New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-19
--- -------------------
FIVE THOUSAND MILES,


Not little surprise has been caused in some
quarters by the publication of new railway
mileage for the first half of 1882. There was
general impression that railway building,
though not wholly stopped, had been greatly
diminished OF late. Unquestionably. but few
new enterprises have succeeded in placing
securities within the past half year; the i'm
portations of rails have declined to less than
third of the quantity received in corresponding
months last year, or early this year; the rail
mills of this country are no longer at work, as
they were last year, upon orders covering SIX
months production and the price Of Bessemer
rails in spite of the great strike, is about % per
cent lower than in February. With all these
evidences of decrease in railroad building,
The CHICAGO Rail,cay Age states that 1890
miles of new road have been opened from
January 1 to July l, 1882, against :" little
over 1000 miles" for the first half of last
year. The comparative statement seems to be
erroneous In the ordinary weekly reports,
which do not include by any means all the new
mileage constructed, the building of over 9, 400
miles was announced for the first half Of 1881
But the statement of The Railway Age may
nevertheless be correct in the essential matter,
and all other records agree TO this extent that
the mileage of new railroads built this year has
been nearly or quite double that OF last year to
date.
Ordinarily, much more than half Of the new
railroad completed in any year is finished dur
ing the last half of the year. Thus Mr.. Poor
reports that over 10000 miles OF railroad were
built in 1881, of which, as we have seen, only
loNo 70 Tttlx I
The season. it is true, was extraordinarily IN
favorable until late in that half year, but the
records for series of years show that the
mileage completed during the last half of each
year has been much greater than during the
first half. Hence it would be an unusual and
almost unprecedented event if, nearly 5000
miles having been completed from January L
to July /, the mileage constructed in the last
half of this year should fall below 5000, and
vet the completion of 10000 miles of railroad
in two years would indeed be a marvellous work.
The table given by The Railray Age gives
the number of miles of road built III each State.
Texas leads with 1872 miles. Iowa has 4O3,
Colorado 326, New-York 303, Indiana 295 and
Arkansas 24s, so that nearly half the new
mileage was in six States. ewEngland re-
ports none; the Middle States only ALB
miles: the Southern States east of the Mssis-
sippi 63S, and the Pacific States 2l2; so that
nearly three-quarters of the entire new mileage
was in Northern states west of the Pennsyl-
vania line, and in Southern States west of the
Mississippi. In the North, between Pennsyl-
vania and the Mississippi, SIS miles were
built. More than half-over 80 per cent-of
the entire mileage constructed was between the
Mississippi River and the Nevada and Oregon
line, namely, 2,78S miles These figures show
that the work done has been very largely for
the development of regions as yet sparsely
settled. But the multiplication of competing
roads in many of the older States has also been
an important feature in the half years work.
1t is n common mis- axe to suppose I'll at the
cost of railroads completed this year must
necessarily be taken from the available capital
this year. Roads of Importance are two or
three years in building finished to-day they
were partly built in 1881, and begun in 1880
or even earlier. AS a rule, capital was pro-
vided one or two years ago, and, if not wholly
withdrawn from the loan market or the market
for investments, was so pledged or locked up
that it has not since been available for any new
enterprises. In the currency point of view, on
the other hand, the money taken 10 pay Tor the
new roads has been drawn out month by month,
as the work went on, expended for labor or
materials, and long ago returned to the
market The completion of long line of road
this year, though it swells the record of mile
age built and operated, has had little effect on
the money market since its bonds and stocks
were placed, a year or two ago. The trans
formation of active into fixed capital, the cause
of mischief il any mischief has been done, is an
event of the past long before the completion
of most of the railroads is reported.
One OF The Spectators judIcions remarks on news
rn1hernn IL inAtifeh hv the cahle di.nafchas Irnn