THE COST OF RAILROADS IN THE UNITED STATES. 485 



practiced; the whole railway system would soon fall into 

 confusion; and worst of all, there would be a centralization 

 of power in the hands of the government, such as would 

 imperil, and probably subvert, the whole fabric of Amer 

 ican liberty. 



THE COST OF RAILROADS IN THE UNITED STATES. 



The figures involved in the proposition of governmental 

 purchase, etc., are really stupendous. According to Poor s 

 Manual for 1873, there were in operation, the year previous, 

 in the United States, 57,323 miles of road. These are repre 

 sented as earning, net, 5.20 per cent, on the cost of the roads, 

 and 3.21 per cent, on the capital stock; but, while some 

 roads earned nothing or actually ran their owners in debt, 

 other paid large dividends, and all of them paid large sal 

 aries to officials; we do not say larger than the same class 

 of men could command in other business, and certainly not 

 larger than government would have to pay the same or 

 similar class. Even if the roads were as economically run 

 as at present, no relief would be obtained, for the interest 

 on this vast sum must come out of the people at last. 



The net earnings of the 57,323 miles of railroad in the 

 United States were, according to Poor s Manual, $165,000,- 

 000; the cost of the roads is represented by the sum of 

 $3,173,076,923. The following table will show the nominal 

 stock of some of the principal roads of the country, the div 

 idends paid, and their general indebtedness : 



MASSACHUSETTS. 

 Nominal capital stock. Dividend, per ct. General debt. 



Boston & Albany, .... $19,664,100 10 $3,567,560 



NEW YORK. 



N. Y. Central & H. E., new, . $89,425,300 8 $16,497,387 



Erie, 86,536,910 7 28,912,301 



