, 1883-09-08
Our Railways in 1889.

esting and valuable information concern
ing the progress Of railway construction /
during the past year, ard the relation IN
which the great railroad enterprises 81 the .
country stand 10 other interests and 10 !
similar enterprises in other coun'r!es- /
Since 1873 there have been opened IN the |
United States :6,0l9 miles Of railroad, +
10, ,iG3 miles Of which had been opened at /.
the close of the fiscal year o: the several
companies; while the extent actually
opened during the calendar year was no
less than II ,59l miles. The total mile
eye Of the country IS IL, 4l2, which IS
nearly equal 70 that Of ali the other cUun-
tries oi the world combined For the
paat two years considerably more than
half the amount yf railway constructed
In the world was within the United States,
and the prediction Uf NJ Poor, that by
the end Of 1857 the United States VII
have a railroad mileage equal l. that OF
all the either countries Of the world to-
gcther, has IN 1t no element Of the I'M
probable. The rem rk tha, .'yhs con-
struction oi railroads IL this country
Seems to proceed IL e-yat waves Is oisly
equivalent to saying that railway cgus;ruc-
tion IS subjec, :, the same law winch gov
ern the Investment Of capital III any other
enterprise When first It has been at
tempted and foEud - result IL hand
some return Of profit, capital IS attracted
to it, and continues 10 pour IN until rap
idly diminishing returns, followed by Pc
ricis Of reduced returns, II MT OF actual
loss, Barn railroad builders that rhc bust
ness Is beng ovcrdone Then COMES i
lull, until The growth If the country has
carried 1t beyond the facilities for trans !
portation, when the same progress Is agaIn /
begun, aud the cigole is rciraced. And !
in Connection with the remarkably large !
construction # .he Ias. few years, Mr, !
Poor Justly remarks tl.at iar the greater /
,xten; o9 the mileage has been Ia rev ter
rirory: 50 that, even II tie amount were !
conceded u bc excessive under ordinary
circumstances, Tire advantage resaitin.
l.om opening Up vast fertile tracts 10 SET
tlement would have l. be considered or
the other side Of the account. The dog
matte assertion that railroad building
must continue uainterru?ted.y until We
have one mile Ct railroad frr every ten
square miles Of territory, or q total of
500, 900 miles, Is not impazs!bly irue, but
seems At present 10 be nothing better
than 4 guess founded on Conclusions
drawn from incomplete analogy.
The increase of share capita! and III
debtedness oyer actual casA outlay dur
lag the last three years is remarkable,
and full Of menace, unless a halt shall be
called in this wholesale extension II cred
IT. ia this period the addition TO liabili-
ties MAS nearly 81 900, ,Uoo, ,0C) more than
the cash expenditures. This is fact
that may be borne in mind IN attempting
10 account for the uncertainties and the
frequent weakness OF the STOCK market
In the older States It has HOW become ev-
ilent that no construction Il usa lines
can be profitable. unless II is with q view
# deyolorrg some particular Interest
which assures adequate cum,eusA,iyn in
advance. /; Is a source q NJ common
pride 10 reflect that the expenditure Of
nearly 81 oOC, 600 Tor every d.y u three
consecutive yeas has made ~ eNjraoGdi-
nary drain upon our resources, bur has
been contemparauouus with genera. pros
perlty and the advance u al UuT interests Z
IN an almost equal ratio. Some very III
teres,ing statistics oi the relative aJasuuts
uf freight and passengers ests.ej i.y lines. (
IN the different sections are given. The :
number OF passengers transported Ia the .
New England States was equal 10 lG3I
times !hc population Of the group; ip the
Middle States. ym;ttIn- the travc! Uu the
New York elevated roads, :s was 10 times /
The papula::nu, while the ratios f,r the .
Western and racidc States respectively /
we've Il snG -. TIE comparatively .
iow ratio oi ,Le Wes.gsn-r,up j. account +
ell ior by tie fact thai II inrlud,s the /
States If the oJu-Awes., Shere travel rel /
alive to population IS as 'i-h; IS IN the
South; and i, should also Be taken
into account that tAt distances t-avrrsed
would aver much greater than those Il
the more ;hieLly settled New Egglani
and Middle S.4'gs. The average charge
per mile fcr passenger IL ;he Nsw En-
land, Middle, Southern. Western. ana
Pacific States. respectively, 74s@.I c-uts
2-3 cents. 20 cs.'s. = > cents. 81 cents:
while the -veu-- elars, iyr me entire
passenger tr-i-s c-a c.u.r-y S.s = ;;
cents per Passenger Pc. mils.
Similar s;a'ls..., II ,Le :rgl = il.i.
ness arc g.ylr. h,t they are Z less value
because s. Is.ss d = .r..an Of the though
bGsiaess ,i.,rrs H., he reckoning. Frr
instance, the 4voss-s number IF ;au,
moved pes Lea1 II population L s..sse
States through aAiah sle great trunk
lines pass Is uyt 9 basis ig- dgawia- auy