76,2ss on q capital invested o
50, 465 ,434; dividends, 8 per cent Net earning
oD the Boston and Maine, for the' year ending
November 3Oth, 1866, were $49S, ,499 on capi
tai invested of $3,9s2'547; dividends 10 PEI
cent
New York.
The net earnings on the Buffalo, New Yorl
snd Erie Railroad, for the year ending Sept. 3oth
1866, were 1898, 100, on capital invested o
S3,369 ,Oss dividends, l33 per cent The Cen
trail Railroad from Albany to Buffalo, in periot
Of IS years, earned Sis, ,OO0, 900. 1t represents
S52,OOO,OOO capital, and has paid for its con
struction once every FIVE years since its com
mencement.
Ohio.
The net earnings of the Cleveland and Toledo
railroad, for the year ending May 3lst, 1867
were 81 ,l07 ,377, capital invested of Sc, ,90I,
ol6i dividends IA per cent.