The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-07-06

REVIVAL OF BUSINESS I


and that the importatons of dry goods for
June show "fair movement and are uni
" form with those of the same month for
" several years." So far as this statement
indicates anything, it is, as 1t seems to us,
the same general stagnation of business as
has marked the past two years. Joobers
must replenish, there will always be de-
mand for cotton goods--the country can
not very well get along without them-and
the movement of dry goods being only
d "far" with no marked increase over last
year what is there to indicate an improve
ment? A stand-stil is almost as bad as
retrogress.on, and the country is now In
that state that any further retrogression
would be something more than stagnation
it would be general bankruptcy. In the
same way, some have argued that there
must be a better condition in business cir
clcs and larger importation of goods,
otherwise the public debt statement would
not and could not show a reduction this
year of Sl4 800, 515 against only $4, 730, 472
last year. But this idea is dispelled when
1t is stated, that the expenditures of the
general government are some ten millions
of dollars less this year than last year, or
less by a larger sum than the difference be
tween the reduction of the debt in the two
years. This shows excellent management
on the part of the secretary of the treasury,
management very much to be commend
nI hut II nJio ,tno apythipu b,tt revival
of business indeed it shows the same gen.
eral business depression.
We have further induces of this unvary
ing stagnaiion of trade, perhaps falling
oil in some branches, in the fact that,
during the year, the custom receipts fell off
from four millions to four and one half
millions of dollars from the estimate made
on the basis of the rcvious year and with
the same rate of duties for each year.
With this large falling off in Il year, is
there any indication of revival of Lus-
ness in the mere fact that the movement in
dry goods is only fair" and that the i'm
poliatons thereof Tor June ale only
uniform with June 1874 when they
were uniform" with June 1873?
This same general stagnaton of business
is, also, seen in closed factories, unworked
mines, idle shipping; and, in the cities, in
unemployed workmen, low rates of wages,
empty warehouses. stores and houses, fall
ing rents, few sales of improved real cs-
tate, and no cash sales at all for unim-
proved real estate, and more than all in the
glut of capital lying idle in bank vaults for
the want of profitable and remunerativc in
vestmcnt or enterprise. Aud this large
and increasing surplus of idle capital not
only shows the general depression of bust
ness, but gives the lie to the claim that the
same is caused by contraction of the cur
rency, and that the only hope for the bust
ness of the country rests in a further issue
of paper money-that is in imitation.
If We come home to New England we
find the same general depression and stag
nation. Let us look at the dividends pay
able this month. We find e"n'r'"-
i~ou lDe springfield Republican, as fol-
lows: The total amount of railroad div
idends to be distributed at Boston, this
month, is $1,726,561 manufacturing div
idends, 1888, 600; miscellaneous. 1926, 40;
interest on bonds, $7,303,900 total, &c..
Ss9,540, against $9,94S, 400, last January,
s9,117,37S, July l, 1874, $40, 100, O93, July
/, 1878, and $12,0S3,034, January 1, 1878.
Are not these figures more eloquent of the
situation than words We find, by COM
parison, that in two years and a half there
has been a decrease of twenty-five per
cent and this is mainly among manufactu-
ring companies, although some Of the old
est, most conservative and best managed
railroads begin to show visible signs of the
depression. Several of the manufacturing
companies pass their dividends for the first
time, others pass for the second or third
time, and still others have declared only
reduced dividends. OF the railroads, the
Boston and Lowell, which has missed but
one dividend in twenty years, is now COM
PEELED to pass without one the Worcester
and Nashua comes down to three and
half per cent. after paying ten per cent.
for the five preceding years and the Con-
necticut River road drops one per cent.
from the seven previous annual dividends.
These reductions, moreover, cannot be
made up in the enhanced value of the
money in which they are paid, in its nearer
appreciation to specie, because January !,
1873, gold was quoted at one dollar and
twelve cents, while July 1, of the present
year, it was worth from one dollar and sew
enteen cents to one dollar seventeen and
quarter cents, thus showing greater act
ual reduction than the figures indicate at
first sight.
Some days ago, and before any of the
figures for the present year, to which we
have referred, were at hand, the journal
Of Commerce gave its idea of the business
situation in the form of queries as follows:
" Who is there that is making money !?
Where are the steady accumuations
Z" which ordinarily wait on untirlng indus
try? In what reservoir are garnered
" the profitable returns of far-reaching
" commerce? Who knows of anything
. that promises to-daya fair return for the
"capltal waiting idly the opportunity of
profitable use? What trader, whether
Z" dealing in wholesale with distant GUS
toners or at retail with our own citizens
"can take an account of stock at its cash
"value, mark off all debts that give him
any uneaslness, and point to the balance
" of steady gains? Some show a larger
4" surplus on paper, but who can turn all
" his estate into real money, pay off his
honest dues, and count in hand as much