Show Depression of 1873 Nearly commercial houses failed faded between 1873 and 1 1878 8 By November November No No- vember ember 18 1873 3 pig iron could hardly b be b. besold sold at any price and by December 1 half the furnaces and mills In the country had shut down Six months month later there were men Idle In that Industry alone Rhodes thus described described described de de- de- de scribed the situation In those five years a long dismal tale of ot declining decline ing markets exhaustion of capital lowering lowering low low- ering In Jn value alue of all kinds of ot property including real estate constant bankruptcies bankruptcies bank bank- close economy in business and grinding frugality In living 11 Idle mills furnaces and factories former profit earning iron mills reduced to the I value alue of ot a scrap heap laborers out of employment reductions of or orage wages age strikes and lockouts the peat great railroad riots of ot 1877 1871 suffering of the unemployed unemployed unemployed depression and despair Re Bo- Recovery o covert covery was fairly rapid |