of this competition of markets in raw material, in all sorts of manufactured articles, and in products of the mine and farm. In fact, this competition as to markets has been so marked in the case of live-stock that rates have been brought down to such a point that the railroad-owner is hesitating about increasing his investment in cars for the purpose of transporting live-stock, because the margin of possible profit in the business is so small.
Another potent cause that tends to prevent an advance, and to continue a general fall in rates, is that the railroads, in order to succeed at all, must do the largest volume of business possible over their rails, as the cost decreases somewhat as the volume increases; so the officers of the railroads are continually endeavoring to increase the volume of their trade, and stand ready to reduce charges whenever it is clear that a development of country and an increase in tonnage will result.
There is an erroneous idea that rates are fixed arbitrarily, and that a few so-called “railroad magnates” fix and control all of the
