The Washington times., 1901-06-30
RECENFRAILWAY BUILDING
Record of a Half-Year 1000 Miles
Of New Track.

Comparison With the Great Con-
struction Days in the SOS - No
More Long Competing Lines - Eff
feet of Larger Mileage on Earnings
Estimates of railroad construction in
the first half Of the current year, pub
lished in the last issue OF the Railroad
Gazette" place the amount as nearly
2o15 miles, Indicating perhaps the build
ing OF between 500 and 500 miles in the
twelve months The mileage reported for
the half year to June % compares with
2Il0 miles built in the same period Of
1860 so that the activity in railroad build
ing which many have looked for has not
yet materialized in completed track As
compared with the 1900 miles which were
built in 1857. for instance, the year Of
greatest activity in building new mileage
in the United States, the 1900 miles added
10 the railroad systems of this country
in the last six months appears small
enough. Fifteen years ago the railroad
mileage OF The United States was $50, 900
miles, and 1900 miles was per cent of
the mileage. whereas 500 miles now, If
built this year, would be only about 21z
per cent Of the 10000 miles now operated.
So far. then. the present period Of pros
perity remains notable, because 1t has not
been marked by the activity in building
new railroads that has been a leading
feature OF every previous period in he
history OF this country IN 1866, following
the return to industrial pursuits Of the
thousands. engaged In the civil war; in
1873. when the boom incident 10 resump-
tion Of gold payments began. and again
IN 1886, agricultural and trade activity was
followed promptly by great waves Of rail-
road construction. In the ten years begin
ming with 1880 over Z, 00) miles were built
in this country, which at cost of S55.-
019 per mile would represent an invest
ment Of over $3.50, 100000, while the
amount of securities issued, taken at face
value, was. Of course. heavily in excess
of this amount.
Most Of this railroad building was of
long lines by great companies In the West
and Southwest, with Iowa, Kansas, Tex
as, and neighbOring States as the theatre
of greatest activity. The Atchison, the
Missouri Pacific. the Burl ngton. the St
Paul. the Northwestern, the Union Pa
cifc, and other companies were chiefly
concerned in this activity and the effect
on the history Of these companies is well
enough known.
1t is only within year or two. hardly
before 1885, that this great extension Of
ceased TO be a burden on the companies
chiefly concerned in the construction
policy of the period. Such unwise invest
ment Of capital in railway lines built as
rival pSjects, far in advance of the traffic
needs, Is not likely TO be repeated on
anything like the same scale in this coun-
try. Current railway construction is for
the most part still made up Of branch
lines. This year, however, there have
been more Indications than heretofore of
building to head off rivals and of lines
projected into new territory in auticipa-
ton Of the development Of traffic The
total Of this construction however, Is
not large in itself. nor relatively to the
aggregate of new mileage.
Most of the new railroad nli:sage now
being built IS undertaken by the larger
companies, just as in the last boom pc
riod of railroad construction but instead
OF Including long parallel lines it consists
OF relatively short lines intended local
feeders OF each system. The projection
OF long through routes has almost ceased.
The Kansas City Southern was almost the
last Of these long lines. which were based
RvowedIy on the idea Of dividing traffic.
The Seaboar1 Railroad. which has opened
G new through route 70 the South, has
's>- for--led rather by consolidation OF