The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1880-07-14


cline in failures so marked, even as compared
with the favoroble showing ofthe year prev-
GUS, are fresh illustration of the healthy
condition of business which is almost uniyer-
sally supposed to prevail. If, during such
years as 1875 when the losses by bad debts
equalled $5,0O0,OO0 per week, the failure
figures illustrated very disastrous condition
OF affairs, surely no better sign of the general
prosperity that now prevails is needed than
the tables which we herewith present for the
first half of 1880, in which the losses from this
source are shown to be rather less than one
and quarter millions per week. So that not
only are the figures in themselves evidence of
prosperity, but the absence of loss which they
imply is part of the existing favorable con-
dition of business.
1t is evident that the risks of business in the
last six months so far as credits are concerned,
have been reduced to a minimum. The
lesSened volume of internal Indebtedness
resulting from the years of depression pre-
ceding 1879 is seen in the small amount of loss
incurred through failures in the past year,
especially when compared with the enormous
ly increased volume of business transacted
AhO CiiCuAotduCCo uuucr WHICH, LILO pf6SSuU
statistical comparison is made are, therefore,
very advantageous, and the result is seen in
the very favorable figures herewith presented.
The figures, if taken in their broadcast sense,
would imply condition of prosperity and
safety in granting credits hitherto not
equalled in the history of the country. But it
would be unsafe to rely too implicitly upon in
dications even as exact as these figures, statis-
tics of this nature are essentially the records of
the Immediate mast. and NOT in
prophetic. 1t would be unwise to ignore the
existence of conditions of business which thew
do not in any degree illustrate. For instance,
it is safe to say that for the next six months
the chances of making money do not bear any
comparison with the chances as they existed
in the last six months of 1879. The circum-
stances of the two periods are almost precisely
reversed. At this time last year stocks of al
most every product were small and values at
minimum; at the present hour the results of
stimulated production, largely increased inn
portation, and general activity, are seen in &C
cumulations of goods and very uncertain
values. The possibilities of making money,
therefore, rest solely upon the slow and gradual
absorption of goods by consumption. The
ability of the country to absorb. consume, and
pay for its requirements has never been
greater; and the gains that are to be made are
likely to be the result of legitimate trade
rather than the quick profits which were
realized last year from speculative advances.
Those who can afford to wait for this gradual
realization of their profits will doubtless part-
cipate in the general prosperity which exists,
but it is painfully evident that there are many
who are heavily weighted with merchandise
bought at extreme prices, and whose profits
even for the past year have been, or will be,
pretty effectually extinguished by the settling
in prices which is going on in almost every
department of business.
Another element of uncertainty exists with
regard to the prospects of the agricultural
class, on whose continued prosperity the whole
commercial fabric more or less depends. The
magnificent wheat crops harvested last year,
and the high prices realized in consequence of
the general failure of the crops in Europe,
were the most important contribution to the
prosperity OF the country and the revival of
trade. Close observers view with considerable
anxiety the possibility of great decrease in
the amount OF money to be realized in the COM
ing year from expectations. A good harvest
in Europe would result in a changed condition
OF affairs so that instead of exporting IT'S ,OOO,-
600 of bushels of grain, the amount might
dwindle to 100000. An unstable surplus of
1OO,OOO,O 600 OF bushels of wheat is possibility
not to be ignored. The business of the conn
try in its present shape is largely predicated
upon high prices for agricultural products and
the receipt OF large sums from other countries
Should these conditions be interfered with,
the results to the agricuitursts and the nu-
merous classes dependent upon them would be
to largely lessen the demand for goods, decrease
their debt-paying power, and intensity the
somewhat uncertain feeling with regard to
prices generally for merchandise. A lessened
foreign demand would of course seriously in
terfere with the earning power of all means of
transportation, and generally put out of gear
the machinery of business in its present ex-
pansive shape. On the other hand, cheapened
food for the manufacturing classes of this
country would be compromising advantage;
but whether this would overbalance the dis
turbance to business generally remains to be
seen. The strength of the position which this
country occupies, however, in comparison with
all other nations of the globe, is the infinite
variety OF its resources in addition to bread
stutfs In the single article of cotton alone
the magnitude of the production now prom
Ised, and the high price which still prevails for
1T, will maintain the volume of exports at a
high point, especially supplemented as these
are by the enormous sums realized from abroad
Tor tobacco, provisions, petroleum, etc., etc.
The ability OF the country to produce and ex-
port articles which no other country can yield
in such abundance, and the demand for which
is constantly increasing, will always, under Or
binary circumstances, enable us to largely reg
ulate the balance of trade in our favor Again,
the attractions which the country offords to the
enormous number of immigrants landing upon
its shores seem now to be better understood
than ever before The consequence is great
contribution, not only to its wealth, in the
shape of steady stream of actual money, but
to its growth in producing and consuming