The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-12-31
Maine in the Hard Year.
Maine's Record i'm 1S75.-A brief summa-
ry of leading events.-H0w will the
books baIancee

In the future the year 1876 will be known as
the hard year. 1t is true that business has re-
covered somewhat from the collapse of 1873 and
that con fidence has been slowly returning in
financial and business circles, but despite these
facts, it has been hard year. People who had
surpluses have seen them melting away, manu-
facturers have experienced slow sales with no
profits while those who tided over the first year
ofthe panic by putting off the evil day in hope of
the reli eff which better times would afford, have
been forced to expend their energies in carry
ing old burdens or getting rid of them.
BUSINESS AND INDUSTRY
Despite the universal stagnation i'll nearly
every department of industry throughout the
world, Maine has passed through the year
without serious failures or wide spread dis
tress.
Never has cur great Humber interest expert
enced so dull a year. The demand has been
very light and irregular and prices have fallen
below the cost of production. The year closes
with no apparent indication of improvement.
There has been no heavy lumber failure in
Maine; but Maine operators and manufactur-
ers have suffered in consequence of Boston and
New York suspensions. The suspension of the
Jewetts of st. John and Boston produced seri-
GUS results in Aroostook, not only in the lum-
ber business but to all classes, by reason of the
acceptance of the Jewett & Pitcher shin plasters
as currency, about $25,OOO being in circulation
in the Aroostook valley. The private shin
plaster and the wild cat bank bill are the nat
ural outgrowth of that false theory of finance
which makes the paper promise of govern
ment to pay money, mouey itself.
The ship building interest has also suffered
the general depression. Freights have been
depressed and Irregular particularly those
coast-wise. The number of large vessels built
the past year is quite as large as the number of
last year. The aggregate tonnage built in 1876
is $1,000 tons against 122, ,548 tons in 1874.
1t has not been prosperou year for the cot
ton and woolen manufacturing interest. Few
mills have declared dividends and efforts have
been made to reduce the production with hope
of improving the market. There has been no
total suspension in any important mill. But
while business has not been generally salts
factory, mills devoted to specialtes have been
crowded to fill their orders. During the year
the Coburn Woolen mill at Skowhegan has
started and Virgins mill il Hanover. The
work on the extensive Lockwood cotton mills
at Waterville has been continued and they will
go into operation the first of January. The only
novelty in connection with our manufac-
lures, is that quantity of cotton goods manu-
factured at our Maine Manchester have been
shipped to EDgland's Manchester, the great
seat of the manufacture of cotton fabrics.
Those engaged in agricultural pursuits have
found the past rather better than an average
year. The hay crop was scarcely ever better
than in 1875. The grain and corn crops were
rather over the average while the potato crop
was considerably below and the apples nearly a