. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . 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 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, cur
. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . 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 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 i J, A Gold Medal, American Engine—Paris, 1867. Justice in the public mind has never been done—probablynever will be—to the courage, enterprise and indomitable energyof the Americans who pushed this great work through financialshoals and physical obstructions to completion. It and the Cen-tral Pacific, as well, were built at war prices. Labor was scarceand was to be had only at exorbitant figures. The cost of ma-terials was well nigh prohibitive. The price of ties laid down atOmaha ran as high as $ The rails for the first 440 miles ofthe Union Pacific cost $135 per ton. When railway connectionwas established between Council Bluffs and the East this wasreduced to $ Government bonds were issued as the workprogressed, and netted the Company only 65 cents on the country through which it was built was the hunting groundof the most warlike Indians of the West. They
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