In their thesis run in the 'The investigative report on railways' published by the Tokyo Economic Association in 1891, Kazuchika SABURI refuted every point of the theory of railway nationalization by indicating the proof of it, and concluded 'The railways in the future should be built and administered by private sectors'.
渋沢らが関わる東京経済学協会が1891年に発表した「鉄道調査報告書」に掲載された佐分利一嗣の論文では、鉄道国有化論に対する反証を一々あげて論じ、「将来の鉄道は、私設民営たるべし」という結論を導いている。