. Cost, capitalization and estimated value of American railways; . portation demands of , it was during this period that the Union and Cen-tral Pacific Railroads were undertaken and completed at a totalcost of over $254,000,000 or $112,000 per mile, with no extrava-gant expenses for terminals or right of way. The net capitaliza-tion of the 2,955 niiles owned by the Union Pacific today is lessthan $85,000 per mile. The building of these two connectingroads, to which the government contributed its credit by issuingover $53,000,000 in 6 per cent, currency bonds, and generousland gra
. Cost, capitalization and estimated value of American railways; . portation demands of , it was during this period that the Union and Cen-tral Pacific Railroads were undertaken and completed at a totalcost of over $254,000,000 or $112,000 per mile, with no extrava-gant expenses for terminals or right of way. The net capitaliza-tion of the 2,955 niiles owned by the Union Pacific today is lessthan $85,000 per mile. The building of these two connectingroads, to which the government contributed its credit by issuingover $53,000,000 in 6 per cent, currency bonds, and generousland grants, was then regarded as a patriotic necessity, and itscompletion in 1869 was celebrated as a proper subject fornational rejoicing. In 1869 public sentiment had not been slu- 82 diously perverted into an attitude of mistrust and hostilitytoward the one agency that had done more than any other tobuild up and preserve the Union. The cost of these two roadsalone was equivalent to adding $5,000 per mile to the averagecost of the entire mileage of the United
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