The Portland daily press., 1883-08-18
THE BUSINESS OUTLOOK.
Opinions of Russell Sage, Thomas @.
Acton and Others.

Russell Sage said at the conclusion of the
days business Wednesday: ST believe that
we shall have better market for the balance
OF the year than we have been having for the
past 60 days, for the reason that the country
has been blessed with an abundant harvest
and general accumulation of wealth such as
never existed before. The depression was
caused by the overproduction Of manufactures
of every kind and products OF the earth. Dur
ing the past eight months proper consideration
has been given to over-prodnction, and manu-
facturers have been lessening the products to
conform to the demand for them. When we
get over the striking disposition of the people
as shown in the country, which is now happily
and sensibly disposed of by the iron and steel
workers, we can look for the steady employ
ment in manufactures OF labor so far as the
production will allow, at the same time avoid
ing overproductieu, which only brings loss ana
distress on employer and employe. One OF the
most encouraging signs for the result referred
to is the fact that our people and banks have
abundant capital at a reasonable rate OF in
terest to enable the business and products of
the soil to be utilized in the most economical
and satisfactory manner. Therefore, do not
anticipate a panic from an occasional failure,
which is only an incident in the era which not
only this country, but the civilized world, has
been passing through for three years. 1 shall
a more encouraging outlook for the year to
come than the two years which we have Just
"What condition will Wall street. te left in
by the depression and failure?"
"The effect will be smaller volume OF
speculative business than we have been doing
during the past three years. Bat this will
work good, as many inconsiderate and wild
sclss-Ees had been organized and introduced in
Wall street that led to heavy losses and a sys-
tenn of trading not approved by the better
class of thinking people throughout the coun-
try, so that with reduced volume of business
and on a basis that commands respect and con-
fdence, we shall get to doing more legitim-
ate and reliable business than has been done
before in five years. l consider it fortunate
that so few failures have occurred with the al
most unprecedentedly heavy decline for eight
months In no previous period in the history
of the country has such decline taken place
without a great and disastrous panic TO pre-
fsHow does this speak for the country?''
at speaks we'll, because it shows the large
accumulated profits that make us a wealthy
and prosperous country almost wtout parallel
in the history OF civilization. Take, for ex-
ample, the recent suspension of the two banks
in Indianapolis. Although they were classed
as rather under cloud before their suspen-
sion, we see that there was deposited IN one
them 81, ,000, 900 and in the other 81 100000, a
thing that would have astonished the country
i've years ago. May we not argue from this
that the unknown millions deposited in the
various banking institutions of the country
swell the aggregate beyond the most sanguine
belief of the best informed financial minds the
country contains? 1 cannot but think that
the country and Wall street will be the better
for the experience we have had"
Assistant United States Treasurer Thomas
@. Acton said the country was in healthy
condition. From all parts came favorable Ie-
ports, and be did not think anything IKE
national disaster was to be feared MONEY
was easy-there was plenty of it,
John d. Slayback, OF John Bloodgood ~
Co., one of the heavy and active operators IN
Wall street, said: "The worst is over l look
for zigzag market, but no heavy iail vr nise'
The depression will not attect the couuuJ'