Railway share

“ Along such lines there always had been large traffic, and it was no doubt greatly stimulated by the facilities which the new mode of locomotion afforded for its expansion. But as fresh railways were completed, and as the capital invested in them increased, the profits receded. Even at the present time, with larger receipts per mile than have ever been taken, the position of railway investment is almost from every point of view, unsatisfactory. ”

“ The certainty which we now possess that the action of any railway company, whether it be wise or foolish in itself, is wholly commercial in its motives and its aims, is a valuable safeguard. But if railway policy were to become the medium for the promotion of social or even economic theories under the guidance of politicians, would not this be a most alarming peril to trading and industrial interests? ”

“ Railways, as developed in England, have thus done more than increase the facilities and decrease the cost of actual transport. They have, in various ways, increased the facilities for, and decreased the cost of the exchange of, commodities, since there is many a trader in the country who conducts his business much more with the help of a railway company's capital than he does with his own. It is not alone that trade and industry have vastly increased in volume as the result of railway operation. ”

“ Leaving medical authorities and social reformers to decide on the questions just raised, one may, at least, safely affirm that the railway has been a great promoter of friendship and family life, since visits can now readily be exchanged between those resident in distant parts of the country, and ties can thus be maintained that, at one time, would have been in danger of complete severance by the difficulties or the undue cost of journeys by road. ”

“ The railway as a means of rapid transportation and general intercommunication is one of the most important factors in the development of modern commerce and civilization, and, after reviewing what it has done and become in the nineteenth century, one cannot help wishing for the opportunity to review the railway wonders of the twentieth century. ”

“ The construction of the railways in insular countries is governed wholly by mercantile considerations, while, in countries whose boundaries are exposed, military and political objects claim prominence. Thus, an English railway-map affords a most accurate picture of the relations of the country to production and trade, and of the office of the railroads as the medium of communication between the great coal and iron fields on one side and the world's mart on the Thames on the other side. ”

“ The American railway lines of those days had, generally speaking, been constructed as cheaply as possible by the private enterprise which—though with liberal grants of land and other advantages—alone undertook their provision, the main idea being to supply a railway of some sort to satisfy immediate wants and to improve it later on, when population and traffic increased and more funds were available. ”

“ At first it was assumed that competition in rail transport would be assured, and the dangers in question proportionately reduced, by different carriers using their own locomotives, coaches and carriages on the railway lines, which alone, it was thought, would be owned by the railway companies constructing them. In some of the earlier railway Acts there was even a provision that the railway companies could lease their tolls, as turnpike trustees were doing. ”

“ With ninety million busy people In this country the next twenty years must see a constant addition to the railway facilities of the country if the commerce is to be moved satisfactorily, and the railway-user must see to it that the railway-owner has sufficient margin to justify the enormous additional investment that must be made in order to provide the needed transportation. ”

“ Unquestionably many of the smaller railways to be amalgamated, though not light railways, need large expenditure for the purpose of duplication of running lines, straightening of curves, stations, stores, and conveniences, and many extensions and cross-lines will also be needed to connect them with the trunk lines, and to open out districts now unprovided with railway facilities. ”

“ The French legislation on the subject of railways compels the companies to extend their lines to the most remote and least populous regions. Thus, in the public interest, they have to maintain railway extensions on which the losses not infrequently eat up a serious proportion of the profits realised on the more frequented sections of the system. ”

“ Considering, therefore, that not only the ability necessary for the general management of a railway, but the intelligence and vigilance requisite at every station and on every portion of the line are found practically to increase according to the demand, and vice versâ, it is evident that nothing would prove more fatal to the public as well as ruinous to proprietors than to split an efficient remunerating great railway into two or more inefficient and unremunerating small ones. ”

“ He knew that Europe and America were welcoming the railway, and that it was promising to link together the whole civilized world.
“Of the ‘profit’ of his labours to humanity I scarcely venture to speak, since it cannot possibly be told in a few words. The railway system has revolutionised society. It has powerfully affected every class, every interest and department of life. It has given an incredible impulse to commerce, quickened human thought, created a new language, new habits, tastes and pleasures. It has opened up fields of industry and enterprise inaccessible and unknown before. ”

“ The balance is built and operated on private right of way, and goes around, rather than through, the cities. The tracks are standard gauge and of standard railroad construction, were, at the time they were laid, of higher class than those of the Southern Railway Company in the same territory, were intended for handling substantial interchange freight traffic in connection with steam railroads, have the same ruling grades as the latter in the same territory, and are of 80-pound rail. ”

“ This is a difficult problem, but when enough big men give it attention it will be solved. It probably means more elasticity, more inter-changeability between train service and the various kinds of maintenance, between the locomotive and the shop, between the railway and allied contiguous industries. ”

“ The company might be merely the owners of a highway and toll takers for the use of it by other people with their own carriages and locomotives. That state of things would be worked out by the railway company possessing the mere line of railway from end to end, and by the persons making use of it, buying or renting contiguous land whereon to keep their rolling stock, and have their offices, availing themselves of the powers of Section 76 of the Act of 1845, and getting on to the railway by means of sidings connected with the railway. ”

“ The first result of the swarming of thousands to the West was a demand for new railways, to open up plain and prairie and mineral range, and to make connection with East and West. The building of the railways in its turn gave a stimulus to every industry. As in the early fifties and early eighties, this period of rapid railway expansion—much longer, however, than previous periods—was {183} an era of optimistic planning and feverish speculation. ”

“ In the United Kingdom, however, the ownership of the railways is distributed among a far greater number of persons than is the case in the United States, where the control and the dividends of a great railway system may alike be in the hands mainly of a few financiers. ”

“ The originators of the Act did not define what a Light Railway really is, but they evidently had in their minds, inter alia, that railways, unrestricted by Board of Trade regulations as to fencing, sidings, gradients, and permanent stations, should be permitted to run along the high roads, acting as feeders to the existing lines, to the benefit of the small towns, villages, and farms near which they passed. ”

“ We believe it may be affirmed, without fear of contradiction, that the working details of a railway are invariably well executed in proportion to their magnitude:—that, for instance, in the management of the London and North-Western Railway the arrival and departure of trains are better regulated at their large stations than at their small;—that their great manufactories are better and more economically conducted than their little ones;—that the arrangements of Messrs. ”

“ The reasoning which applies to the Times and to State Papers, applies to newspapers generally, and to the distribution of the prices current of merchants, and of magazines, monthly [85] publications, and bulky parcels of every description. Without railway facilities they would probably never have been circulated at all. Certainly they never could have been circulated to the extent necessary to make them profitable. Hence, the railway, as before observed, is the greatest engine for the diffusion of knowledge. ”

“ The railroads transport these products nearly one thousand miles for the same prices as they charge in the East for transporting them one hundred miles. Wealth, activity, and political power concentrate at the inlet and outlet of the railway funnel, leaving vast areas of unused and unusable land between the terminals. ”

“ CHAPTER VI. RAILWAY RECEIPTS, WORKING EXPENSES, AND PROFITS IN THE UNITED KINGDOM—DELAYS AND ACCIDENTS.
However vastly the United Kingdom has been benefited by railways, we shall show presently that it is far otherwise with those who have invested their money in their construction. Those first opened in England were, no doubt, profitable to their shareholders, because they were great arterial lines that connected the leading places of the Kingdom together. ”

“ The railway is a public servant. Its rates should be just to and open to all shippers alike. The Government should see to it that within its jurisdiction this is so and should provide a speedy, inexpensive, and effective remedy to that end. At the same time it must not be forgotten that our railways are the arteries through which the commercial life-blood of this Nation flows. Nothing could be more foolish than the enactment of legislation which would unnecessarily interfere with the development and operation of these commercial agencies. ”

“ It must be obvious to any person conversant with the working of railways, that, without a centralised system of this description, so constituted as to command the confidence of the railway companies, the railway system generally would not only soon become clogged, but constant squabbles and disagreements between the various companies would ensue, to the detriment of their interests, as well as to the discomfort and inconvenience of the public. ”

“ The principle of railway co-operation is, indeed, frankly and fully accepted by the Departmental Committee, who declare they have come to the unanimous conclusion "that the natural lines of development of an improved and more economical railway system lie in the direction of more perfect understandings and co-operation between the various railway companies which must frequently, although not always, be secured by formal agreements of varying scope and completeness, amounting in some cases to working unions and amalgamations." ”

“ These scattered bits of road here and there were, in after years, as the possibilities of railroad development began to dawn upon the minds of far-seeing men, united by connecting links and reorganized into roads of much greater length. In fact some of the most difficult features of the railroad problem of the present day grew out of the failure of projectors of railroads{435} in the early days to grasp the meaning of the system which they were instituting. France, Germany, Belgium and other European cities have had no serious railway problem. ”

“ The remedy proposed, however, is not that anything should be done to reduce the burdens imposed on our own railways, so as to place them at least in the position of being able to make further concessions to traders, but that the State should now itself start in the business, in competition, more or less, with the railway companies, in order to provide the traders—if it can—with something cheaper in the way of transport! ”

“ It is clear that our railroads have been capably managed, and that the resources and powers entrusted to them are being used to the highest business advantage. How the money they spend is being employed is shown by the fact that our railroads move 272 ton miles of freight per dollar of net revenue, where the United Kingdom shows only 58, Germany 172 and France 88. For honest and efficient conduct our railways have no equals in the world. ”

“ We have seen in a previous chapter how easily the efficiency of a single railroad may be thwarted by permitting it to grow to an untoward size. And before I am entirely done I shall hope to show you that even in a regional railway scheme, which applied to the United States might contemplate as many as forty different railroads—different in name and in operating organization—there must be a distinct effort toward a strong centralization of certain functions; notably financing, traffic solicitation and control, and the staff study of advanced operating methods of every sort. ”

“ In most parts of the country there never has been any competition, as one company only is available. In others, where more than one company operates, working arrangements have been made not only as to the fares and rates but also as to time of trains, thus precluding any effective competition. In the very nature of things no competition can be effective in a system of railway transit. ”