une 30, 1892, $1,222,711,698.

The gross earnings per mile have increased from $6,265 in 1885, and
$6,570 in 1886, to $6,946 in 1890, and $7,409 in 1892. In 1885 the
capitalization per mile of road was $55,059 and the net earnings per
mile were $2,185. In 1890 the capitalization per mile had decreased to
$53,783, while the net earnings per mile increased to $2,195. The
railroad mileage of the country has grown from 128,361 in 1885 to
166,817 in 1890, to 170,601 in 1891, and to 175,000 in 1892.

The railroad system of the United States has had a phenomenal growth,
especially since 1870, since which time nearly 120,000 miles of road, or
more than two-thirds of the total mileage, have been constructed. The
table below shows the number of miles of railroad constructed and in
operation, by quinquennial periods from 1830 to the close of 1890,
inclusive:

YEAR. MILES IN OPERATION. INCREASE.

1830 23
1835 1,098 1,075
1840 2,818 1,720
1845 4,633 1,815
1850 9,021 4,388
1855 18,374 9,353
1860 30,626 12,252
1865 35,085 4,459
1870 52,922 17,837
1875 74,096 21,174
1880 93,296 19,200
1885 128,361 35,065
1890 166,817 38,456

It will be noticed that in the sixty years covered by the above table
there are but two quinquennial periods which show a falling-off in the
rate of growth, viz.: 1860-65 and 1875-80. During the former period
railroad construction was partially checked by the War of the Rebellion,
during the latter by the general financial depression following the
panic of 1873.

The length of railroads in the world has grown from 206 miles in 1830 to
about 400,000 miles in 1892. The following table shows the growth of
railroad mileage by quinquennial periods:

YEAR. MILES.

1830 206
1835 1,502
1840 5,335
1845 10,825
1850 23,625
1855 42,340
1860 66,413
1865 90,280
1870 131,638
1875 182,927
1880 231,190
1885 303,172
1890 385,000

From this table it is seen that the railroad mile