The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-27
BANKRUPT RAILROAD.
The Unprecedented Crop of Bankrup,
Roads.
[From the Railway Age, April 1877

[From the Railway Age, April 1871
| This journal has already given sta
| tistics showing the number of railroads
sold previous to the present year, anC
the amount Of capital which they appear
to represent. The work Of reorganizine
and reducing to present values is still
going on, and Of course many roads, fol
some time virtually bankrupt, are being
added to the list Of foreclosures. The
first quarter OF the year naturally makes
large display under this head, as Janu.
ary / is the usual time for settling uI
and striking the balance of profit and
loss. Going through our files for Janu.
ary. February and March, we find that
thirteen roads, with q completed mileage
Of 1869 miles, and representing an ap.
pgrent cost Of $50, 100000, have been
sold out in the first three months Of the
year, for nominal sums, the sale gener.
ally wiping out everything but the first
mortgage, and that nine roads, with q
mileage of little less than 100 miles
not counting the partly graded roadway
OF one, and representing an apparent
cost of about $67, ZOO, 900, have passed
into the hands OF receivers between
January and April l.
A number Of other roads are to be sold
during the summer as the result OF de-
crees already made. The following list
includes those for which applications
for foreclosures have been made or fore
closures ordered during the past quar-
ter, but which had not been sold up to
April 1, and also some i'm regard to
which sale was previously ordered, but
has been postponed:
st. Louis. Keosauqua and st. Paul
Gulf, Western Texas and Pacific; Paines-
vile and Youngstown marrow -gauge) !;
Wheeling, Pittsburg aud Baltimore !;
Buffalo and Jamestown; Lake Superior
and Mississippi; Evansville, Ovens
boro and Nashville; Detroit and Mil
Royal; Maryland and Delaware; Cen
tral, Of Iowa; Chesapeake and Ohio j;
Marietta, Pittsburgh and Cleveland !;
New York and Oswego Midland Peoria
and Rock Island; Hannibal and Naples
South Mountain Iron; Waikiki and
Valley; Hempfield; Glover Hill; Jack
sonville, Pensacola and Mobile; Florida
Central; Mississippi Central; Ohio aud
Kentucky Coal and Iron Detroit, Eel
River and Illinois; Memphis and Littl le
Rock Paducah and Memphis Memphis
and Kansas City New Jersey Southern.
Making thirty roads to be sold within
a few months, mostly In April and May.
While this showing is not gratifying,
1t is not chargeable to the present con-
dition of railway business and prospects.
Most OF the roads named have long been
in a moribund condition, the result OF
previous misfortunes or excesses; and
even Ii general prosperity had returned,
their taking off would be q necessity
and expediency. They are mostly Of
the second or third class, and although
the losses which they involve fall Just
as heavily upon individuals as If they
were trunk lines. the aggregate is not
80 significant. Others still must go by
the board, but we may reasonably hope
that the sifting-out process is nearly
completed, and that with the return OF
better times, to which people are look
ing forward with 30 much hope, there
will soon be pause in the downward
followed by return to gen.
eral prosperity.