RAILWAY CONSOLIDATION. 585 



in rates is a necessary and natural result of the difference in the length 

 of lines and the amount of traffic. 



The differences, which appear in the above figures, between the 

 lines mentioned, in the net earnings per mile of road operated, and in 

 the tons of freight carried over each mile of road, will be more clearly 

 realized with the aid of the following graphic method of comparative 

 lines, which has been so well employed by Mr. Edward Atkinson : 



Net Earnings from Freight, per Mile of Road. 



N. Y. Cent.. $8,378 . 



Pennsylvania 8,340 



P.,F.W.&C. 7,122 



Erie 5,154 



Cent. Pacific. 2,949 



Tons of Freight carried over each 3Iile of Road. 



N. Y. Cent. . 2,480,490 



Penn 2,052,070 



P.,F.W.&C. 1,722,772 



Erie 1,704,070 



Cent. Pacific. 229,050 



It would be easy to continue the comparison further, and show 

 that the rates charged on the Eastern lines whether fair or not upon 

 them would be unfair if applied to the Central Pacific ; for, applied 

 to the traffic of the latter, they would fall far short of paying the 

 necessary expense of the service, while on the former roads they pay 

 not only the expenses, but afford also a profit. But the foregoing 

 facts, it seems to me, sufficiently show that there can be no satisfac- 

 tory nor fair comparison between the rates on different roads, unless 

 the amount of traffic and the length of line have in each case some 

 approximation. Perhaps the most equitable test, by any comparison 

 which it is possible to furnish of the charge of high rates made against 

 the Central Pacific Company, is supplied by the railroads of Massa- 

 chusetts. 



Here, from the first railroad built in the United States, in 1826, to 

 the present time, there has been a continuous extension of lines by 

 various companies in all directions, till now, according to Mr. Atkin- 

 son, the Commonwealth has more miles of railroad in proportion to its 

 territory than exists in any other State or country in the world. These 

 roads represent sixty-four independent corporations.* Here, then, is 

 the greatest contrast to be found between any two systems in regard 

 to consolidation and that competition of parallel roads which is sup- 

 posed to be the chief regulator of rates. There ought, therefore, ac- 

 cording to the popular belief in these matters, to be a contrast equally 

 as great between the rates of the different systems. Here, again, we 

 shall find the popular belief to be in error. 



The following table shows the freight earnings, traffic, and rates, 

 * "Massachusetts Pieport," 1879, p. 2. 



