Show ot oica capitalization of railways many of tile that are urged against aro loo puerile lu b berl bously noticed but autum the Ler hlll 6 ill pardon n few words ad to oscr 0 ver capit ally at ion capital in in itself an all unknown quantity and its value dueads wholly belly upon its pro sides 0 nelch hiell are front ila it productive lit in that the pow em ci a mayor may or may not be exercised willo willin the uses use yield certain profitable results the kulil gold that la Is now looked up tip by nature in thu the western woun tallis Is not 3 at entil capital tal be bc cause although we know 1 it Is id there wo we do dot know bow much it will alu cost to red reduce ace it 16 possession to the gold cold coin that lies in tho the vaults at 0 our hanke banks ix Is capital but a largo arto part of it Is held ns as reserve rc serva and BU except at a it tada leads to fu latain public it has no direct productive uses whatever and except an to con g quality has no moro more earning value than a alio of gravel now a railway Is IB blindly ft a tuanh Bui tation of capital put to work of human industry in ili its if highest development to earning wages it Is a thousand thOu nAnd moa man con COD low lato ono one and this tbt one doing the work of P ft thousand since it if a thousand mom stand in ft a straight line bra alro foci feet apart hey will v ill transfer a too ton ot of wheat in from ono one end of the has 1100 to tho the other lo 10 a just the ibo time that it a car will carry thiea lou loit ono ODO allo all now biow lc it to in impossible to eat estimate I 1 to la the productive power of this and untiring servant socio onto times a railway la Is capitalized too largely lr ply rod and tho thee it pay w itin allot allor dividends dividend some times not enough and then the dividends aro are much in exams ox cm of the abo usual to ia trost of money iu in tho the former case stockholders are willing to reduce the foco face 0 of f their shares biros or wait until increase of population u increases revenue in 1 ilia ibo letter latter aboy tin y accept an enlarged ibue us put but as a a inetter matter of reason and principle the tha q of 0 ftp ap concerns coo coroa the mt Ock holdom and aad the stockholders only A 0 ol llo ai a citizen commit an Impert lococo ate ahou lio lie questions question the abe right of any COPO rution to cap its ILS properties at auy any sum uin whatever hedwy dillon president of the he union pacific tc fa worth american fur for april |