New-York tribune., 1878-07-24
RRIGHrER ONTLOOK.

A BRIGHTER OUTLOOK.
There are signs of real improvement in
MANY departments of trade and finance, and
il is well to take notice of these encouraging
symptoms, because prosperity III business de-
pends greatly upon public confidence. The
greatest of all industries-the agricultural-has
bright promise of generous crops. Both ut the
West and at the South the prospect is remark
ably good 1t Is thought that the acreage
sown should yield the largest wheat crop ever
produced, and the latest advices indicate that
il will be saved IN excellent condition. the
terrible heat, so fatal to men, has pushed
forward very rapidly toward maturity an
enormous coin crop, and, if no unfavorabe
change in the weather occurs, the apprehen-
sions of deficient corn, which seem to have
prevailed in some parts of the West few
weeks ago, will be happily disappointed. As
to the cotton crop, the promise Is excellent
thus far, and the condition of labor at the
South is such as to favor very large
yield. In short, agriculture will probably
contribute to the Nations wealth this year
more than it has contributed III any previous
year in our history.
Tt would be idle to anticipate speedy return
~Of full prosperity for manufactures. Yet there
are many indications that manufacturing es-
tablshments, in spite of low prices of products,
are doing large business with gradual i'm
provement We must remember, first, that
many of the most important branches OF man
ufacture have been going forward with undi-
minished volume during all these years of
disaster. The milling interest is one of the
first importance, but there has been no de-
crease in the quantity of -four made, and i'm
proyements in machinery have enabled the
country to produce better article at less cost
than ever before. The lumber interest, and
the many branches of manufacture which de-
pend uDon it, have been steadily growing. In
the manufactures of leather, though the
expoYts of boots and shoes formerly made
have not yet been recovered, there has
been a great improvement i'll quality
and in price, and consequent expan-
sion of the domestic demand. American
spinners are making but slender profits, and yet
| they are consuming great quantities of cotton,
and have begun to recover the foreign mar
kets lost during the war. The well-knOwn
| fact that American cotton goods at last find
regular and considerable sale in England will
finally yield important results as to the supply
of other markets. Probably there has never
been time when the people of this country
were so largely supplied with wOOllen goods
by American mills, or so cheapy supplied,
and their independence of foreign industry in
this regard, when once established, will bring
in better times the handsome profits which
few woollen mills have recently been able to
| realize.
Depression in the iron and coal business has
attracted much attention, because of the great
| importance of that interest. But it is well TO
observe that this depression has been largely
due to change in the quantity of steel en-
ployed. The later processes, permitting the
production of steel at q cost really less than
that of iron years ago, have been followed by
general substitution of steel for iron in
many uses Half q million tons of steel rails
not only displace as large a quantity of
| iron, but, enduring much longer, save
large part of the former expense
of relayiug and repairs. This proves
very trying to the iron manufacturers for
time, and it is probable that there may
never be full employment for all the estab-
| lishments once supposed to be needed in the
production of iron, but the country is, never
theless, saving many millions every year by
! the use of the more durable metal. In the
end, it will be the richer for this great change,
| though many individuals suffer meanwhile.
The best feature in the case is that the
! American iron and steel manufacture has at
last been so developed that it practically ex-
cludes foreign products from the home mar
ket, and, with revival of prosperity here, is
in position to supply on enormously increased
demand on profitable terms.
The coal-mining and the transportation of
coal and other products are stil in an un-
settled condition, but there are some signs Of
present Improvement The recent conference
of managers of the Vanderbilt roads un-
doubtedly effected some reductions in the
actual cost of transportation. and these re-
ductOns, it is probable, the other roads will be
compelled to initiate. Something will be saved
10 the roads, and much to the public, in the
end. The coal combination has not perna-
nently benefited that interest. we believe. but