, 1877-08-16
ARE TIMES HARD2

CntcA0o, Aug. 13.-rcoplo t.ayc talketl 50
much lately about hard times and the prostra-
tIon of Industries that almost everybody actual-
" believes that there Is ut present a great de-
prcssion Of business. This beiicf would do it,
tic harm II nobody wasted any tmc Or energy
waiting for something to happen to make basl.
ness better, or II the political economists won'd
not rack their braius trying to find some lcgisla-
tire remedy for our "prostrate fntlustrlcs."
Would 1t not 10 we'll Il they would first look
into the subject and find out whether times arc
hard or not9 In tho recent conflict Of tho rail-
roads With their employees II has been repeatedly
urged that tho railroads were suffering from
lack Of business, and were compelled to cut
down wages Or lose money. But tho truth is
that, whatever other troubles they have, they
have not suffered for lack OF business; aud /
can think ot no bettcr indication Of tho general
business OF tho country than tho afno,.nt Of
freight carried by thc railroads. According to
Poor's Manual the three principal ronds have
past ten years as indicated by the following
table:
7ons one mile. Tons ore mile.
t:s EtIs & ." t St o 60 60 Soo S 90 o
PenasYlvsnla... 1000. 600, 900 i,6oo, COO. ooo
Tho Michigan Southern, Michigan Central,
rcrord: Wills good dcei of ills increase @ eI has
been In graln which would have gnne by the
lakcs but for their low ratcs, still there has Leen
very lafgo fncrease In merchandise and man.
ea aa es g pss NV III 'nS tho ls
that IL carried on the railroads must bc cftItr
produced IN thla country or imported; md ns
tho Imports hare incrcased but little, It ulicatcs
that there has been very large Increase Of do
nestle manufactures.
The rates Of carrying have been tnucl, lower
than fortacEly, pfobaply.tn sotno cases tou low,
20 tat ts insrcaso u eross earngs as not
their net earnings Or profits have just about
kept PAGE with their business, a. tho followin.
table will show:
New York Central. ...$t, s,.. 4o5 S11. 1.0.e, l16
Fesn;;i;ssa .: a a.saaa sss s5s! s;s Sst s;
1t appcars by that that It Is not necessary for
them TO do their business at loss. md That ttuy
aro not dotnglt Their PASSENGER business has
Increased IN ten ycara about y rcr cent, md
ably llttlc uoru than tho lucrea.o of popula-
ton.
But let us glance At tho aggregate railroads tu
tho country. II Ia truo that good deal Of lnon-
ey has been sunk md ,good deal Inns bceu
stolen, as there Ii In every bnsIness Investment.
A great n'any urc paying no dividends and some
no interest on their bonds, but III tic last i've
tss sssss er'a' nsa9y ! 81 ,s f0nss
earnings 44t,0 600, ever 10 pcr cent.
Tint. however, IA not 30 great q pcsecntaee NJ
tho increase OF tho cupital invcstcd, Gut, coIs1I.
cFtug tho reduction of rutes, 1t Indicates very
largo lncrcasc IN the busncsa Of tho country.
There are over II, 600 miles Of railroads tn tGo
country, which cost orcr &, ,5O0, ,O00,U0, About
half Of the coet IA represented By stock and laif
by banded Indebtedness. Last year thoy paid
SUI, ,00o, 600 interest OIL their botnls-oycr 1 Der
pr sunt Of ti!er cnttfu iudehtcdncss-ata sdN.-
00, ,000 Ia divt1cnls-about 3perccnt OF ali tl,clr
capital stock. Their entire coss Is about
&H, 0oJ ner milo. Ihcir gross earnlpga iast year
wero s6.53t and their profits q, o3I per mile,
he pFotts, therefore, are nearly b per rent o,,
this cost, and probably I or per cent On What
they would hive cost Ind there heen no Ecek-
lcssness or stealing In building them. 1t Is trua
that nuw roads arc not building now 50 inst a.
they were from le89 to 1874, but they appear to
be increasing now about I'd fast ~ they ever
did with tbs exception of thnsr live years. tlt
In those years thcra werc about W, ,6O0 miles OF
meHny. Hn. :, :, ,,1 :. ,,..,.
' I, :. - . ~ nsa ~ A!ua ~ ouellesa