Mr. Hadley's Lecture.

The second lecture on subjects relating to railroads was delivered last evening by Mr. Hadley before an audience which filled completely the lecture room in Sever. When railroads were first instituted, it was intended to run them in the same way as a high road. Each man was to own his cars and run separate trains. When this plan was found to be impossible the roads were incorporated under one head. One of the first subjects for controversy was the lack of competition to aid the industrial interests of the country by lowering the rates. The only remedy was the organization of a rival road. This peace was often a disastrous one financially, as a town which could support one road reasonably well, would bankrupt two, because the duplication of expenses was not met by a corresponding duplication of traffic. Thus it was a hazardous thing for private enterprise to institute a parallel line. In Europe, where private funds are not forthcoming to carry on a needed competing line, the government takes the matter into its hands and builds a rival road. Competition in railroading is different from that in other lines of business. In the case of a store, if the proprietor reduces the prices on his goods so far as to lose money on them, he gets more trade, loses more money, end is speedy bankruptcy. In the case of railroads, the running expenses are about the same, no matter how much carrying trade they have. If, now, by lowering their rates to a losing point, they gain their rivals' business, this increase will be enough to pay them for such reduction in prices. So, one road has got to meet its private reduction, or be crowded from the business.