Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-09-15
THE OUTLOOK FROM THE PANIC
MONTH";

The 1st of September is kind of bust
ness New-year's day and affords Il good
point from which to observe the prospects
of fall business. We have been watching
the indications for the past ten days with
unusual care. We find that while there
are many encouraging symptoms, there is
as vet small realization of the return of
activity. There will be a pretty steady
and probably an increasing business all
the fall, but the added velocity. small in
itself, which makes all the difference be-
tween IA activity and dulness is not
likely to be felt before spring. At New
York, gold continues under 40, the banks
carry full lines of deposits and their dis
counts are about one-tenth less than they
were a year ago. The railroads to the
West report a pretty full line of freights
both ways.
We believe that the inland cities feel
the dulness less than New York. This is
time for doing business on small stocks.
because men are indisposed to speculate.
especially in view of a fluctuating market.
Consequently. the retail merchants are
buying in small quantities and like to buy
near home. Hence Chicago, Cincinnati,
indianapolis. Louisville and all the inte-
rior cities are developing large jobbing
trades. A careful review of the business
of indianapolis in the Sentinel reports a
healthy activity in boots and shoes, hard
ware, dry goods and many other staples
in which the city is aspiring to become a
center of distribution. A Nashville review
notes 4 similar fact. The business "sra-
son" is also much longer than formerly.
when merchants rushed to New York
within a certain period of few days and
made things lively. There has been a
general and vast liquidation of accounts.
and credits have rarely been healthier.
1t is noticeable that in New York, also,
there is considerable activity at this mo-
ment in boots and shoes, with crowds of
buyers from the South and West.
The prices of the chief staples of export
are an important element in the business
prospect. The controversy over the cot
ton crop is as far from settlement as ever.
Southern advices are quite unanimous in
reporting considerable damage to the crop
from insects and other causes, but are re-
ton varies scarcely at all from the stock
last year at this time, and a further de-
cline is not looked for. Our own manu-
facturers have been running close to the
wind for so long that they are not trapped
with large stocks on hand, produced on
dearer terms. They are consequently
able to adjust themselves to the decline
without serious loss. Cotton is still IA
per cent higher than it was in 1860 The
breadstuff market has had pretty hard
drop" from which we see no prospect OF
any recovery. this fall. Corn is the only
exception. the crop being under average,
as was early anticipated. Wheat has
fallen twenty per cent. within a few
weeks. The western farmers will mit-
gate the depression as much as possible
by holding their grain over. They have
marketed corn in the past year which has
lain in the granaries two or three seasons,
and are said to be sufficiently stocked with
ready money to enable them to hold their
wheat, with comparative Indifference to
the offer of ready money. 1t makes a
considerable difference in the line of bank
credits at the West, the country merchants
"waiting on" the farmers, the jobbers on
the merchants, and the banks finally on
the lobbers. The agricultural community
is to be congratulated that it is able to
wait, though we are by no means certain
that it will find waiting profitable. The
great crops will, at all events, return a
slow but substantial gain, which will favor
the revival of business. --SpringfeM Repub'
Ecan.