Note D — OUR PACIFIC RAILROADS.

Up to the present time, the Nebraska line has expended about twenty-five millions; the Central Railroad, twenty-two millions. On two hundred and fifty-nine miles of the Kansas Road there were also expended, in cost and equipment, eleven millions. All this has been obtained from the sale of bonds, paid-in stock, and the net earnings of the roads. The bonds have been made a popular loan, sold by New York agents, and chiefly taken in New England, New York State, and Eastern Pennsylvania. The purchasing clasp, though largely composed of heavy capitalists, consists also of those who have small sums of money to invest, and who seek this means as especially secure.

The stockholders of the Union Pacific number from one to two hundred, but most of the shares are in a few hands; the Credit Mobilier, Durant, and the Ameses being the principal owners. The Central Railroad also exhibits the same phenomenon of few shareholders; all of them, of course, large capitalists. This gives great power in pushing the work on, and illustrates the tendency of the day toward consolidation. Hereafter, when the Central and Nebraska lines shall have combined, this commanding influence of a comparatively few men will make itself signally felt in our politics.