Notwithstanding the fact that the number of miles of new road built in 1886 was exceptionally large, the construction in the year just closed (1887) was far greater. Carefully gathered statistics show that the track laid in this year will reach nearly if not quite 13,000 miles, which is without a parallel in any previous year, and is an omen that the land will soon be covered with such a net-work of these iron highways as the mind of man has never heretofore conceived possible. It is almost passing belief that there were more miles of railroad built in the United States in 1887 than the total construction from the commencement of the system in 1830 to the close of 1852-a period of twenty-three years. If the same number of miles as were laid in 1887 should be built in each of the years left in this century the New Year's sun of A. D. 1900 would look down on 300,000 miles of railways in the United States. The Railway Age, an authority on railroad matters, in its issue of December 30, 1887, says: RAILWAY BUILDING IN 1887-NEARLY 13,000 MILES OF TRACK LAIL. "The year 1887 has surpassed all other years in the extent of railway mileage constructed in the United States. Our returns show that during 1887 no less than 12,724 miles of new main line track were added to the railroad system of the United States, no account being taken in this of the hundreds of miles. of side track built nor of the thousands of miles of main line tracks relaid. While the search has been unusually thorough and the totals corroborate the record kept from week to week, it is not improbable that some scattering additions may yet be received; so that it is safe to state that during 1887 nearly, if not quite, 13,000 miles of new main line track were constructed. These are truly astonishing figures. When in 1882, during a period of extraordinary activity, 11,568 miles of new road were built, it was generally believed that these figures would not again be equalled. In the following year, 1883, the new construction fell to 6,741 miles; in 1884 to 3,825, and in 1885 to 3,608 miles. The year 1886 witnessed a considerable revival of activity and 9,000 miles of new road were built-a greater mileage than in any previous year, with the exceptions of 1881 and 1882; and now 1887 has witnessed the building of more miles of railway than 1886 and 1885 combined, and not much less than 1885, 1884 and 1883 together." Of this prodigious increase of railways for the year, New England and New York contribute scarcely anything to the grand total; in fact, the great Middle States add very little. The great bulk of construction was in the central belt of States west of the Missouri river, among which the young giant of the West, Kansas, leads with the astonishing total of 2,070 miles, of which 1694 miles were built by the Atchison, Topeka and Sante Fe System. Nebraska comes next with 1,105 miles, almost equalled by Texas with 1,055 miles. VALUE OF RAILROADS IN THE UNITED STATES. The value of all the railroad property in the United States, as represented by the stock and bonds, the unfunded and current debt, reaches the enormous sum of eight billion three hundred and seventy-six million six hundred and seventy-three thousand eight hundred and forty-six dollars ($8,376,673,846). The cost of the nine thousand miles constructed in 1886 is shown by the increase of share capital and funded debt for the year, to have been $320,615,473-a sum the magnitude of which will be apparent from the statement that this amount expended in the construction of railroads in a single year is greater than the aggregate capital of all the national banks in the States of New York, Pennsylvania, Massachusetts, New Jersey, Connecticut, Rhode Island, New Hampshire and Vermont combined. TRAFFIC RETURNS. There has been an increase over 1885 in the business of the railroads, both as to passengers and freight, which is indicative of increasing prosperity throughout the country, and justifies the prediction made on this point in the last year's report of this Board. The earnings per mile of lines operated the past year equal $6,570, against $6,265 for 1885, the increase per mile being $305; and this is true despite the fact that there has been a small reduction in both freight and passenger rates, and the gain can only be accounted for by an increased number of passengers carried and tons of merchandise transported. The percentage of operating expenses was reduced 1.28 per cent. below those of 1885, chiefly due to the introduction of new appliances and wiser economics in the management. These two factors combined-increase in earnings, and reduction in operating expenses-though small in each instance, have enabled the roads of the United States to pay dividends for 1886 $4,000,000 in excess of those paid in 1885. What influences in producing these results may have sprung from the operation of "An act to regulate commerce," commonly kr ́ ̈n as “the Interstate Commerce Law" passed by the National ature in the last Congress, can hardly be measured so early in us history. This law was the outgrowth of a public sentiment which had come to recognize that the prosperity of the country is very largely dependent upon the wisdom and justice of the management of these great highways-the arteries through which the ever-throbbing heart of labor sends the life-blood of trade and commerce to enrich the land; and that such wisdom and justice in the management could only be secured by Congressional intervention in the exercise, by Congress, of the constitutional power given it "to regulate commerce with foreign nations and among the several States, and with the Indian tribes." (Sec. 8, Art. I, of the Constitution of the United States). The questions involved in the provisions of this "Inter-State Commerce Bill," are so important and far-reaching, and the people of the country are so deeply concerned in the results which may spring from this new and striking departure on the part of Congress, that it has attracted the attention of all thoughtful minds, and has been a fruitful theme for discussion all over the land, with conflicting opinions as to the final outcome of the measure. This Board is inclined to the opinion that, with perhaps some needed modifications and additional provisions, this law, wisely administered, will not only prove a beneficient protection to the people by securing equal rights and uniform treatment to all, in conformity to the fundamental principle "that equality must be the rule of right," but will also add to the prosperity of the railroad corporations, if honestly accepted and faithfully obeyed, by breaking up the ruinous practice, which has prevailed to an alarming extent, of secretly cutting rates and according special privileges by rival lines, in their keen competition for the business of large operators. This law is so important in its relation to the interests of both the people and the railway corporations, and so much interest has been developed in regard to the probable outcome therefrom, that we give as a matter of public concern the first five sections of the act, which contain all its essential provisions. See appendix, Exhibit C. RAILROADS AND CANALS OF NEW JERSEY. Having thus spoken, at some length, of the railroads of United States, we come now to our more legitimate sphererailroads of New Jersey-no mean factor in the great system with which we have been dealing. It has been stated, in our previous reports, and it will bear repetition, that the State of New Jersey has more miles of railroad, in proportion to territory, than any other State in the Union, (save possibly the State of Massachusetts, which is about equal)-that our railroads, as a whole, are in point of construction and equipment equal to any in the land; and that their cost, per mile, exceeds those of any other State, and is double the average cost of the roads of the United States. The geographical position of New Jersey adds largely to the value of her railroads; connecting by the most direct route, the two largest cities in the country, and lying directly in the line of travel southward from New York and the populous New England States, with one hundred miles of charming sea coast almost continuously built up with attractive seaside resorts, and linking the vast anthracite coal fields of Pennsylvania with tide water at New York harbor, are features which have made, and will continue to keep, the railroads of New Jersey more valuable than the same number of miles in any of the other States, and gives to them a producing power which enables them to pay dividends largely in excess of the average in other States. STATISTICS-LENGTH OF LINE, ETC. 1000 757 1000 The total length of main line of railroads in New Jersey, at the close of 1886, as reported to the Board by the several companies, and verified by our examination, was 1,962 miles, being an apparent increase of 30 miles; as a matter of fact, there were but 20,50 miles of new road laid, the balance, say 91000 miles, being the length of track transferred to main stem from what had been classed as branches, under a decision of the Supreme Court, upon a construction of the sixth section of the law of 1884. 1000 The full statement shows a total of 3,507 100 miles of running track, divided as follows; 1,962,5 miles main line, 516,300 miles double track and 1,027 885 of sidings. Of this there are 2,12310 miles laid with steel rail and 1,383,200 with iron. The miles of canals and feeders in the State are 173,348. 1000* 1000 1000 Since January 1st, 1886, articles of association have been filed in the office of the Secretary of State, as provided by law, for sundry proposed extensions and connecting lines of railways, which, if completed, will add about twenty-one miles of main line. A synopsis of these projected roads and connecting lines are given in the appendix marked Exhibit D. The increase of mileage in the State is small, and is likely to |