The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-09-01


that is likely to offer itself. The result Of all
such new lines will be to divide business with,
and thus weaken, the old; or, unable TO COM
pete, their stocks and bonds must remain COM
paratively valueless. Their want 0f success
will serve to check the further construction Of
all undertakings OF the kind. Indeed, the un-
certainty which prevails as to the value OF the
enormous mass Of stocks and bonds which has
been put upon the market In the last three
years is exerting very salutary influence In
checking or postponing new enterprises TIL
the results OF the past can be more clearly
seen.
The construction of railroads in this country
seems to proceed in great waves. In recur-
ring periods 10 becomes the absorbing passion
Of our people. All this is very natural. No
enterprise is so seductive as railroad for the
hope of gain it offers. Every community, no
matter how well supplied, eagerly Welcomes
new line, for the money its costs brings II, ana
the promise 1t offers of lower rates OF transpor-
tation. When there has been q considerable
pause in the construction OF railroads and the
traffic of old lines, which, without rivals, keeps
pace with the progress OF the country, their
success is predicated OF every new line, wher-
ever situated, no matter how wanting In real
merit it may be. In highly excited state Of
the public mind the promoters OF new enter
Drises have, for time, everything their own
way; for the argument on the other side can
only be presented by the result itself. There
never was a period in our history in which, In
The construction and consolidation OF railroads,
the good sense OF our people was SO thoroughly
at fault as in the period from 1879 up to and
lnclnding 1882 There can be no doubt that
he country is vastly richer and stronger than
it was in 1878, and that there is no reason to
apprehend the terrible disasters that followed
hat year; our confidence Ia our vast strength
has probably led 10 excesses wholly dispropof-
tionate TO our needs or means.
These remarks are to be received not as dis
couraging the construction Of new lines into
new territory, nor in the older States when
called for in the DEVELOPMENT Of mining indus
tries capable of unlimited expansion, but to
put an end to those purely speculative schemes,
the only object of which is the manufacture or
securities for the purpose OF imposing them
UPON the public Attention should also DO
called to the enormous increase, for the same
object, of stock and bonds of old companies, OF
which culpable examples might be given.
While 1t is not probable that we shall ever
again witness the construction, in a single
year, of IL 800 miles OF railroad, such construc.
tioD will continue steadily and rapidly until
our present mileage is doubled in extent.
There are now, soon will be, four great lines
iraversing the continent from ocean to ocean.
These lines render every portion OF 1t accessi-
BILE, and will serve as trunks from which branch
lines will radiate in every direction. Included
in the available area Of the United States are
3000.0O0 square miles A ratio Of one mile Of
railroad to ten square miles OF area will give
100000 miles of line Construction will pro-
ceed uninterruptedly until such an extent Of
mileage is reached.
1t is 10 the credit Of the railway intsrert that,
so far, there have been but very few defaults In
the payment Of the bonds of railroad compan-
les. Their floating debts, though large In the
aggregate, create no embarrassment. 1t is also
a remarkable evidence of the wealth of the
country that the expenditure of more than
81 900, 900 for every day for three consecutive
years-many almost wholly supplied by our
own people-has created no strain in our mon
ey markets. This, perhaps, is not so much to
be wondered at, as nations Of the Old World,
having much less wealth than our own, spend
annually upon military and naval establish
ments-expeDditures in one point of view
wholly unproductive sums greater than are
expended annually in this country upon rail-
roads, 1t is greatly in our favor that by far the
greater extent OF mileage constructed within
the last three years has been in new tarrtory,
so that should the investment in them he who'll
ly sunk the loss would be more than compensa-
led by the advantage resulting from opening
up vast tracts Of fertile territory to settlement.
The construction of railroads, no matter the
scale on which, within the past three years, it
has proceeded, is not likely to create anything
like the widespread disasters that followed the
breakdown of 1873, however much individuals
may suffer. Many of the greater interests OF
the country are in a sound condition. There
has been no undue speculation in real estate,
that sure precursor OF financial disaster. The
embarrassments of railroads, whatever they
may be, will be that ri a single powerful inter-
est and will not, es they did in 1873, fncrude
every other in the country.
The number of passengers transported In
1882 on the railroads Of the New England
group Of States having population of $780,
529, was s. 220, ,934-a number 1853 times great
or than its whole population. The number
transported in Massachu usetts was As 063 $50, q
number greater than for any other State. The
number transported in the middle group OF
States having population OF IL, 2,l96,S76, was
205, ,S44 626; or deducting sc, ,161 ,029 carried on
the New York city elevated railroads, 49,
6S3, ,597-a number very nearly equaling ten
times its population. The number transported
in the Southern group of States having a pop
ulstion of L, ,255 ,910. was 10,S75, ,511, number
1875, ,399 less than the population of this group.
The number transported on the railroads of the
Western and Southwestern group having a
population of 20, 132, ,325, was SO, ,240 3S1-A num-
ber Al times greater than its population; the
low average for this group arising from en-
bracing in it the Southwestern States. The
number transported on the Pacific group hav-
ing population of ,393, ,817, was 10,510, ,410-A
number 7.5 times greater than its population.
The total number transported on all the rail-
roads of the United States the past year, not
including the New York elevated roads, was
289, 100, ,7S3-a number equaling very nearly SIX
times the total population, 50,442, ,066, Of the
United States In 1880.
The number of passengers moved one mile
in the New England group was ,107 ,045, ,086, at
a charge of 81 cents per mile; in the Middle
States group 2, $50, ,226,6 ,676, at charge OF 2.3
cents per mile; in the Southern group 559,-
577, ,S3o, at a charge Of 6 cents per mile; in
the Western group 2,70S, ,268 037, at a charge Of
3 cents per mile; in the Pacific group 351,-
942,279, at charge of 81 cents per mile. The
total movement on all the roads equalled
6,S34, ,04S, ,765 persons moved one mile, at q
charge of 2. Sc cents per passenger per mile.
The number of tons Of freight transported on
the part of the railroads in the New England
group of States was 2S,605, ,416 Etons, being
tons per head of its population. The number
of tons transported in the Middle group was
166, ,372, $50, the numb of tons moved per head
of population being 1856. The number Of tons
moved on the railroads of Pennsylvania, per
head, was 23.4. The number of tons transpor-
ted IN the Southern group was 19,199,O96,
the number OF tons per head being
l So. The number of tons transported
in the Western group was 140.79l ,S48,
being tons per head. The number of
tons transported in the Pacific group was o.
526 ,426, being tons per head. The number
transported on all the railroads OF the United
States, the past year, $50 ,490, ,375 tons, the
average tons moved per head of population be-
ing very little over z tons. The number OF
tons transported one mile on the railroads o.
New England group was 1,680OO9O O65, at
charge OF II cents per ton per mile; In the
Middle States group, IA ,233, SS4 ,6S5 tons, at q
charge of cent per ton per nile; on those OF
the Southern group, 2.040,0 0,07S,971 tons, at
charge OF s cents per ton per mile; on those
of the Western group, 2O,133 ,946 667 tons, at 9
charge Of IL cents per ton per mile; on those
of the Pacific group, 1,21i ,2S9S5 9, at q charge
of 3 l cents per ton per mile. The total move
ments on all the rairoaos of the United States
for 1882 equaled 80, ,302, ,249 tons moved one
mile, at an average charge of IL cents per ton
per mile.
While the tonnage of the railroads of the
United States can be determined with suffi-
cient accuracy the value of this tonnage pre-
sents much more difficult problem. Tho
tonnage upon the Erie Canal. the
great pioneer work of the country is classified
under the following heads: Products
of Forests" Products of Animals" /" "Vegeta-
BILE Food, "Other Agricultural Products,@-
Manufactures" }" "Merchsnd ise," and "Other
Articles" On the canal the value of each
class is estimated by its officers or the shipper.
So long as the canal was large carrier Of all
classes of freight the average value of its tom
mage was about fifty dollars. Its value is some-
what less now, the tonnage of the canal being
confined to only few articles. The railroads
of New York are required to classify their
freight acc riding to the canal schedules, Fol-
lowing the canal valuation, and estimating the
Products of the Forests at $40 per ton, the
Products of Animals at $3.50 per ton. Vegeta-
BILE Food at $40 per ton, other agricultural vro-
| ducts at $40 per ton, manufactures at S25 per
| ton merchandise at $3.50 per ton, and other ar
ticles at $40 per ton, the value of the tonnage
transported by the New York Central Railroad
7OE pnnO