The New York herald., 1878-12-20

the promising aspect of Affairs elsewhere in the State
carried out. Paterson has become of the great.
If not the greatest centre of silk manufacturing in
the country, and the hard times struck it with q
wtherng blast. Interviews with the prominent silk
manufacturers have been continuous tale OF mis-
fortune during the past Two years Inc iocomo,lye i've
have been sad for the city on the whole Thvre
is better feeling at present however and during the
present month business has been such to create
brighter anticipations. Profits nominal, and
there is the bugbear of labor troubles present
in which the city is most largely interested
and it has not been forthcoming. on account of the
risk.
At Boonton up to 1878. great iron business was
transacted. AT present many mills stand idle. and
the workmen have deserted the town for more pros
porous places. There is hope of general revival
during the coming year, the mills in the
hands of capitalists who are ready to set forge
at work when business can be Done at profit. Tho
depression in the iron trade has likewise affected
Dover seriously. but the recent slight rise in the
metal has been encouraging to miners. and they are
very hopeful OF what the next year will bring forth
JERSEY CITY.
Jersey City is placed in situation similar to that
of Camden by its juxtaposition to New York. 1t pos
sesses immense sugar reneries, Lorillard's tobacco
works and large number OF other industries which
employ great many men and engage much capital.
but its interests are SO closely. identified with
the metropolis the river and it's business
intimately connected with the prosperity Of New
York that its or failure city is coinci
of the steamship lines has caused loss of
trade to the city. and certain public spir-
tied citizens now taking to-
ward securing legislation by which Jersey City
may stand equal basis with New York as
the point of destination of European trade. As q
centre of railroad system OF the United States the
ultimate prosperity Of the region fronting on the
North River for ten miles north of Communipaw is
assured. Five years ago the city was burdened with
a debt which had been increased annually to such an
extent that its bonds sold below par, but change
was made which has raised the municipal credit to
above that of almost any city in the State while
have been lowered SO as to make residence as de-
srabe there i'll any other suburb OF New York.
The immediate prospects OF business revival
cellent, according to those best informed and tho
future OF the great region opposite the crowded island
of Manhattan is, in the very nature Of things most
promising.
CAPITAL AND TAXATION.
Capital has always been abundant in the State and
still remains so. The moneyed institutions of
ored to invest much Of their surplus in the State
possible, and the result has been somewhat unfortu-
beyond its value and wild cat speculations in
factures having become so general that the sudden
arrest OF the flush times put affairs in condition
which seemed hopeless alike for capital and debtors
for a time Until within year capital refused
absolutely to unlock its vaults, and just as
ventures beginning to be made in eau
tous way, the legal rate Of interest reduced
from seven to six per cent. Moneyed institutions
found they could make better investments at higher
rate elsewhere and again ceased to their capital at
home. At first it feared that this would result
seriously to the entire northern portion of the State
but relief is making itself manifest from another
quarter, The small cspoalists and the workingmen
who have saved little sums are coming forward, and
the creditor class is becoming changed thereby The
great burden business in New Jersey has to bear is
the taxation Of municipalities which have created
enormous debts The state government itself has
been guided by wiser policy and New Jersey stands
among the first in the matter Of it's State credit What
relief can be afforded to the towns and cities? is the
question which now occupies the attention of pub
licists. There is too much patriotism to talk OF
pudiation; but an arrangement involving some sac
riice on the part OF creditors seems inevitable. A
reduction Of taxation would place New Jersey manu-
featuring most substantial footing.
A PROMISING OUTLOOK
The above facts have been collected from large
number of interviews with leading manufacturers,
capitalists and employers in the various lines Of
business throughout the State and they may fairly
be said to represent the prevalent feeling. Your
respondent desires to give only the statement of one
gentleman whose connections with the retail trade,
with houses and with two Of the largest
financial institutions of the State give him peculiar
facilities for judging the condition business accu-
rately, and whose well known conservatism and
shrewdness give his opinions particular weight. II
have, said he, mo doubt of the improved condition
of affairs since last year. Since 1873 We have been
waiting for business to get down to hard pan and it
struck it when gold got inside of 1G2 In my retail
business embracing transactions amounting to hun
dreds OF thousands annually, expect to count fair
profit when take account of stock January /. Last
year just made both ends meet and the year before
the business was carried on at a loss. know that
am exception, and, looking all the field,
consider business to be twenty-five per cent better
this fall than it was year ago. Everybody is cau-
tous and looks At dollar long time before spend
ing it, but there is returning feeling of confidence
which believe nothing can shake. have Jersey
real estate, valued at million. confded to my
care, and find that there is a constant inquiry for
it, though the prices offered low that the sales
comparatively few. The fact OF that inquiry
and the class of persons who making 1t lead me
to have an almost enthusiastic confidence in the
prospects for 1879 and 1880. Fortunes will not be
made and lost in day again. but business will re-
turn fair profit
"As far as l am able to judge the working classes
earning fair wages, considering the reduction of
prices, and have yet to a where able
bodied man has not been able to make headway
against the world during the past twelve months.
world, that New Jersey stands now o basis which
is 80 firm that progress is inevitable"