New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-06

projectors to negotiate new securities since the
middle of last wear. Is it to be expected that
reconstruction will continue at this rate through
the year, and if so, what are likely to be the
effects upon the money markets and the IN
dustres of the country
New railroads enable the country to open new
farms, TO settle vast number of Immigrants
upon chean land. and thus to add largely to the
yearly product of grain, cotton ana PROVISIONS
But this is not an unqualified blessing. III Ine
country already produces as much OF these
great staples as it can consume ana Market
each new farm in the Far West threatens to
take the market from a farmer in older States,
where land is less fresh and fertile and more
costly. The westward migration of thousands
of farmers from States this side of the Mlssls-
sipp to the Far West, which goes on with
great activity every year when new lands are
being opened to settlement by new RAILROADS.
is not an unmixed benefit The newer States
produce more, but the older less; land IN the
newer States becomes more valuable, but
farms in the older States are constantly offered
for sale at plices which discourage neighDorlng
holders The aggregate production OF certain
staples is increased but at time when 1t Is
questionable whether foreign markets can DC
found for the entire surplus already produced,
and at the expense of q greater dispersion of
the population. The social and educational
disadvantages involved by this constant
migration to new and sparsey settled regions
are not 20 be dsrrgarded. We lay IA broader
foundation, but, for the present at least rear q
less solid supeIstructure.
Financially, the construction of new roads
locks up in fixed form many millions OF the
savings of the country. At $4,000 per mile,
which is probably below the average cost of
roads built this year, the $3.50 miles already
reborted cost 500 100000. After a partial
loss of crops, by which the annual income was
greatly reduced, so large a sum as S7O,OOO.OOO
cannot be taken from the available or floating
capital, and put into fixed and temporarily
unproductve form, without some undesirable
consequences. OF the new roads built tins
year, 734 miles are in Texas, 253 miles III
Colorado, 25j miles in the Territories, loZ
miles in the Pacific States, 1873 i'll Nebraska,
121 in Arkansas, JIG in Kansas III all l'OOJ
miles, or more than half of the whole, beyond
the old Iowa, Missouri and Arkansas line,
which was but recently the limit OF compare
lively compact settlement. 1t is not to be IN
ferred that none of the roads in these new
States will prove profitable, but by far the
greater number of them must wait for settle
ment of the country and development Of re-
sources before they can return profits to IN
vestOrs a large proportion OF the new roads
in older States, moreover, have been built ex
pressly TO compete with lines formerly profit
able, and are intended to divert traffic from
them. If they succeed, their profits must be
drawn to a considerable extent FROM the
earnings of capital pre- viously invested.
1t is probable that very few roads would
have been built this year. if the work had not
been commenced in 1851 or earlier. The
market for securities has 10. been favorable to
new undertakings for many months. But bonds
and stocks to a vast amount were placed, or
subscriptions for construction secured, during
the period of great prosperity and promise III
1850 and in the first half Of 1881. Provision
was thus made for many thousand miles of
new railroad, including extensions and con-
Meeting lines of importance To large systems.
Although some subscribers have been obliged
or have chosen to withdraw from their engage
ments, Others have usually been found to take
their places so that the work commenced last
year has now been completed or is approaching
completion. The suTest indication that the
construction of roads for which money has
been provided is now nearly finished appears
in the price of rails and the condition of the
iron trade. For some time past the mills have
been working almost wholly upon ola contracts
but getting no new orders. 1t is the general
report of the manufacturers that their orders
were closely worked up before the great strike
commenced But this implies that there is
likely soon to be great decrease i'll the weekly
reports of railway mileage constructed. Under
existing circumstances such a decrease would
be justly regarded as Il very encouraging symp-
tom.