Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-01-07
From the Boston journal
The Condition of the Great In
duStries.

1t is an appropriate season TO inquire into
the condition OF the great industries Of the
United States and from the result predict
the prospect for the future Has The cuun-
try seen the worst period of its industrial
and business trial, or are we to expect "A
continuation Of the period of depression
and Distress
The most prominent industry Of the
country is its agriculture. Upon this
branch of employment it is not necessary
to dwell. The crops OF 1877 in nearly
every part of the country were most abun-
dant, and the prices the leading produce
tons sustain are satisfactory. Agricul-
ture is the foundation OF all prosperity.
With scarcity OF food and raw material
prosperity in all other departments Of IN
dustry is impossible.
There are indications that the numbering
interest. which has felt the business depres.
sion with extreme severity, has passed the
crisis. The stock of timber, manulactur-
ed or otherwise, in the hands Of manufac-
turers is very light throughout the country.
AT present 10 greater demand or more sat
isiactory prices are reported. but the great
surplus has been cleared off. and moderate
prosperity in other branches of induslr,
will quicken the demand and improve The
prices of forest products.
All the textile industries. which now
constitute SO important branch of bust.
ness, were exempt from great disasters
during the past year Bankruptcies
among them were rare, and there is rea-
son TO believe that the business has been
attended with moderate amount of profit.
1t may be further observed that the four
years Of trial since the panic promise to
prove "blessing in Disguise to those IN
dustries in the future, in that our manu-
facturers have been taught TO make goods
at a much cheaper figure than was de emed
possible in 1872. Moreover, our manu-
facturers are producing more goods than
during the prosperous years which ter
minated in the panic. For the year end
ing August 81, 1877, our cotton manutac-
turers consumed 2O3 600 more bales of
cotton than during the year previous to
the panic and &c 900 more than during the
year ending August 81, lS7G-the whole
number Of bales consumed the last wear
being l,43j, 900, These figures show that
the cotton industry has actually m ode pro-
gress during the years Of depression. and
who will say that it may not be in coase-
9aence Of the conditions imposed thereby /?
When We turn to the figures showing the
value OF tue cotton goods imported the
past year and the years of the pan c, the
statement above made receives the fullest
confirmation. The importation of cotton
goods al the port OF New York during
1877 was valued at SlG.339. 900 AGAINST
1926, $4,000 during the year 1873. Nor is
The advantage which our cotton mapu(,c.
turers have gained confined TO the home
market. The sharp necessity Of the panic
has taught them to produce goods so
cheapy that they can 90 into the markets
of the world rs competitors. The advan.
tage gained in this respect is found in the
fact that while there was exported from
Boston and New York in 1873, the year a
the panic, but Z2,723 packages of cotton
goods, in 1876, l07, 43j packages, and foi
the portion of 1877 for which reports have
bern made. 1865 packages were ex
ported.