The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1877-08-02
The Business Outlook.

From tho Ohio Farmer.
No topic is more popular now than the
hard times or some one of its numerous
correlatives of which the title above is a
prominent one For the last three years
we have had regular succession OF pre-
dictions, preceding the opening Of the
spring and fall trade, that a revival of bu
siness was at hand But the seasons have
come and gone, and IL spite of the abun--
dant crops or foreign wars, the business of
the country still languishes. What is the
trouble? is the question every one asks now.
\ year or two ago it was hard to find
man who could not answer the question
readily, hut as we grow older (in expert
ence) we grow wiser, and opinions become
scarce and more valuable.
The Mercantile Agency, in their last
circular (July 49, discuss this topic at
some length, following a statement of the
number of bankruptcies in the country for
the first half year of 1877. The number of
failures for a given period, compared with
the same period of previous years, or in
deed, any previous period, shows a rela-
this statement that the number Of failures
in 1876 was S,092; in 1875, 7,740. During
the first six months of this year there were
LAO failures, agninst 4 600 for the first
six months of last year. This is an in
crease of l49 failures, over the correspon-
ding period Of last year. but the total liza
bilities are much less. For the first half uf
last year the liabilities were S10S, Ais ,429,
and for this year 500 ,606, All. To afford q
more complete comparison, the failures,
the liabilities, and the average liabilities OF
each of the last ten quarters are given,
from which the fact is deduced that the bu-
siness of the country is improving very
slowly, if at all The existing conditions
seem paradoxical. They all seem to favo-
better times, yet something mysterious PREF
vents their return. ave have had years OF
marvellous production and good prices for
the products of the earth; the figures indi-
eating the value of exports were never SC
large or satisfactory-this,to too in the face
of restricted imports, indicating an econo
my on the part of the people which ought
ere tits to have boru better results. Mon
ey is abundant and cheap; capital steadi
ly accumulating in centers where its pres
ence depresses rather than encourages. The
political situation is most satisfactory, al
disturbing elements have happily disap
peared; the public credit was never more
firmly established or more ably admins
tered; add to this another year of wonder
ous production, of continued high prices
for all the country has to spare, and ther,
seems to be no element wanting TO a com
plete recovery"
Something else is needed to bring abou
the desired result, but what this somethin,
is, the circular from which we quote saw
no one has yet discovered The problem
: is acknowledged to be vast one, which
q time only will solve. "The universal Law
{ of compensation must have its fulfllment
and for the years of over production, owe
trading, and over crowding all avenues o
commerce. tHeTc IilSt SHCCeeu years o
economy, of liquidation, and adjustmen
to a smaller condition of things such as i
o now being experienced"
But there is one encouraging aspect, ant
that is the excellent prospect of the crp
]; throughout the country. Extracts iron
Y correspondence are given from Chicago
n St. Louis, Detroit, Milwaukee. Cleveland
z Cincinnati, from Kansas, Califarnia Colo
y RADIO, Kentucky. Tennessee, and IN fac
n from nearly every State and commercia
$ center in the Onion, and all report tn
IS most favorable prospects of crops, and ex
0 press hopes of u lively trade this full, de
pendent npon this condition of things.