Year: 1871




policy of this country is theme of most
absorbing interest. 1t is identified with
more interests; it sways more classes of en-
terprise; it directs more general public pol
icy, and exercises more controlling author
ity than any other interest in our land, and
consequently it is deserving of more atten-
tion from thoughtful public spirited public
men than is usually given to it. Their past
history is wonderful one. Forty years
have scarcely elapsed since the first rail was
laid in our States The road beds were un-
even and laid down with the closest regard
to the practical economy of cost The rails
were often of doubtful iron, with not par
ticularly even surfaces. The grades were
heavy aud often went round and round a
mountain in order to ascend it. The cars
were cheap and common, and not specially
adapted to comfort and convenience. The
policy of their management was summedu
in constructing and operating them at the
least possible cost either Of labor or money.
Not very much money was borrowed; not
much could be borrowed, for but few people
had any faith in the system, at least as a
paying transaction. There was not very
much travel and the most extravagant fore
cast never estimated its future at the pro-
portions which belong to it to-day. For a
little while they prospered in this way and
then different spirit animated the system.
The far-seeing men of the State accepted
41,n Of l,a


and began to believe that no better invest
ment could be made of money than rail
roads offered They were planned for ev
erywhere. In all possible places, and in all
impossible places-for ten miles and for
four hundred miles. No attention was paid
to ways and MEANS except as these ways
and means could be borrowed. Scarcely
any questions were asked as to probable re
endorsement 1t was thought that if the
road could be built money would flow in
with the rapidity of rivers. Under this or
der of things many of the most magniti-
cent enterprises of the country bankrupted
If we remember rightly the Erie railroad
was sold out by the sheriff at least twice
the bondholders and stockholder losing al
most everything. Those who did not bank
rupt loaded themselves heavily with none
tary obligations and created a necessity to
-Aarn large dividends for all their future in
order to pay interest oil A.;
dends upon their stock. The Camden &
Amboy were careful to employ all the mon
ey they borrowed in improvements which
were Immediately remunerative; but most
of the corporations were not so wise and
the result was as we have stated, a general
bankruptcy.


In spite of all this, however, the freedom
with which money could be obtained melted
enterprise and railroad attention became di-
rected TO the permanent improvement and
convenience of their travel. The rates of
speed are now almost doubled Steel rails
supplant the old elumsey iron. Road beds
are as carefully smoothed and hardened as
the private walks of gentleman's garden.
Grades are cut down at an enormous ex
pense and where they will not admit of
this the mountains are boldly tunnelled
The most substantial and costly bridges re-
place the cheap and Trailer structures of the
past. The locomotives adopt every i'm
provement regardless of expense. The pas
senger cars which formerly cost three thous-
and dollars for the best are now made at
ten thousand, while the palace cars cost
more than double even that sum. The
whole policy in this regard is one of unlim-
tied expense, and this too without any cor
responding advance in the prices of travel,
and indeed person can go from New York
70 Philadelphia for a third less money, with
lheir improved accommodation than they
could few years ago. Whether the limit
has not been reached in this direction with
out an advance of prices for transportation
is a question seriously engaging the atten-
ton of railroad men.


Another distinguishing feature of rail-
road policy now is that of branches and ex
tensions. Originally the closest corporate
exclusiyeness was practiced. Connections
with other roads was soon seen to be desir-
able and indeed necessary and accordingly
made. But these alliances were generally
antagonisms and the interests repulsed each
s,+l,n-. o1->>~s< ,-l, ~ +tas, ,,,,i4ad TI>a,..-
was no attempt to branch out roads. If the
capital along route would invest itself to
build it and then connect, it was desirable,
not otherwise. No helping hands were lift
ed. No life flowed out from the main
trunk and most of the branches died in put
ting forth their first leaf. Later, better
policy has been pursued. The branches
might not pay in immediate returns, but
they would throw large amounts of added
travel on the main lines and thus bring
back the interest ON their cost. Where
they did not do this at the time, they gave
clear evidence that they could more than do
it after a while and the companies were con-
tent to wait. Some of them paid an unex-
pectedly large interest and thus cleared their
own way, but the most of them taxed the
main companies for their immediate sup
port while they largely paid it back again in
the indirect ways which have been alluded to.
This policy built our West Jersey road and
has been at the foundation of almost every
CFoSSIuS anu IeCTOSSliiS Iiilt ny WHICH our
State is crossed. W. H. Gatzmer, John G.
Stevens, A. w. Markley and Judge Yorke
with a few of like far-seeing ability have
been at the inception of this improved line
of policy, and it is to their intelligent and
persistent efforts that it's adoption may
be fairly attributed. The present railroad
policy tends toward consolidation. Connec-
tions and branches had each their termin-
Gus, and there in almost every case rival in
terests commenced. A large number of ex-
pensive organizations had to be maintained
to the great detriment of the dividends
Where a number of these could be thrown
together it was evident that the expenses
could be materially diminished, while the
rivalry of interest would be out of the way.
On this principle the different roads of
southern New Jersey were consolidated into
the West Jersey. In the form of mutual |