New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-25

wear AGO. The change in prices, as III wages
has been rather readjustment than general
fall. and the result is probably better httlng
of means to needs for the majority of workers
Certain il is that there are increasing balances
in the institutions which receive the saw
ipgs of the laborng class, and there Is less
appearance of want III most OF our cltlcs' IL
is true, this may in part be ascrlDcd 10 inc
unusual mildness of the season. But therc are
other evidences that the general CONDITION oI
American workers has, on the whole, lltt'e
imnrovcd Purchases of articles of food ana
cIotbinp have been somewhat larger in the ag-
gregate than they were a year ago. Even OF
comforts and luxurics, such as tea, cohee, anu
holiday goods, there appear to be somewhat
larger purchases. Prices are little lower, Dut
the magnitude of trade, even when measured
in values, seems to have slightly increased
ofter fair allowance has been made for specu-
latiyc operations.
This is not a revival 1t is a slow rebuild
ing-the almost imperceptible growth OF a
plont which has been cut off. The process
ought to be gradual if it is to be healthy,
and so little is there of unnatural or specu-
lative activity, that the growth IS painfully
and dscouragingly slow. If 1t Is real,
and If confidence meets no new ana
serious shock, the progress will become
more rapid as the slow savings OF the
millions begin to fill the channels of invest
ment, and so swell the current OF capital
which moves the wheels of industry. Thus
far, there has been certain accumulation OF
81 Wings but the current flowing through chan
nels of investment has been but slightly II at
all increased. Delay in this respect Is appar-
emily due, however, mainly to apprchenslons
in regard to the course of the Government,
and this, it is possible, may be removed early
during the new year.
Important with reference to future invest
ments are the recent exposures of some cor
porations and the conviction of some officials.
The first effect would naturally be to discour-
age investments. But it becomes known that
the authorities are making vigorous efforts to
root out fraudulent concerns and to secure
honest reports by rigid examinations, and this
fact gives to favorable reports and companies
of good standing "a degree of confidence which
they have not for years enjoyed. 1t Is reason
able 10 hope that two excellent results will follow
IN increase Iii the investments made with or
through the companies proved to be solvent,
and a useful concentration of funds upon
those which show themselves strongest or most
Trustworthy. 1t is now known that the expo
sures of last Winter did much to help the
best insurance companies, and later events
will undoubtedly strengthen the good banks
and trust companies, while making them more
particular in the selection of safe, and there
fore permanently useful, modes for employ
ment Of means.
The foreign prospect is still very much cloudcd
and uncertain. Expectations OF peace have
probably produced nearly as much fall of
prices and change Of plans as peace itself would
cause for there is no general belief that Great
Britain will attempt alone to rescue Turkey
from Russia, or to control the terms of peace,
and its endeavOrs to secure support of other
powers in such steps have met with 10
success. The London Economist probably eX-
presses the prevailing feeling in commercial
circles abroad reviewing the possible courses
for Great Britain, 1t names, as the one likely
to be adopted, that the Government will do
nothing. Peace seems not improbable, and it
would diminish the movement of breadstuffs
and provisions from this cOuntry-unless the
prices here should be quickly lowered so far
as to thrust aside competition recently found
effective. But the reduction of price, if dis
appointing to some, would be help to mil
lions of consumers here.
The gloomy part of the prospect is at Wash
ington. 1t is not yet clear that disasters
greater than we have yet seen may not come
upon us soon through the action of Congress.
Were that danger out of the way, the outlook
fer business and industry would be better than
it has been for several years. The year 1877
has given lis splendid crops; it has brought
somewhat better condition to industry; it has
enabled the country to do something toward
that rebuilding of capital which must prccedc
prosperity and it has cleared away many
dangerous traps for the savings Of the unwary.
1t has given us peace at home, and new pros
perlty at the South. But it has also brought a
peril as great rs any from which we have I
escaped.