New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-12-27

| increase, and vet the aggregate Is quite large,
| and proves that invested capital has ON the
whole been earning tOlerable profits. Loans
are only S11,OOO,O0O less than they were at
this time last year, and deposits nearly
| S6. OOO. 900 larger, but, though the legal-ten-
der reserve is only $35, $685. against $780,
1852, 200 last year, there IS no apprehension.
The number of changes announced IN the mer-
camille world is unusually large, but many OF
these are but the result of losses long ago ex-
perienced, and the evidence of the reOrganiza-
ton which prepares the way for profitable
trade.
On the whole, the people have pulled through
the year with less suffering and loss than was
reasonably apprehended. Unavoidably, it was
year of exceeding prostration and many
failures. because without such period it
was not possible to clear away the wrecks and
the rubbish of the speculative era. Thousands
of men, when the year began, were still "hang-
"ing on by the eyelids,n crippled by ill-starred
ventures years ago, lacking the capital or the
faculty to recover position, and yet clogging
the avenues by which others might advance to
prosperity. The National banks were loaded
down with bad debts, which, to the amount OF
S19,719O26 in the whole country, and
Sc, S73, 100 in this city alone-ten per cent OF
their entire capital-have been charged off.
That the banks have earned any dividends
at all, notwithstanding this recognition of
previous losses is an evidence of recuper-
alive power. Many railway and other corpora
tons were staggering along, when the year
began, under enormously inflated debts and
leases, for which bankruptcy and reOrganiza-
- 49,
gone down, though it is hard for some, Is on
the whole blessing to the community. Even
to unfortunate individuals tho year has been
one rather of unwelcOme recognition OF pre-
vious disasters than of new loss. when IL
began, thousands who were really bankrupt
were indulging the hope that Congressional
action. or the Presidential election, might
bring new era of wild speculation, initiation
of prices and unlimited credits, which, how
ever disastrous to the country, might pun
them out of the mire. They have been dis-
appointed. For the sake of the country, we
are glad. Wishing them no i'll, we must re-
iojce that their success has not involved the
country in disaster.
In spite of all failures and losses, the burst
ing of many inflated bladders, and the weed
ing out of many individuals who Oyercrowded
the avenues of business, the year has been one
of reviving production, Of improving con-
sumption, and of enlarged exchanges with re-
spect to quantities. Because prices have set
tied more nearly to a solid basis, it does not
follow that profits have been extinguished on
the contrary, lower prices have helped 10
larger consumption, and larger sales, though
with narrower margins, have on tho whole re-
suited in moderate gains. Yet 1t has been
most trying year. because extraordinary pollt-
ica uncertainties have combined with IMAM
cial causes to make business difficult. IL Is
now plain, from the Clearing house returns, that
the transactions of the last quarter OF the
wear but for the unexpected political excite
ment in November, would have been larger
than those of the same quarter last year, both
IN quantities and in values. I'm October they
were larger, and as the excitement OF Novem-
Der died away, there has been steady COM
narrative increase. The country was IN pos-
ton. "a soon as political uncertainties had been
removed to enter upon very large and IN
creasingly prosperous traffic. Fear OF dis
order or civil strife checked that ten
depcy for n few weeks, but the sober
second thought brings confidence that law
will prevail. There is no longer any proba-
bility of disturbance of the currency and,
at least for one year, we may reasonably
expect that gradual improvement Of industry
and trade, based upon "hardpan" prices,
which will help us forward toward a genuine
and enduring prosperity. We shall still see
some failures. because some bankrupts, cor
porate and individual, still cumber the earth,
But the millions who have swelled the Christ
mas purchases have learned, each from his re-
duced earnings, to live at reduced cost, and
with more reasonable economy. This land is
not the home of hopeless poverty. 1t has
shown q marvellous recuperative power. The
crowds who throDged the stores last week have
smaller earnings than they had in 1872, but
it costs them less to command the same ncces-
sarics and comforts, and they had something
left wherewith to make the little ones welcome
a merry Christmas.
COMPROMISE.
,rl,,ro 10 a craot danl of loosa md fooIisli