|Austria | 92,325| 13,430 | 54 | 6.75 |
|Prussia | 72,430| 9,915 | 45 | 7.44 |
|Other German States| 66,160| 7,085 | 63 | 5.52 |
|United States | 41,376| 6,170 | 60 | 5.51 |
----------------------------------------------------------------------

From this it will be seen how much economy of working has to do with paying
a dividend,--as in the case of the Indian railways, where, although the
receipts are very small, the prime cost and expenses of working are also
very small, and they divide 4.09 per cent, while the Australian railways,
whose cost and expense of working are large, can pay only 1.02 per cent. It
is proper to say, however, that this was during the "gold fever." Railways
are now built in Australia for $50,000 per mile.

The railways of the United States occupy a very favorable position, both as
to cost and amount of receipts per mile. During the last ten years, the
principal efforts of their managers have been directed toward increasing
the receipts. During the next ten, their policy will be to diminish the
working expenses, leaving the receipts to increase with the natural growth
of the country, and avoiding unhealthy competition for that delusive
phantom, "through-trade," which has lured so many railways to financial
shipwreck and ruin. If this policy be steadily followed, we shall see
railway stocks once more a favorite investment.

* * * * *



IN A FOG.