The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1875-02-25
THE BUSINESS OUTLOOK.
The Past and the Future as Viewed from
IL Commercial Standpoint.

The Past and the Future as Viewed from
II Commercial Standpoint.
The report of the Mercantile Agency
of Dun, Barlow & Co., in their review
of business, says: Chief among the
favorable signs of the times is the gen
eral tendency toward economy. Ex-
travagant expenditure, up to the end of
1873, was one of the most alarming
phases noticeable in the community, and
even had the process of reversing that
tendency been more rude and disasterous,
the panic and its succeeding months
of depression will not have been in vain
if the necessity for retrenchment has
been made apparent. That this reduc-
ton in expenditure has been almost uni
versal is evidenced by the restriction of
trade during the year of which SO many
complain. Otherwise it is difficult to
account for the dull times in country
so abundantly supplied with every essen
tial of prosperity-with crops unsur-
passed, and an area under cultivation
never equaled; with a productive power
in its manifold industries beyond belief
twenty years ago, and marked pro-
gress in all material elements. Had
there been any widespread distress, any
failure of production, scarcity of labor,
or continued disturbance of the monetary
system of the country, the depression of
the past yearmightbe attributed to other
causes than now appear. What is the
Legitimate trade of the country founded
on but the actual demands of the COM
munityI If these wants are less III ex-
tent III one year, or a series of years,
than in another, the legitimate trade
is just so much influenced. 1t is obvi-
Gus, therefore, if the depression of the
year can be attributed to no worse cause
than judicious economy, there is no
great ground for apprehension. On the
contrary, the onl y true path back to re-
newed activity and a safe prosperity is
in this direction. It is true that the prlr.
chasing power of the people in many
localities is impaired by the condition
of numerous industries now paralyzed
from previous over-production. Time
is needed to restore these interests to
their normal condition, and we must
wait patiently until the equilibrium be-
tween supply and demand for these pro-
ducts adjusts itself. If in the delay no
greater calamities occur than have been
apparent i'll the past year, there will be
cause for congratrllation.
Still another hopeful sign is the steady
effort to at least largely reduce indebted.
ness, if not entirely to liquidate it.
While among railroads and largely ex-
panded corporations this has been found
next to impossible, we are persuaded
that, among merchants and traders, the
amount of current Indebtedness, rs com
pared with this time last year, is vastly
b66ffE62Hs 6fH to t AaXs g bFP5acdals bPa aRsndaH 81
ton, and through it had very nearly
reached it's minimum prior to the pur-
chases for the spring trade, we are per-
suaded there has been many prosperous
time in the history of the country when
the realizable assets of the mercantile
community were far less in proportion to
the liabilities than now.
A close conservatism in the granting
of credits is another prominent feature
of encouragement, and in this our
peculiar position enables us to speak
somewhat authoritatively. We find the
shrewdest merchants not content, as
they formerly were, with markings and
ratings of credit, with mere generalities
and meagre reports; but they demand
close estimates, the fullest details as to
assets and liabilities, particulars as to
antecedents, character and capacity,
which in the large majority of cases We
are not only able but too glad to
supply.
We are conscious that there is much
in the past year to discourage, and,
seemingly, to delay a return to a healthy
condition of trade. Prices for many
products have materially declined, large
losses have been submitted to, and sales
have been largely restricted. Those
cases are rare i'll which the surplus in
business has been much increased as the
result of the year, while the cases are
numerous where parties have barely
held their own; and many, if they
honestly look their affairs in the face,
must admit loss.