Show THE RAILROADS Mr J F Wallace president tf the New York Railway Engineer and Maintenance Main-tenance of Way association read n paper before the first meeting of the I association the other night which Is published in the Railway Age and Is 1 very Interesting 1 covers the railways j I I of the United States and Canada and j < Mexico He gives the mileage in operation 1 m oper-ation In North America na 216711 miles I I owned by 2200 different dlOclcnt corporations j I i 1100 accounting corporations and SDO j operative corporations They are cap I I talired at IO000000000 61 per coal in stock common and preferred and 46 I per cent in bonds Of the common slock CO per cent receives ro dividend I and 16 per cent of the bonds receive no Interest Of the dlvldcndqiaylng roads the average rate Is 53 per cent The valuation ot all railroad properties on J I n 5 per cent basis would be In round numbers 57000000000 The amount expended ex-pended for maintenance of way la I about onefifth of all expenses of operating oper-ating und amounts now to about 5200 000000 annually with about SlOOOOOftOO more that goes Into additional con lUruction of track or structure that is I charged to capital account The payroll pay-roll for labor employed In maintenance Is about 100000000 annually These I figures give a person an Idea that I while there are trusts and while thure I will probably be more the great overshadowing I over-shadowing trust of all will be when Kevcn or eight railroad magnates sue ceed in reducing all tho paying lines of railroad In the United States to one management When that time comes It is plain enough that with the number num-ber of men they employ tho discipline given the fact that In their service are probably ten or fifteen thousand of tho brightest lawyers and the most acute nufi of affairs In the United Slates they will bo stronger than the Gov ernni nt Itself until tho people Unally undeislnid that there Is an institution which Ir a menace to the liberties of the country and they will vote for a ehange |