The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-06-14
HARD TIMES,


economy, Henry Carey Baird, in his let
ter to President Hayes, week or two
ago calls the attention Of that high Off
cial to the condition of the business of the
country. We extract from his letter
Business men, stockholders Of railroads
and owners of real estate may read and
digest The people will soon learn that
grand confscation Of property of all
kinds is going on;
The Condition of the Northern States and Of the
Union Generally.
But we may, perhaps, be told that
all these Southern States have been over
run and plundered by hostile armies,and
have, furthermore, undergone revolu-
ton in their labor system, and that this
condition of prostratiOn was, therefore,
to have been looked for Let us, then,
turn to the contemplation of the North,
and of the nation at large.*
In 1876 the failures in the loyal States
were 1872, with liabilities amounting to
STA, ,693, ,712; and those in the States lately
in rebellion l,120, with liabilities of $l6,-
424, ,O74; or total liabilities of $l9l, 1856;
there being one failure for every sixty
three persons in business. In the four
years, 1878 to 1876, inclusive the liabili-
ties amounted to the enormous sum of
$775.9l6,139.
The Railways Of the United States.
The Railway Age, of Chicago, stated on
February %, 1877, that eighty-six rail-
roads had, during the year 1876, met with
disasters as follows: taH.
No. Of Mile Capital Ptl
sur uFe %u' 80 8,o46 saz848OoO
r5% ooRnsd S 9 s i3sSsGSSS i5sSS SSS
Grand total........,. 88 l4l70 gl25O9,OOO
The same paper under date of March
22, 1877, says:
"Out of total nominal investment of
the railroads of this country of S4,775,-
100000, about 38 per cent, or 81 800, ,000,-
900 is represented in defaulting roads,
and is, therefore, for the present at least,
almost wholly unproductive to the in
YestoTs."
And on the same date says:
"The losses incurred by the shrinkage
of the stock of the four principal coal
roads within the last year are appalling,
as shown by the following table:
Value Present
Mar. g. 1876. value Shrinkage.
Central Of N. J..s2i ,96l $50 sl744625 S2o2l1125
Del LaCkaWanna
and Weslern~.. 8l,l77OOO l742SOOO 18,755OOO
C; Canai..a.......... 2l,cOOOOO 1O.4OOOOo 100000
Reading, g,..."....... 92,S635O0 4,110O0 29,6l25OO
Total..........sllOOO8 ,25O sS8,slS6l5 s76,1sl525
"Add to this $76, 100000 of loss, the
depreciation upon the bonds of the com.
panies, and the estimate that the total
apparent loss caused by the coal panic
within year will reach $l0O,000,00O, is
not far from correct" And adds:
"fhe loss Of nearly $8,0O0,000 in snnu-
al dividends by the stockholders Of the
four roads named is calamity of wide
spread effect"
New York and Other Cities.
According to estimates of the Tax Com
missioners of New York City. the actual
value of real estate in that city has de-
clned from 81, 1894 ,4S8,966, in 1873, to
1892, ,42S 1853, in 1876, or $502, ,068 ,803;
while it was assessed, for the purpose of
taxation, at $65 900, 900 higher in the last
named than in the formers In 1873,
the total value of the personal property,
exclusive of bank stock, assessed in that
city, was $215,0 100000, while in 1876 it
had fallen to $l39 SOC, ,000-a decline of
$8l, 100000, At the same time the pub
lie debt of that city, December 81, 1872,
was $95, ,467, ,154, while December 81, 1875
it was $l27 7,9l9993 net. .*** While the
transactions of the clearinghouse Of
twelve of the principal cities of the Unit
ed States, which included 312 banks, were
in 1875, $3l, $4,000, 900, in 1875 they we're
but $28, ,234, 900, ,000--a decrease of 9.8 per
cent, and S., ,738 900, 600 less than those
Of New York City alone in 1873. ga
#The Citizens Bank Of Louisiana, in
New Orleans, i'll 1875, advertised for sale
or to let no less than 128 tracts of land
and plantations in different parts of the
State, understood to have passed into its
hands from those Of insolYent debtors,
~ The New York Tribune, of April 16,
1877, under the head of Wrecked by
Real Estate, says: "A reporter of the
Tribune recently had q long interview
with gentleman Who has been closely
gfrt 5Ir