Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-07-27
BUSINESS PROSPECTS.

who represent different branches of com.
merce, including manufacturers, traders,
bankers and spectators. 1t is singular tc
note the unanimity of opinion which they ex-
press upon the probable revival of trade al
an early day. This belief is based mainly
upon the conviction that our crops are to be
large, and that the demand abroad will be
great. The fact is well known that stocks OF
all kinds of merchandise in the hands of re-
talers are quite limited, and it is safe from
such a condition of affairs to anticipate that
retailers must replenish to meet the demand
which will spring up when consumers com.
mence to purchase. While it is true that
speculation has been checked in this country
| it is not true that the natural and legitimate
growth ofthe country varies materially from
the average of preceding years. New acres
are brought under tillage, new towns are
coming into existence, immigration, though
not up to the average, still continues, while
the increase of population, especially at the
West, is and has been quite large. There are
more mouths to be fed, more feet to be clad
more backs to clothe, than there were a year
ago. There may be more persons engaged in
the work of furnishing all these supplies than
| there were year ago, the business may be
carried on by larger number, and thus pro.
fitsare scattered, but the aggregate result is
the same.
This is a point which is not considered by
many when talking of "dull times" and "a
hard business year" During the war the
tendency of all classes of trade was toward
consolidation. Large firms with immense
capital became stronger than ever. There
was in one view of the case less competition,
for millions directly and indirectly were bend
ing their energies to put down the rebellion.
The Southern, and some of the Western cit
les, were not engaged in manufacturing or
producing hundreds of articles which they
now turn out in large quantities 1t was a
poor time to start new manufactures, but it
was the harvest time for mos. anybody who
had the means to supply the millions of con-
sumers who were non-producers. When the
war closed, the non producer gradually en-
tered the field, and competition increased in
every department of business. The tendency
since 1869 has been toward a division of pro-
fits among the many, which for several years
were monopolizcd by the few. There are
twenty firms to transact the business which
was carried on by twelve, and the increase of
business has not been sufficient to keep pace
with the increase Of competitors. This is
true of communities and Of States. 1t ap-
plies to professions and occupations, and
while there never will be again, in all proba-
bility, controlling monopoly by wealthy
firms of any branch of business, there will be
an increasing business transacted, the profits
of which will be more subdiyided among a
greater number of people.
Looking at this condition Of affairs as it af-
fects the general prosperity of the whole
country, there is nothing to regret. 1t is not
the accumulation Of immense wealth by few
that promotes the prosperity of State. 1t is
a small increase among large number that
gives good tone to business and secures that
stability which is so desirable. 1t is better
for the community that million dollars profit
should be scattered among two thousand than
among five hundred. And to this position We
have been tending for several years, and it is
fortunate that we have. Taking the profits
of 1866, 'G7, 'GS, which were made by a ma
Jority of business men, as standard, there
are few men who can show by their ledgers
such gratifying results, and if these excep
tional and speculative years are to be taken
as a criterion, we shall hear of dull times for
many years to come.
We are apt in this country, when speaking
Of the condition of business, to corfound legit
innate business with speculation. A business
which creates something, whether it is a yard
of cotton cloth or a newspaper, has basis
which is peculiar to itself, and which bears
no similarity to speculation in stocks. The
10 ,fa huo, har
Accumulated earning seeking investment af-
feet prices of stock, but when the "bulls" or
"bears" of Wall street see fit to sell short or
create corners, it is not an indication of the
prosperity or adversely of the business Of the
country. The only fact that at all interests
merchants is the effect of such transact ms
upon the money market; which is sometimes
SO seriously affected that honestly gained
profits are affected. But speculation in gold
is thing of the past, and locking up of green
backs can scarcely be successfully attempted
again. There will be temporary tightness
of the money market at different seasons of
the year, but if the country will steadily ad-
here to the policy of a resumption of specie
payments at as early day as possible, we
must have return of business prosperity
which will be to the advantage of every trade,
every occupation and every profession.
he past year, HdTu as IL mas Deen 10 many,
is not without its compensation. 1t has given
the majority of the people of this country
some hints upon the method of living which
the present generation will not be apt to for
get, and it has left the business men in con-
dition to so regulate their business in the flu
ture that over trading and over living will
! not probably be among the errors Of the
future. When revival of trade commences
we shall see the marked advance of solid Sc
curities, now so depressed; and capitalists,
who are actually suffering more o-day than
| any other class in the community, will find
that their investments are not fading out. We
have found that all the active business men
with whom we have conversed feel confiden,
that there will be healthy trade and active
| business doing the coming twelvemonth, and
| this general belief, we are confident, will dc
much to inspire the faith in the future which
is so essential in promoting activity and pros
perity - Boston Journal.
Al L.