Wilmington daily commercial., 1872-10-21

the Bonds could not be sold but they have been
sold as means were required and as admitted |
by intelligent capitalists, most advantageous
terms to the interests Of the Company. We do
not forget that we should soon have to stop pro-
gress for want of cash, but thanks to the faith
manifested by good friends, we have been enabled
to meet each and every just obligation with un-
questioned promptnees. We do not forget that
the Road would not be running in less than two
years, but it is running in about 15 months, and
do not forget that we could not finish Il IN one
year, and just there | confess 'Ouba Hill was
too much for us. and the doubters were right.
Even for this could give many reasona in ex-
PLANTATION, but l 'oiH not 1t is the duty OF each
Of us to meet whatever responsibilities in life we
assume, and therefore charge this shortcomtng
TO me.
THE EXCELLENT PROSPECTS OF SUCCESS.
Well says one admit that you have per
sstently accomplished this much, and that you
are ready to go into operation. Railroads do
not pay" Again, this is not true. Carefully
compiled statistics disprove it, and insist as
one of my hobbies, that Railroads, intelligenty
located, economically constructed, and honestly
managed should pay quite as well as Investments
in Bank stocks, or in other operations that from
| their magnitude are necessarily conducted on
| the joint stock principle. The average earnings
| OF the Railroads OF the United States. for 1862
were 25 per cent. on the estimated cost for con-
struetion and equipment; then taking as liberal
| allowance 10 per cent. for the cost of operating
| and we have 30 per cent. nett earnings, which
| WOulQ Dc eQulNhl6ub 10 u clbhT pTOnl lOi hiNl-
| dends OF IA per cent, per annum on the stock.
But says another, our Ii @ is too short TO be an
| average one in paying. In answer to this we
cite the fact that of the shortest roads in the
country from Hanover Junction to the town of
| Hanover, 70 u miles, is one of the most prohta-
| BILE, making regular 10 per cent. annual diyi-
dends, and at the same time has cancelled debt
nearly double the amount of the original paid in
| capital. Nor has this road as important termlni
| AZ ours. 1t passes through valuable iron ore
| mines, as ours passes through and near immense
| beds Of Kaoln Lime and Marble, as well as by
| important manufactures upon the Red Clay
and White Clay Greeks. But again. the Han
| over Road has important terminal connections.
| Ours has already an important northerly and
westerly connection, and is surely destined at an
/ early day to make otherg of great value, opening
/ up extensive iron ore, coal and slate mlneH and
| other frelghting material. Permit me now and
| here to place upon record my opinion for future
/ reference, that the present line OF about 2O
/ miles Of the Wilmington and Western Railroads.
the initial link Of great future Railroad system
that will connect the raw material OF interior and
/ southern Pennsylvania and of the West by the
most direct lines, not alone with the great manu-
i featuring interests of Wilmington, yet in their
/ infancy, bat also with the Delaware at the nat
ural and splendid harhor Of the Christiana, real
ly The most available point for toestern 0olElec-
ton l1iM the commerce Of the eldlOdre riuer,
| Already the peculiar capabilities of our road lave
! attracted the favorable attention Of experienced
| gentlemen in Rail RoadiuR, and the opinion has
| Do6D gwen DYh pFOmlubub lhlliohu oApolb thhb
our line will prove to be good and paying one
VALUE OF THE ROAD TO FARMING COUNTRY.
In view of all this then what is likely to be the
future Of this seemingly little enterprise that we
| inaugurate to-day But says another, what is
the use of Railroads Do they make men wiser,
happier and better? To discuss this question IN
the light Of the 10Th Century, and in the year of
our Lord 1872, would be such an insult to an in-
telligent, progressive people that forbeRr. l
can only say from much observation and some
reflection, that the man who travels and makes
use of Railroads Is far superior in comprehen-
syeness, in intelligence, In lberality in charity,
| and in general usefulness, to that man otherwise
| bis equal who stays at home and insists upon
| the uselessness of Railroads. Manufacturers
are so closely identified in interest with the fa-
cilities offered them by Railroads, as to readily
| appreciate them Our farmers too must necessa-
rily become more Interested in Railroads. not
merely as convenience. but necessity and for
these especial reasons Considering the high price
of land in this vicinity and adjacent to our large
eastern cities, as compared with lands in the
| interior, also the wonderful yearly increase of
cultivated acres in the West and then the en-
terprisiRg rapidity with which through Railroad
lines are opening up freighting facilities to
! bring this western produce in easy and direct
! competition with that Of the East, and it be-
comes a matter Of serious consideration whether
the owners of high priced farms can continue to
compete in ordinary agriculture with the West.
and whether it is not vitality important that oul
farmers SnOQlu pace Ill ClObeTs bdbol
aud cheaper connection by Railroads with the
larger cities In proximity, so as to be enabled tC
; | change the character OF their productions aud
! | supplies to butter, milk cream, vegetables
! fruits, and tn many better paying luxuries thai
are demanded by the growing wealth and wants
of such cities.
, | tFFEcr Usoh CULTURE AND CIVILIZATION, AS WELL
As MATERIAL PROSPERITY
Az illustrating more forcibly the value added
| by Railroads to the productions they market
| statisticans show for instance, that corn at u
| cents per bushel will bear transportation, owe
: ordinary highways, but 1876 miles, whilst upol
railroads the same article will bear transportation
4 1000 miles. Taking 1876 miles as the radius OF
Il circle and we have 40 087 square miles; or 1861
miles as radius aud we have 8 042, 406 squar
l. miles. thus showing that Railroads multiply ter
| ritorv in which corn can be marketed. to l6
IL times that in which it is possible by means o
ordinary road travel to haye any marke' abb
y value whatever In the same way railroads wi
N place the country supplies for city market b
a estimate about 10 times, but say-for short dis
Is tances-one half, or six times nearer, thus re
~ ducing miles from Wilmington practically to
mile II miles to miles, or IL miles to mile'
10 The result too of this practical reduction OF dis
e ances between the country and the city not onl
III | tells on both in the exchange of commodities
but equally 30 in the increased vaue of the land
y. thus made to greater or less extent the suburt
AT of the adjacent cities and then too the advar
Ay tages of closer business relations and intel
charge Of social intercourse, the facilities 70
= the country in attending the churches, school
u aud entertainments of the CITY, and Of the cit
not only in making frequent excursion
L to enjoy the country scenes and purt
air, but gradually of securing uncrowdG
n homes, beautifed and adapted to the wan
e and tastes of the wealth that inevit
at bly, concentrates in large and growing cities, a
,is together blending and harmonizing the associ
nm Citations of the country with the city, and Of Il
mr. city with the country, and each improving Il
nd other Thus the Railroad great in its resul
nj upon the material advancement of commun
le ties is equally great in its effect fostering Il
ra | intellectual and social element of life and Il
IA aesthetic culture of the people, in word it ten
nd TO make men and women wiser, better and ha
pier and to render life more valuable to eai
n | and ALL
PROGRESS OF RAILROADS IN THE UNITED STATE
ed Statistics, as / am aware are in the main, u
ad interesting, and yet feel assured you will III
the following, condensed from accessit
sources, neither tedious nor uninstructive
., tending to Illustrate the reasons for the faith
the American people in the value of Railroad
to the whole nation, as we'll as TO the local lntt
ice ests involved
on The firsttram-road in the United States, op'
ng ated by horses, has been understood to be til
Jail from the granite quarries in Quincy, Mass,
mt Neponsit River, constructed in 1926, and open
of in 1927 but the claim for priority in this ID M
an- made nearer bone and for the Leipervl
me Quarry r. r., between Wilmington and Philad
lgs phla.
m The first passenger railroad was Is miles
ors the Bait. i Ohio, opened about 1929 and oper
to ted by horses The trst locomotive used in Il