Certain lines would be managed more efficiently than others and might make more money, just as certain departments of a big business might, because of peculiarly able management, earn an unusually large contribution to the total profits; but such variations could not be of any essential importance.

From the point of view of the community as a whole the railroad system of the country would be a monopoly.
The monopoly, like that of a municipal street railroad, would depend upon the possession of exclusive advantages.

It would depend upon the ownership of terminals in large and small cities which could no longer be duplicated save at an excessive expense.

It would depend upon the possession of a right of way in relation to which the business arrangements of a particular territory had been adjusted.

It would have become essentially a special franchise, even if it had not been granted as a special franchise by any competent legal authority; and, like every similar franchise, it would increase automatically in value with the growth of the community in population and business.