The New York herald., 1874-01-19
The Iron Fingers Of Trade-Tht Value,
Extent and Cost of Our Inland
System Of Transportation.
REVIEW OF THE WEEK.
Money, Stocks and Bonds-Contrasts
and Results.
WALL STREET,

mand an immediate reduction OF public expendi-
ture TO point consistent with that which existed
before the war. There should be no postpone
ment-no waiting for the estimates for 1875. II in
one or another governmental department larger
clerical force exists than Is necessary let IL be cut
down at once-nOt in July. II economy will be
good then it will be better now, while every dollar
spent.by the government adds to It's burdens and
increases its financial difficulties and while
THE RECEIPTS OF THE TREASURY
are insufficient to meet its payments. Would it be
deemed prudent for o merchant who has been
overtaken by disaster and finds his resources
diminished, to plan system OF economy for prac-
tice at some remote time and meanwhile maintain
his usual costly expenditures by giving out "due
bills'' to meet the consequent deficiencies Yet, is
not this precisely what the government Is doing
to-day and has been doing for the last three
months II not prudent for the merchant, Is it
any more prudent for the government Up to this
time it has been scarcely lntimated in Congress
that retrenchment should commence WITHIN SIX
months. The "due bills' being issued meanwhile
to meet deficiencies have none the less to be paid.
They are in fact an immediate tax upon the people,
inasmuch as they are enhancing prices and adding
to public obligations.
THERE rs DANGER.
however, that even after July retrenchment will
prove delusion, because it seems as If the Con-
gressiOnal committee whose duty 1t is to revise the
estimates were met at every turn by the declara-
tiOn Of the interested departments, "This Is impos
sibe You will cripple the governmentl' 1t is
possible, and the people are demanding that 1t
shall take place and that Congress shall reduce the
total expenditures, exclusive Of the interest on the
public debt, to sum not exceeding, say 800 600
in excess OF the expenditures for the year ending
June 80, 1850. This would be an increase of 83 per
cent-much larger, in proportion, than the corre-
spending increase Of wealth and population since
that period. The subject is too serious one to be
lost sight Of for moment. Capital and labor are
alike interested in its achievement, and it only re-
quires joint persistent effort to win.
THE RAILROAD EARNINGS
Of number Of Western lines, whose fiscal year
ended on the 31st Of December, are decidedly
encouraging, especially when we recall the
many difficulties with which they had to contend
during the latter half of 1873 Milwaukee and st.
Paul shows gain of $2,O 5000, and Chicago, Bur-
lington and Quincy reports an increase OF over
g. 600 600; both OF these roads, however, operating
more mileage than in 1872, and thus swelling their
gross receipts. Lake Shore. on the other hand,
while making an excellent exhibit, has been
obliged to part with It's monopoly of the traffic on
the Cleveland, Columbus and Gin cinnati Railroad
and on Toledo and Wabash. Rock Island is also
said to present favorable results. 1t is to be borne
in mind, however, that nearly all of the immense
trahic which has given these lines employment is
in only one directiOn-frOm West to East. 1t is but
HALF BUSINESS.
The cars that were taxed to their utmost in
moving grain returned empty. The shipment OF
merchandise from East to West Is still compare
lively light and unprO1table-a fact by the way,
that illustrates how slow Is the process OF recovery
in commercial and manufacturing circles froin the
effects Of the recent panic Another feature is
worthy Of comment Expenses have been largely
reduced, and greater economy Is being exercised
in all the departments Of the roads to degree
which compensates In measure for the falling of
of business. Indeed, 1t may be safely said that the
railroads show more swift recuperation than any
OF the other Industries Of the country. Retrench-
ing their outlay and suspending the building OF
additional miles of track they have done precisely
what prudent merchant would have done under
the circumstances, and have been rewarded with
the
GRATIFYING RESULTS.
1t may be interesting to many OF our readers to
know that the whole railroad mileage OF this coun.
try Is now 71,564 miles; of second track and
sidings. 1882 or grand total of single track Of
s5,O76 miles. The number OF companies in the
United States is $50. OF locomotives there are
a. 22s passenger. baggage and express cars,
49, 725, and freight ass427. The total capital
stock amounts to 2O72 251 1854 $2s 956 per mile.
The total funded oating debt is 81, ,999 TAI 597
and the total cost of railroads and equipments,
So, 72s 1895 or about $4,000 per mile During
the year 1873, 4,l9O miles Of new road were built.
The recent report Of
THE NEW YORK CENTRAL AND HUDSON RIVER CON-
PANY
for the year ending September 80, 1873, presents
some figures which are being used to cast
doubts upon the truth Of the statement that the
net earnings had increased $2,350,6A over those
for 1872 Thus 1t Is said 'that while the gross re-
ceipts have increased $3,546.176 or about 13k per
cent, the gross passenger and freight mileage has
increased 245 712 939, or over 1s per cent The lat
ter fact is hardly consistent with a reduced wear
and tear OF road and machinery, as is represented
in the comparison OF these items viz. -
1872 Cost of maintaining road, &C. .$5, 153, ,49S
1872 Repairs to machinery. 4150,599
50, o,ao4, ,Os7
The same items werein-
1873. Maintaining road, &c...... "a, 233,48
1878. Repairs to machinery...... 3,353,376
1S73 Reduction in cost from 1872 ST. III, 1872
Against the immense increase noted above IN
amount OF business" The suggestion is also made
that 'the item In New Construction OF 81, ,364 TAT
might help to explain. and, II charged to the
proper account, would have resulted in the report
exhibiting o slight decrease Of net earnings, In.
stead OF an increase"
II ia also stated "that as the bonded oebt has in
creased ncuding So oOo 900 just issued) $14
the annual interest charge will hereafter be
1885, 48s greater than Is charged in this reportn
The question is also suggested whether "the COM
pany have created noatlng deot since the date Of