Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-08-12

Wn1N0
10 uspfoducsive.
soen waste Of capital IL yreatIy 10
oe regretted The remedy. IL there be
any, lies wholly with Investors. Ia near.
~ all the states aud territories the CON
struction Of railroads may be carried on
under general laws, and without appli-
Gallon TO their respective legislatures.
In prosperous times the success that old
lines have achieved is predicted OF ey.
cry new one, aud the public are attract
ed into the nex bv having issued To thean
often three dollars in securities in va
rious forms for Que of cash paid in. IL
not intTequentiy happens that the ven
turs, in she outset so promising. in
wolves the loss OF all the money actually
paid into IL. Ia the greater number Of
cases the disasters that have overtaksn
numerous enterprises, or schemes, could
nave been easily foresssu. and wers
foreseen, by persons familiar with 1t @
manner In which such enterprises
were gotten mp aud put upon the m II
ket, aud familiar with tbs soarces, ten
dency and extent Of the freight aud
passenger traffic of the districts or sec
tions which sash schemes we're profess
ediy to accommodate, and the provision
already made therefor.
IL is safe to assume tAat the new mile
age constructed IN the past three years
COST about $4,000 to the mile and that
when our people build, say 10000 miles
ef line IN one year, they expend upon
them $500, 600 900. In addition, a very
large amount of fresh capital is yearly
expended on old lines, 30 that we have
for many years past been expending upon
railroads considerably over $l.0O0,0O0
for every working dav in the year.
should a large portion Of the cost of new
lines be lost, the country is undoubtedly
the richer by corresponding amount,
from the Incidental advantages they
oonfer-the opening up of vast tracts
Tor settlement, and in bringing within
the reach OF markets products which
before had No commercial value.
III It be assumed that the cost in me-
ney OF all the roads in operation in the
United States In 1853 did not exceed, as
1t certainly did not, the amount of their
funded and floating debts, $3, 1877 .4l0,-
rs, the actual investment WAS a most
profitable one. The net earnings for
the year were $685.. .9ll ,SS4, sum equal
ing about per cent. on their cost. IL
the fictitious capital could be eliminated
from their accounts, their success, YsI
Investments, wonld have no parallel. IL
to net income be added the advantag, Q
that how from them, the resalt wonid
be matter OF especial won Ter. Oar
railroads the past year transported over
4OO,OOO.OO0 tons of freight. At S15 per
ton, the value of this freight would
equal $l0,0O0,000.0O Ii Ia enough to
say that. compared with the wealth of
the eouhtry thirty years ago. they have
created on this continent q new nation.
While penetrating every portion of the
at least wherever our people
SO, they for the first time create the
condition of firm and compact nation
ality.
The number of tons of freight trans
ported by the railroads Of the New
England group of States during the
past year amoanted to rs tons per head
of Its populations; in the Middle group
l5.2. In Pennsylvania the number OF
tons per head amounted to 246. In the
Southern group the number was 2.l3; in
the Western 7.5, and in the Pacific
group3.42. The average per head in the
whole oonntry was about 3 tons.
The average freight charge per ton
per mile was, in the New England
group cent; in the Middle group 4:
IN the Southern LIS; in tue Western
l.23, and in the Pacific group 22. the
average in the whole country being l "a
cents per toR per mile.
In frei chs traffic the State of Penn
sylvaRia is first, having more than one
quarter of the total in the United States.
New York comes second, Ohio third, Ill
iuois fourth, New Jersey tifth, and In
diana sixth.
The number of passengers transport
ed on all the railroads of the United
States the past year, not including the
New York Elevated roads, was BIZ 2.6S6,-
64l-a number equaling more than SIX
times the population of the United
States in 1880. The number transport
ed in Massachusetts, was greater than in
any other State, Pennsylvania coming
second, New York third, Illinois fourth,
New Jersey fifth. and Ohio sixth. TIE
number transported in the Pacific
group. hsving population Of l.4S0,272,
was li,S70,626-a number more than
eight times its population.
The charge per pas enRer per mile in
the New England group was 2 Is cents;
in the Middle group 2.i7: in the South
ern group 2 80; in the Western 2.56; in
the Pacific group 2.S4. the total for the
whole country being 2 az cents per mile.
These are the average charges for all
classes of passengers. and the emigrant
travel being so much greater ON the
Western and Pacific groups, these fig
ur q do not show the enormous dispari-
ty between first class passenger rates on
these groups and those OF Eastern roads.