3,823 18,422,587
1876 3,938 17,221,032
1877 4,075 20,714,496
1878 4,157 21,294,275

When the Granger law was repealed in 1878, the railroads were earning
$1,000 per mile more than they were earning when the law was enacted.
The present railroad law, which was passed in 1888, and has also been
the subject of extreme criticism on the part of railroad organs, has had
the same beneficial effect. The law, owing to the obstacles thrown in
its way by the railroad managers, did not become operative until 1889.
From July 1st, 1889, to June 30th, 1892, the gross railroad earnings of
the Iowa roads, which for three years had been at a standstill,
increased and were over $7,000,000 more in 1892 than they had been any
year previous to 1889, as will be seen from the table below:

Gross Railroad Earnings in Iowa.

1886-87 $37,539,730
1887-88 37,295,586
1888-89 37,469,276
1889-90 41,318,133
1890-91 43,102,399
1891-92 44,540,000

The net earnings per mile of the Iowa roads were $1,421.91 in the year
1888-89, and $1,821.37 the year following. The total net earnings of all
Iowa roads during the year ending June 30th, 1891, were $14,463,106,
against $11,861,310 during the year ending June 30th, 1889, and were
still greater for the year ending June 30, 1892. No further vindication
of the Iowa law is necessary. These figures show plainly that the
lowering and equalizing of the rates not only increased the roads'
business and income, but also their net earnings. And it must be
remembered that the reports showing these facts were made by the
railroad companies and were certainly not made with any intention of
prejudicing the cause of the railroad manager.

James F. Hudson, the author of "The Railways and the Republic," is a
very exhaustive and instructive writer upon the subject of railroad
abuses. His material is well selected, and the subject ably presented.
To the assertion of railroad managers, that railroad regulation
injuriously affects the value of railroad property, he makes the
following reply:

"Suppose that it were true, as these jurists and writers
claim, that by the assertion of the public right to regulate
the railways the value of their property is decreased, are
there no other property rights involved? Do railway
investments form the only