, 1874-12-27

TIE FRUIT OF THE SEASON.
Last year the season Immediately succeed
ing the Christmas holidays was blue end dis
heartening in business way. But two or
three months previous, the panic had struck
the country, and its effects we're beginning to
be felt far and wide. After the excitement
of the scare had died away, the actual strain
upon the business community became tho
heavier, and without stimulant. Many Of
the retail merchants had kept up by promises
and shining" in order to avail themselves
Of the benefit of the holiday trade. But this
did not save them. They had laid in heavy
stocks early in the season, with all the conf
dence of good times thnt Immediately pre-
ceded the panic. There YVES probably never
q time when the retail stores were tit
ted up with SO much 1avlshness: 31er-
chants Of all classes had reached out
away beyond the dictates Of commercial pru-
dence. They had agreed to pay rents which
required q vast increase of business over
what they had ever done before. They hod
bought heavily on credit. Competition was
rife, and, at the best, the retail merchants
would have scarcely been nade good for
their extravagant outlays and reckless risks if
tho panic had not come On the other hand,
the purchasing public had been suddenly
brought face to face with hard times. They
were forced to the realization Of the fact
that they had been living beyond their
mems. They foresaw falling of
in the profits of their own business.
Salnried men vera forced to contem-
plate reduction in pay. Many Of them
feared the loss of their situations. The re-
suit was universal disposition to retrench,
and til e holiday trade Was poorer, as rule,
than it had ever been. Families contented
themselves with fewer presents ut Christmas,
and these were usually inexpensive, or Of q
useful and necessary character.
Within short time after the holidays of
last year, therefore, there were many fixtures,
compromises, and settlements among the re-
tail merchants Of Chicago and other large
cities. Those who suffered most were the
jewelry firms and dealers in costly apparel
and fancy articles. It was in the Injuries
the things that people could best do with
out-that retrenchment began and was cur
ried farthest- Instead Of the unusual de-
mand for jewelry, fancy-goods, laces, silks,
diamonds, silver, and that class of merchan-
disc which had been anticipated and prepared
for, the demand was almost NIL Those who
had succeeded in postponing their settlements
until after the holidays were almost
as badly off as ever. One OF the
pernicious results of this postponement
was that the failures and settlements
came all together, and thus superinduced
general apprehension that there was going to
bo panic in the mercantile community as
general and destructive as the panic in the
financial community q few months before.
Fortunately, this was avoided by an adjust
ment between debtors and creditors on the
best possible basis; and, after few weeks
of unusually hard-sledding," the mercan-
tile interests resumed, in this city at least,
IN equable and substantial position.
We do not apprehend this year anything
like the graveness of the situation felt at the
corresponding season last year. The mer-
chants hive been duly forewarncd, and, it is
to be hoped, have trimmed their sails accord
ingly. There has been material reduction
in the expenses of carrying on the fancy bust
nesses as compared with LAST year. Stocks
have been selected with greater care, and
with due allowance for the gencrnl
spirit of economy. The credit system has
been used moro sparingly. Besides, the ho1i
day trade, materially assisted by the extraor-
dinarily mild and pleasant weather, extended
so far into the winter, has been much better
than last year. The result, altogether, can
scarcely be other than favorable. It is to be
expected that there will be a brief era Of inac-
ton and commercial dullness, and, withit, the
croakers will come out in force, and hard
times will be the refrain Of their song. But,
for an that, We are OF the opinion TINT there
will be gradual and uniform improvement
from January forward, in striking contrast
with the condition Of trade and industry after
the gloomy holidays Of last year.