Saving from consolidation of depots and staffs, $20,000,000 Saving from exclusive use of shortest routes, 25,000,000 Saving in attorneys' salaries and legal expenses, 12,000,000 Saving from the abrogation of the pass evil, 30,000,000 Saving from the abrogation of the commission system, 20,000,000 Saving by dispensing with high priced managers and staffs, 4,000,000 Saving by disbanding traffic associations, 4,000,000 Saving by dispensing with presidents, etc., 25,000,000 Saying by abolishing (all but local) offices, solicitors, etc., 15,000,000 Saving of five-sevenths of the advertising account, 5,000,000 ------------ Total savings by reason of better administration, $160,000,000 It would appear that after yearly setting aside $50,000,000 as a sinking fund, that there are the best of reasons for believing that the cost of the railway service would be some $310,000,000 less than under corporate management. That $6,000,000,000 is much more than it would cost to duplicate existing railways, will not be questioned by the disinterested familiar with late reductions in the cost of construction, and that such a valuation is excessive is manifest from the fact that it is much more than the market value of all the railway bonds and shares in existence. Mr. John P. Meany, in the _Railway Review_ of February 7, 1891, says: "It is safe to assume that the market valuation of the entire $4,500,000,000 of railroad stock in existence, would not average more than $30 per share, or, say $1,350,000,000 in all," and in his _Sun_ article he states that fully $500,000,000 of this stock is duplicated, so that the "live" stock outstanding is really but $4,000,000,000, which at $30 per share would have an aggregate value of $1,200,000,000. Mr. Meany also states that there are duplications of bond issues amounting to some $300,000,000 leaving the live outstanding bonds at $4,500,000,000 and many corporations failing to pay interest, some issues are selling as low as 12 per cent. of par, making it safe to call the average market value of bonds 90 per cent. of their face value, and their aggregate value would be $4,050,000,000, to which add value of "live" capital stock, $1,200,000,000, and the total market value of bonds and stock is, $5,250,000,000, being at the rate of $32,800 per mile for the 160,000 miles in operation.