The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-02-06
The business Outlook.

The Business Outlook.
Tho material and commercial interests of
the United States are on the highway TO
recovery Extensive ~ the failures have
boon sinco the panic ~ 1878 yet making due
allowance for the Increase Of population
and commerce. they have been in no greater
ratio than during the years affected by the
panic Of 1897.
In the four years including and following
the panic Of 1857 the annual amount Of fail.
ures averaged sl32onOOoo. which. divided
by the census population of d. iooooo In
1860 would represent about Sl2D per head.
In the last five years including tho panic
year, the failures averaged S1os. 3oo.0Dn per
annum, which would represent about SiJ0
per head on 100000. the generally all
mtted estimate of the present population
Of the country.
Tho feeling of depression which has ac-
companied tho failures Of the last five years
and the cry 81 hard Times, have been seized
upon and greatly magniiicd by the debtor
class throughout the country, animated mp
parently by u desire to get an advantage
over those who have trusted them. West
ern real estate speculatiuns. like those In
our Eastern cities. have ruined all those
operating on borrowed capital Chicago
after the fire, was largely rebuilt 10y Fast
ern money borrowed on mortgage. During
tho last two years much Western property
has found its way into the hands Of mort
gagccs through the medium OF foreclosure
sales The same process has boon going on
here and in other large cities throughout
the more populOus States Of the Union. The
salutary effect ~ these sales. when taken IN
connection with the wedding ont NJ weak
firms by failures, bankruptcies. and assign
mcntS Is very great indeed.
Through these incXorahle means. and Mt
the cost of much individual suffering. all real
and substantial values have been placed on
something like n hardpan haoi-. ana thou
sands of active business men are thus freed
from load OF debt. We're II not for the
silver agitation, millions Of capital would
flow into industrial, commercial. manufac-
turing. and building enterprises with tho
former irresistible force, and soon give
abundant employment at roniuuerative
prices to our lnboring men and africans.
Many rca sons could he adduccd to show
that the slow but steady Improvement in
business affairs which we havo Of late fror>
likely 10 continue and increase till the re-
covcry is complete md permanent and that.
too in spite Of threatened Congressional
action. which hangs like n pail over the
financial future 81 the country. The wave
Of commercial depression has been rolling
steadily toward tho Pacific. where il Is be-
ginning To waste its force, and may be- cN-
pcctcd soon to disappear. In the Missis-
sipp valley the ronds are once more in good
condition, and the farmers are rushing for
ward their produce. Increased activity In
trade 1. reported from 81. Louis. Chicago.
Milwaukee. st. Paul. Kansas City. and other
Western centres As the farmers soil their
grain they ray M last fell, bills and make
now purchases. The eastward movement OF
-four and grain from Western lake and river
towns WAS approximately large during
the month ~ January. and promises TO CON
tiuuc at an incrcas rate during he rest Of
the season. The clear cold weather We are
POW having has also wonderfully frightened
up things at the West, and a good spring
business is anticipated.