Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-04-23
ELECTRIC RoADS.

ELEO hN<1OO.
Careful analysis of the working of cleo
trio roads goes to prove that when oper-
ated with skill aud discretion they are
nifty per cent. less expense to run than
horse railroads are. What does this
mean? One thing it means is that many
roads can be built that would be out OF
the question with horses. Another Is
that roads not paying can be placed on
dividend basis, In 1888 out of nineteen
horse roads reporting IN New York city,
ten showed deficiency. Last year their
net earnings were much better, but II
is evident that horse road is not Away 8
mine of wealth, though it may be or
fertilizers. A third point is the estaD-
fishing of new class of investments OF
solid, enduring nature. 1t is within
everYbody's knowledge that the accumu-
Iation Of capital tends constantly
| to the reduction of interest to
minimum. There was a time when
the long stocking ana the iron chest
were the common bankers for the saw
ings of the timid ard the capital that
was bold earned the double reward or lts
| bravery and scarcity. AS Walter Bage-
hot, the economist, has remarked. the
English people have always wanted 70
put their money into something safe that
will yield per cent; and this is I'M
doubtedly one reason why English capl-
tai, free and fluent, is so much power
in the finance of the world, and why SO
much comes this way. AS Mr.. Bagehot
SAYS: sin most countries most men are
| content to forego interest, but in more
advanced countries at sometimes there
are more savings seeking Investment than
there are known investments for. IL
is thus in America, so far as ''safe in
vestments are concerned, and by safe we
mean such as do not require the active
care and ceaseless thought of the capital
ist, but may be held by trustees widows
hospitals, universities, savings banks and
the like. The competition OF capital for
the best class of government bonds, mu-
nioipal bonds, railroad stocks, etc., has
reduced the earnings on these to a very
low figure, whether in America, of En-
gland or Germany; and the result is that
we see to-day, as never before, the plan
ming of enormous trusts and gigantic IN
dustrial enterprises, which represent III
no small degree the endeaVor OF capltal
or savings still to enjoy its wonted IN
come, but in newer fields. Now we look
upon the street railway business OF the
country, under the regime of electricity, ,
as offering one of the best opportunl-
ties for local capital. and for what may
be called the organization of local
savings. which might otherwise lie
around in napkins, like the unjust
I stewards talent, and be of no use to
r any body The capital in street rail-
I WAYS in America to-day reaches from
l Sl75, 900 900 to $500, 900, 600. If the
I statement we have made as to the su-
4 perior economy of electrical power be
true, how much greater becomes the
s earning capacity of this investment, how
I much greater are the attractions hello
out to construct the hundreds OF new
roads that are still wanted and will b'
called for as our towns and cities grow
8 OF course we are aware that 1t may bt
said that this showing might lead to
demand for lower fares. 1t might blu
the publi8are intelligent enough to know
: / that other things are more necessary
2 such as better cars, with better heat ant
S better light, improved tracks, taste
IS running time and shorter Roadway, sc
j that the l 500 ,ooO 900 passengers on tn
street railroads every year may travel in
/ all safety and comfort.