The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-17
IInhdbita'fs So. M. Raitro'd
Raiir'dlpcr square to RR. cost per
miles. mile. mile. mile.

These figures are very suggestive. They not only
work OF this country and it's great breadth as COM
pared with those Of the chief commercial nations
OF Europe, but they are useful in many other re-
spects. We return to the railroad growth of the
past year and to the lessons it offers The first
OF these is as to the stringency Of the money mar
ket, which Tor several months has been unusually
severe. To this cause and to the disturbance since
July OF the foreign demand Tor our securities Is
largely due the check which has been given our rail-
road construction, which, but for such hndrances
would no doubt have reached 5000 miles during the
year, and perhaps more. 1t has been doubted by
conservative men whether our railroad progress
has not been too rapid since the war. In England
q similar active conversion of floating into fixed
financial system is not sufficiently elastic, these
persons tell us, to bear the eXhausting dram Of
over four hundred millions of capital which has
been annually absorbed by railroad investments.
Hence in this temporary retarding of our railroad
progress they see wholesome change which may
There Is, no doubt, some truth in these reason
ings but 10 must not be forgotten that every we'll
ductive machine which adds to the wealth of the
whole country and especially OF the region 1t ira
Our new railroads increase the value ofarms
and open new markets for their products. They
lessen the time and cost of travel They give
value to commodities otherwise almost worthless.
They concentrate population, stimulate production
Our existing railroads are computed to create
more wealth every year than Is absorbed for the
construction OF new railroads. Still 1t Is possible
that we have been absorbing In these great works
more of our floating capital than can be spared
on the limited supply of the loan market. In that
case the evil will soon cure ITSELF and premature
check is much more wholesome means of recu-
peration than q violent revulsiOn two or three
years hence when the mischief mas grown worse
and Is less susceptible OF gentle remedies.
Secondly, we notice the small cost of our rail-
roads, compared with those Of other countries.
This is abundantly seen in the foregoing table Of
the cost OF foreign railways. The whole cost of
our 10000 miles OF road Is about So, 4S6, 63s 749,
which is sum not very much greater than Eng
land has spent on her $4,000 miles OF railroad.
still the relative cost OF our railroads s increasing
every year. Steel rails are taking the place OF r0n
light rails are taken up and heavier rails laid down.
Better bridges, double tracks, solid eaTthworks,
stone ballast and other improvements add both to
the cost and durability OF the works as well as to
their economy: There have also sprung up number
of abuses and peculations which clamor to he ex-
posed and put down. In 1867 the average cost OF
our railroads was s42,77O per mile; in 1869 it had
risen TO s44255, and last year to $49,592 showing
q steady rise in the money value OF railroads and
OF their equipment This subject Is discussed by
our contemporary, the Railroad Journal, with its
usual sagacity and sound judgment, as folows:-
Population and knavery have ncessanty levied heavy
booty capital used in construction in its transit from
@ o sss' hes s
a p be ne he character S @ main
motive and carrying machinery has been essentially
Taxing the d Boston and Albany Railroad
,hi.%ss only $751; it has BY the close 1877
length of rSsd the or
made An AM Of the change eSh.bsd found
named, which show that in the interim there have been
added TO the second track and sidngs about seventy
miles that large amount of rail- has been changed
from iron 20 STEEL that nearly all the bridges have been
rebuilt with stone and iron that scarcely an old struc
tre remains and that the equipment has been enlarged
by the addition of about sixty locomotives and two o
sand cars. In fact an almost new ROAD mas been pui.
and equipped at the cost represented by the increased
There are, however many instances in which the in;
cost is chiefly nominal and the result OF financial
manipulation The more prominent OF the concerns
thus indie acd Of too notorious character 10 neeu
special notice.
Again we observe the healthy distribution OF the
Increase over all parts OF the Union, the great
valley of the Mississippi having the chef share.
Thus while the New England states, whose rail-
road network il almost complete, has but 1872 miles
OF new road the Middle States have al increase of
l,22O mileA and the Southern States 1878 miles.