such legislation as they demand. At the time the Pacific roads were built the people of the United States had no adequate knowledge of the topography of the Territories, and the promoters of the road for a while found it a difficult task to convince capitalists that the investment would be a safe one. That they knew the value of the projected road was shown by the contest between the Central Pacific and the Union Pacific for mileage. For a distance of over 200 miles the two companies graded roads side by side in contest for the Government subsidy. The promoters were even disappointed in the cost of the roads, as Mr. Sidney Dillon states in an article published in the August number of _Scribner's Magazine_, 1892, in which he says: "At the end of 1867 the road was completed to the top of the mountains and nearly half way to Salt Lake City. The cost of building over the mountains was so much less than we had expected that the construction company found itself with a surplus from the proceeds of the subsidy bonds. This was imprudently distributed in dividends." The United States Government could parallel to-day the line of either road for less than the amount of its first mortgage bonds, and its subsidy bonds are therefore nearly worthless. Mr. Clews, in his "Twenty-Eight Years in Wall Street," says: "After the Thurman bill had been sustained by the Supreme Court Mr. Gould had a plan to build a road from Omaha to Ogden, just outside the right of way of the Union Pacific, and give that road back to the Government. It would give others 'a chance to walk.' The Government tried to squeeze more out of the turnip than was in it. For $15,000,000 a road could be built where it had cost the Union Pacific $75,000,000." It may be admitted that the Pacific roads, even at an extravagant cost, have proved a good investment for the country, yet their history reflects severely on the statesmanship of those members of Congress whose duty it was to properly protect the interests of the nation at that time. They were unequal to their task. The Great Northern Railway Company has just completed its road to the Pacific Coast. Its line is very direct, and it has unusually light curvature and low grades, which will enable it to be operated more cheaply than any Pacific line yet constructed. Much of its route is through a rich and productive country, insuring to it a heavy local business. The following statistics concerning it are given in the _Railway Age_: Total mileage, December 18, 1890 2,850 Average bonded debt per mile $18,636 75 Average stock per mile 7,015 67 Total 25,652 42 Interest charges per mile 1,005 76 Dividend charges per mile 420 94