270 HISTORY OF THE GRANGE MOVEMENT; OR, 



tory that the Reading & Delaware, Lackawarma & 

 Western railroads, and the best part of the Lehigh 

 Valley, and also the Delaware & Hudson Canal, were 

 completed works in 1864. They were all bringing coal 

 to tide-water in that year, and the quantity they brought 

 was more than half the quantity they are bringing now. 

 The total anthracite production that year exceeded ten 

 million tons, while for the last twelve months it has 

 been about eighteen millions. With completed roads 

 and canals, with the mines in their possession, and 

 about the same terminal facilities in 1864 as they now 

 enjoy, these corporations certainly did not require 

 double the capital to do double the business. We 

 should judge that an increase of capital of one-third 

 would be amply sufficient to double the production. 

 As an instance, the capital stock and debt of the Boston 

 & Albany Railroad were sixteen million dollars in 1861 

 and twenty-one millions in 1870, and in the interval 

 the business more than doubled, a great deal of double 

 track was laid, and other expensive improvements were 

 made. 



" The figures of the coal corporations, without further 

 explanations, will speak for themselves. The capital 

 stock of the four companies we have 'named has 

 been increased from $43,000,000 in 1864 to $90,000,- 

 000 in 1872, or considerably more than doubled, and 

 the debt has grown from $17,000,000 in 1864 to $43.- 

 000,000 in 1872. Taking the stock and debt together, 

 the increase has been from $60,000,000 in 1864 to 

 $133,000,000 in 1872, or 120 per cent., while the in- 

 crease in the production of coal is only 80 per cent. 

 In making the calculation we have deducted from 

 the debt of the Reading Railroad the bonds of the 



