The Portland daily press., 1880-01-17

The Agency says In relation to the hgureS
for the year just closed:
"The phenomenal character of the.year 1879
has, in nothing else, more complete illustra-.
ton than is furnished by the figures of failures
herewith submitted. The year has been re-
markable for the extent and rapidty of its
profits, resulting from the advance in values
| and an increased volume of trade. But the
foregoing figures show. also that it has been
equally remarkable fol its decrease in losses
| from bad debts. The loss. or lock up, by
failures, which IN 1878 amounted to 234 mil
lions of dollars, in 1879 amounted to only 98
Millions loss lessened by over two and
half millions per week for the entire year!
1t is probable that the gains from legitimate
advances in the prices of merchandise have
been even greater in the aggregate than this
sum; but to the comparatively limited class
who suffer most by mercantile failures, the
profits realized from merchandise sold in the
year have hardly been as great as the lessened
loss made by debts in 1879, as compared with
| 1878. Not only, therefore, have large actual
profits been made upon sales, but the decrease
in the extent of losses incurred is accurately
measured by the figures herewith presented,
| that their testimony to the prosperity of the
| year is most significant.
| A general survey Of the commercial horizon
by the Agency, whose opportunities for obser-
walton are unequaled, begets the following
conclusions:
"All the conditions which were enumerated
| year ago in our circular as indicating prob
able return of prosperity, still exist, but in even
greater force, now that the prosperity hoped
| for has been attained. A fear has been felt by
some that the activity in trade, and especially
| the advance in values, could not be maintain
| ed; and that the improvement in business gen.
| orally was not of sufficient gradual growth to
| be lasting. But. as the months go by, the signs
| of reaction seem less and less marked. Specu-
| lation it is true, has been INDUCED in as re-
| 40 artia md OF
| fair to become destructive; but it was not al
| lowed to go far enough to seriously increase
production, or to disturb domestic or foreign
| trade, and the year closed with numerous en-
| couraging signs of steadiness in extent and
character of trade, and also frmness in prices
which are consistent only with a healthy de-
| mand. The bank returns from the clearing
houses of twenty-five leading Cities through
which the banks settle their balances indicate
| that the volume of trade for December was
larger by nearly so per cent. than for the same
month in 1878; that the percentage of increas-
| ed business over last year was even greater in
that month than for any other month in the
year. Considering the activity for the preced-
ing three months, and the fact that specula-
tive operations were largely restricted, the
showing for the last month Of the year is sgni-
ficant. The ability of the country to buy and
pay for all the merchandise manufactured and
imported need not be doubted, in the face of
| its productive power and what it has to SELL as
of its exports.
l. Notwithstanding these generally favorable
observations, the following thoughtful para
graph seems not out of place:
1.-THE sudden transition from long and Sc
we're depression to a condition of the highest
prosperity in the trade of the country, may be
productive of other things besides large profits,
enhanced values and improved prospects. The
tendency to overbuy at high figures, to stimu-
1a{o duct fp,,h ax n,dt hn i
above all, the extension of unwise credits, as
the result of largely increased sales, are dan
gers which every sagacious business man will
be most careful to avoid in just such times as
these. While the debt-paying power of nu-
merous traders has been immensely increased
by the revival of trade it must not be forgot
ten that there are thousands of business men
whose conditionEsix months ago was well nigh
hopeless. The condition of this class cannot
have been transformed from chronic insecurity
to entire safety by the magic of few brief
months OF renewed confidence and unworted
activity in trade. 1t is true that vast nun.
Der of traders, owing to the enforced contrac-
ton OF the last few years, were in the best
possible condition to avail themselves of the
sudden return to prosperity, and consequently
the number of those who have improved
their condition is very great; but there yet re
mains great army whose position did not per
NIT participation, to any large extent, in the
sudden gains which have been made, while, O
course, no degree of prosperity will make SAT,
for credit those who lack business capacity, o.
those whose character must, in any case, MAKE
them unworthy of confidence" H&4 II;