Democratic Sentinel, Volume 1, Number 50, Rensselaer, Jasper County, 25 January 1878 — Hard Times for Railways. [ARTICLE]

Hard Times for Railways.

S?>me facts are gathered by the Chicago Railway Age regarding the foreclosure of mortgages on American railways during the year just ended. It appears that the actual sales under foreclosures cover 3,875 miles of road, with bonds aud debts of $119,938,700, and capital stock of $79,045,700. The capital stock is practically rendered volueless by foreclosure, and mortgages later than the first generally go the same way, so that it is probable that the proceedings recited above involve a net loss of not less than a hundred millions of dollirs. In addition to this, there have been ordered sold, but not yet brought to the hammer, 2,-388 miles of road, with $128,833,400 of bonds aud floating debt, and $126,921,900 of capital stock; and in these cases the sales involve a loss of not less than $150,000,000. In the preceding year sales were made of 3,848* miles of road, with $218,000,000 of debt and capital, so that it is not unreasonable to set down the shrinkage of railroad property involved in- the cases of these two years at $350,000,000. The end is not yet, but it is generally believed to be near, and the 10,000 miles or more of road involved in the above statistics may, as a rule, be regarded as reduced to “ hard pan,” and ready to do fair work at reasonable profit for their present owners.