RAILWAYS IN AMERICA.

Taranaki Herald, Volume XXXV, Issue 7174, 18 September 1886, Page 4

RAILWAYS IN AMERICA.

There is a disagreeable subject of contemplation ia the reports of railway foreclosures for the first half of the year 1886, which exceed in amount the total for the entire year of 1885.' They are the natural sequence of the craze in railway building hetween 1878 and 1882 and the crash of 1883-84, just as the foreclosure sales of 1875 followed' the panic of 1873. During the first half of 1886 17 railways, representing more than 5000 miles'of line, have been altogether sold off and wiped out of their' former existence. The amount of the bonded debts of these roads exceeds 163,000,000 dols., while their stock account is a trifle over 128,000,000d01. The 1 roads remain, but their value is gone, at least to those who formerly held it. Many persons have lost heavily by the shrinkage, and the general business of the country has suffered a serious blow. On the other hand, the extinction of the old claims liberates a considerable amount of capital for othef enterprises, but for the present at least we are not likely to see many new raili ways put under construction. The new railways for 1886 will not be a tenth o^ those for 1883. The principal work of the foundaries that Bupply rails for track* replacing of worn-out material on old lines, and not a few years ago for the construction of new lines. Takeri as a whola the railways are doing better than they were a year ago, and the volume of daily transactions at the stock' exchange is four or five times as great as in July, 1885. For months thera was scarcely any speculation, and many $ broker did not obtain enough on his commissions to pay the rent of his office, not to speak at all of his other expenses.' It was a hard time for the brokers ; they drank beer where they had formerly drank champagne, they patronised the cheapest restaurants, and a good many of them' ■wore their clothes to a threadbare con-j dition and their hats till they looked as though just emerged from a cyclonic disturbance. There has been a time-honored custom on the Stock Exchange of smash', ing all white bats at the end of summer, and all black ones at the end of spring. Last year it was voted that in consequence of the hard times many of the bojs -couldn't-afford ■ the expenee-ot:new hattiy and so the tiixje -honored .smashing was abandoned... Just- now- the brokers-are appearing in new clothes, new! hata and new boots, and tbe_popping of.the champagn^cork ia audible" where they abound.' The chfap restaurant .is forsaken for Del-j mouico'a and the Brunswick', and altogether! the Stock" Exchange' "appears to :hay"& entered'upon a period of prosperity.' ' Its a good sign of the times and the precursor, of better things all round. - ;