Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1875-06-03
unalterably opposed to the Presidency Of any

unalterably opposed to the Presidency Of any
person for third term.
The other resolutions are highly laudatory
of Grants administrations; of the admins
tration of Hartranft, who was renominated !;
and an arraignment of the Democratic party
for the various evils common to the country.
Regarding the third-term question, the action
of the Pennsylvania Convention will doubtless
be taken as the keynote of the Republican
party throughout the Union.
Since the promulgation of the above reso-
lutions, President Grant has addressed letter
to the President of the Convention, in which
he says he never sought the first or second
nomination, and concludes by saying: 81 am
not nor never have been candidate for a re-
nomination. I would not accept a renomina'
ton, if it were rendered, unless it should come
under such circumstances as to render it an
imperative duty circumstances not likely to
arise"
The Business Outlook.
- The New York Tribune reports that an
unusual activity now exists in that city among
property owners, who, in anticipation of bet
ter times, are building extensive houses pre-.
paratory to an expected demand for increased
facilities The Tribune gives lengthy list
of costly new buildings now in course of erec-
ton, and enumerates quite number of other
business houses that are being remodeled and
enlarged.
The financial condition Of the country is
also indicated to some extent BY bank state
ments from Connecticut and Chicago. The
bank commissioners of Connecticut report an
increase in the savings bank deposit of that
State from s7O,76a,OOO to s73,7o3,00o in the
past year, gain of nearly four per cent. The
May quarterly statement of the national banks
of Chicago shows that since January l, 1874,
there has heen gain of SS,00O,O0O in the
loans, of more than S4,000,O00 in legal ten
ders and cash, and Of SIG, ,OOO,OOO-more than
sixty per cent.-in deposits. These two re-
ports from widely differing localities pretty
clearly prove the recuperation Of the country
from the panic of 1873, and indicate a sure if
slow approach to an era of business prosperity.
On the same subject, the New York Bulle-
tin indulges the following encouraging review
of the financial situation:
The loan market has recently developed a
much more decided desire to employ capital
than has been apparent for many months past.
Lenders, while still careful. do not show the
excessive caution and the willingness to keep
their means absolutely idle rather than take
average risks that they have exhibited ever
since the panic. And it seems quite reasona-
BILE to expect that such change should come
over the disposition Of the lending class.
They have seen mercantile borrowers subject
ed to twenty months of the most trying press
ure experienced within the last forty years |;
prices have shrunk during this period on an
average fully twenty-five per cent. losses
have taken the place Of ordinary profits, and
the limitation of credit has compelled large
amount of liquidation and yet this test has
been endured with degree of immunity from
failure which remarkably demonstrates the
strength of our commercial community. This
thorough probing of the mercantile class has
very naturally convinced intelligent lenders
that our merchants are as deserving of credit
as they ever were, and that discounts are not
at present attended with any more risk than
in ordinary times; and hence they show dis
position to take a class of paper which they
have for months entirely discarded.
Then, again, the better class of securities
have advanced to such extraordinary figures
that there is an indisposition to invest any i'm
portant further amounts in them; and it is
not improbable that a certain class of holders
ofsuch investments will begin to sell them in
order to realize the profit upon the principal
resulting from the rise in price, for the purpose
of employing the proceeds in some other way:
Capitalists are growing tired of the small
earnings their loans have made during late
months and, with view to getting better
rates, they are scanning closely the range of
investments which they have discarded since
the panic, and are beginning to take such of
them as appear the most inviting. This is to
be regared as the initiation of process of re-
covery in the loan market which will gradu.
ally progress until it admits into the range Of
business a large class of borrowers who have
been long shut out from loan facilities. The
success with which several corporate and city
loans have been placed on the market within
the last few weeks indicates decided recove-
ry of confidence in that class of investments,
and as this experience demonstrates that COM
panies in good standing can borrow easily
and on more favorable terms than has been
possible for many years past, we should not
be surprised to see a succession of corporate
loans placed on the market.