Omaha daily bee., 1896-12-13

land was Mortified. Thereafter the line:
were run with locomotives, and the arsto
| cratic residents moved out.
The London & Birmingham was one OF
the costliest lines Of railroad of any con.
| siderable extent ever built the outlay on Q
| little over 100 miles amounting up to nearly
| S30, 900, 900. This was before the days OF
| steep grades, and Stevenson would have nc
| gradient worse than foot rise in 300 feet
of road and the country through which
the railroad ran was for the most part
| hilly.
THE ORIGINAL COST.
The Grand Junction line was built by
Joseph Locke, a pupil Of George Stevenson,
and possibly a greater railway engineer
than either his famous master or the lat
ters son, Robert. Locke believed in the
climbing power of the locomotive when
no one else in England did, and by adapt
ing his lines to the surface of the country
was able to build them far more cheaply
than any one else could, and just as sub
stantially. The London & Southwestern
railroad from London to Southampton. was
built by Locke and cost only f2S 600 or
$l4O,0O0 per mile, and the Grand Junction
line but $1l,00O per mile, while the Lou
don & Birmingham had cost upwards OF
$2500 per mile.
These figures of railway cost sound oddly
to the ears of the present day, when steel
is cheaper, in a builders sense than iron,
largely by machinery. The railroads of
the United States have an average capital
ization of only 100000 per mile and this,
If experts are 10 be believed, is a sum
enormously in excess of the actual eX-
pense of construction.
Shortly after the consolidation of the Lam
caster a. Carlisle, and the Chester 4 Holy
head lines were added, and the London &
Northwestern then attained that monopoly
of the London and Ireland traffic, and tho
large share of the Scotch, when 1t has held
ever since. At the time of the Incorporation
the united system had a nominal capital Of
f17 100000, or an average capitalization of
S2l2OOO per mile. The line has been con-
tinuously extended until it now comprises, as
already noted, about 1900 miles, of which
3S1 miles are single track. 1t will be seen
that with a capitalization of 1000 900 the
average capitalization is now more than half
again as great as 1t was fifty years ago, or
1898 900 per mile. Even stocked at this
enormous rate, 1t earns a steady dividend
of about 61A per cent per annum. which, as
securities rule in England. puts the stock
at 100 per cent premium.
CONTROLLED BY THREE MEN
1t is rather curious that this colossal cor
poratlon has been dominated almost from its
very inception down to last year by but
three men. The first chairman Of the board
Of directors position which answers to the
presidency of the railroad in this country,
1862, when after a short interim Mr.. Neon, |
now Sir Richard Moon, became chairman. The
latter is by odds the most interesting and
easily one Of tho greatest figures in the rail |
way world ot the last half century. He had
been a director in the London q Northwest
orn for fifteen years when he became It's |
head and lis head he remained in literal |
fact as well as in name for more than thirty |
years. q ~
Moon was one Of those Englshmen who |
give their lives up to the business they CON |
troll. There was not foot OF the London |
K Northwestern h6 did not know almost |
rs accurately as tho trackwalker, and over
he conduct and affairs OF the road his vigil |
vas unceasing. Down to the day of his re-
rement about a year and a half ago, Re
vas accustomed to be at his office by z
'clock in the morning and IL was not infre-
luent that he was II be found there at mid
light. As a manager he was stern and un-
bending, good deal of a martinez, but
vthal no rezpecter Of persons
The stories that are told Of his oddities and
harpneal of speech are endless 1t is related
hat one day one of the chief directors of
he line made an appointment with him for
O'Clock in the morning Arriving ten or
fteen minutes late, the director jestingly
pologIzed for his lack of punctuality. Pre-
laely, sir" the old manager retorted,
luntly. IT'S a very bad habit sir"
On another occasion at one OF the direc-
ors' meetings a noble lord was observed
eading a newspaper, Sir Richard raped
harply on his deSk and announced abruptly
directors meeting is no place for read
ig newspapers John" turning to his serY-
Mt, Go and take Lord So-and-sOs news
aper away"
Occasionally. however the old gentleman
lught tartar Riding on one Of the branch
mes one day. passing Lyldesley Banks he