We can estimate the evil by a comparison of three groups of figures. Take first the figures which show the cost of railways. Take next the figures for the nominal capital in stocks and bonds; add the figures which show net income. It is not necessary here to give the actual figures in either group. The fact is that the net income is less than a fair interest on the actual cost of the roads, and perhaps not one per cent. on the nominal value as shown by capitalization. A road has cost five millions; the nominal value is twenty millions; the net income is six per cent. on four millions. Take out a dozen corporations which are wholesomely managed, and the rest of the companies are, in varying degrees, bankrupt as to their nominal capitals and unprofitable as to their actual cost. Speculation trades upon the delusion that the roads are presently, or in some “sweet by-and-by,” to pay dividends upon all their capital. To economize this delusion, the speculative owners of the lines carefully conceal the facts about the condition of their property, or pour out these facts in a torrent of apparent losses—according as they themselves are long or short of the property. The real condition of a railroad property can not be known except when it is bankrupt. At other times railroad book-keeping is too confusing for average brains, and exuberant hope makes the future out of the “astonishing growth of the country.” To remove the railroad property from the sphere of speculative manipulation is the pressing demand of all legitimate interests vested in such property. Until this is done this kind of property will be a squalling baby in the financial household, falling into convulsions periodically and alarming and distressing the whole family of industries and investments.