The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-01-10
The OUTLOOK EOR 1877.

/
outlook from commercial stand point
for 1877, that journal thinks that we
enter upon that year with strong
backing in our favor, and sssigns five
good reasons for the faith that supports
It's psseveratons. Az the first II states
that II isreasonablo to assume that tho
process Of Needing our naolvsui firms
has boon well nigh completed; for
although the failures OF the frat nine
months were Unprecedented in number
and amount, yet during the last qnsrtcr
there ha. been a marked abatoment,and
il is very generally taken for granted,
that, in the nature of the case, this de-
olenaion will be continued. (2) The
clearing out Of u large humber OF 6rns
who, for the most part. have been cNDl'
pstins for bnsiness in an illegitimate
way, leaves thu better chance for those
who remain. (a) We have had gen!
Grady good trops during The past year
{4) Prices Of MERCHANDISE. after pro.
Itracted and Very severe decline, appear
TO have touched bottom, AZ least II
may be- said Of the general range Of ar
ticles that not only are they no longer
declining, bat, on the contrary, show a
decided steadiness and IN some cases nm
upward tendency, This " important
not only M implyiag that the rsan,iana-
ry tendency that act in with the panic
has about exhausted itself, hut also be-
cause it lays u basis for confidence in
handling commodities. II may DO that
tho process ofdeoline has not yet culmi'
mated in respect to real estate and tbs
same may be- true In reapect
to class OF products least
essential in the general con-
sumption Of tho country this remains
TO be tested; but, in respect to the
more staple articles which constitute
Tho bulk Of our commerce, this position
may b. maintained with apparent
safety. az Asarule. the iall in wages
appears to ahavs reached the lowest
point Of depression this ut least may
10 inferred from that faet that, for some
months past, Nc haye ceased to see the
reduction VI this kind The import
auco Of this fact ia that u basin has boon
reached upon which commodities can
be produced. cheaply enough 10 meet
the diminished purchasing ability OF
the community which is one Of the
first conditions precedent to = revival
Of productive operations. ~ Stocks
of merchandise .are generally in very
low condition, Gyen IL this were moi
commonly reported to DO the case, We
might safely infer il 10 al inevitable
consequence Of the state Of things ex.
istins for the last three years. Nor
does this rule apply to more mercan-
tile stock In all the households and
wardrobes Of the country, there 10 a
comparative exhaustion Of accumulated
supplies. In our productive establith.
ments, factories, workshops, etc, there
has becn three years Of postponement
of rsnoyations and rsplacemsnts OF
machines, tools and inatruments; and
ON all our railroads also the old ap
Ipliancss have been used, as for a. pos
sible, In lieu Of the introducing new
ones. This process Of using the old in
stead OF procuring the new cannot well
be carried mueh farther. There comes
point at which necessity oompels 70
placement; that point is being reached;
and, onae its demands begin to DO re-
sponded to, avery important stimulus
to all kinda OF Industry must result.
These facts, We take ". are tho man
elements In that improving demand
which first appeared last fall and which
Ibss. in some measure resisted m. A..
traordinsry depressing influences that
have been in operation for the last few
weeks. We enter upon the new year
with these natural recuperatjve Tandem.
| go. 'p",, ''"eh'
oN. 4" o'' '"'' W. may however,
easily expect too much from them for
the immediate future. We have vet 10
90 tbrou,b tbs oraaa, 4, ~. ...a.s
- y quo ''''n'
'"''eAy VI reorua'y' ana cannot DO
sure IN advance OF its rssulta II is not