The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-07-06
1ne Years business.

H lhe Years Busfness.
The trade results Of the first half otlSsS
do not bear out the promise with which
the year opened. 1882 was not satisiac'
tory year. 1t brought the largest number
OF failures, with heaviest aggregate and
average liabilities, for four years. 1t was
thought, however, that business men mad
taken some lessons from the experience Of
that year, that they would be more careful
about placing their goods, that they would
take in sail with respect to credits expand.
ed out Of all reason, and that 1883 would
make a better showing.
Reports fronathe business centers, Messrs'
Dunn & Co.'s record Of failures, and the
state of affairs commonly known to
exist show that so far as the tirst
half Of the year is concerned too much was
.expected. The failures in the United
States during that time were 1887, with
liabilities Of sixty millions, as COM
pared with S,597 with liabilities oil
ftty millions in the first six months
Of 1882, and 1882 failures with forty
millions Of liabilities in the cores
ponding time Of 1881. The failures were
heavier by ten millions in the first than IN
the second quarter Of this year, but the
llrst is the quarter in which we look for the
laryes. breaking down, the most failures
aud the heaviest liabilities, and the
proportion OF the second quarter is
greater than 1t should be, greater
indeed than at any time since 1878, when
the first quarter opened with 1856 failures,
with liabilities Of eighty-two millions, the
second quarter showed 2,470 failures, with
fs.sy-eight millions, and the year closed
with lO,47S failures and an aggregate Of
two hundred and thirty-iour millions in
liabilities.
II we continue in this strain the com.
mercial disasters Of this year will exceed
in liabilities those Of last year by over
thirty millions. Commenting on the fail
ure6, Me6Slh. Dun " w. cay
But the difficulties OF the hour seem To-
reach wider range than Is even indicated
by the failures, Tor, Notwithstanding inc
prosperous condition OF consumers generally,
large returns from agricultural pursuits
good wages, active export demand, and large
Immigration, the absorption OF goods seems
small In proportion 10 the production,
willis the profits on merchandise and on bus.
ine,s generally are in much smaller ratio
than might be- expected under such circum-
stances. Excessive competition, unwise pro:
duction, the expensiveness OF living and
doing business and the unrestricted demand
for goods, seem to be the main evils which
besst the mercantile community. So far
AZ the productive and absorbing power OF the
country itself is concerned, 1t Is ditlcnlt 10
imapine circumstances more favorable than
al present exist. Distinctive trades, 1t Is
true, are suffering fran vart-
GUS disabilities, but 1t Is the result
more Of some special circumstance, which
have been brought about BY tFansgresions
ofthe true principles OF business, rather than
BY want OF ability In the country to support
legitimate industry In any line, and to con-
sumo and pay for rapidly any reasonable
amount Of merchandise. The growth OF the
country is undeniablc, and not only sure,
but rapid, and 1t Is not improbable thatin b
yely short time the demand for products
will GROW 10 the extent OF the present pro. |
duction. Waiting for this condition OF
THINGS seems to be about the only sure |
remedy for the evils which now seem most
prevalent in our internal commerce. PoE- |
sibly some adjustment may be reached
whereby an export demand tor eur manu- |
features may be created on scale which |
would affect the general condition OF trade
here This, together with the constant
growth OF the vast home market which the
country possesses, will afford the only solu.
ton possible TO the present unsatisfactory |
condition OF business.
But waiting policy will be Of little ser
vice by itself. No individual can change
the conditions at once by his own exer-
tons, but every one can help. 1t cannot
be denied than the country Is again in
dulging in some Of the follies which pro-
duced the last panic. There has been a
wonderful run Of railroad building, not
always because railroad or an extension
OF railroad was needed, but in too many
cases because spectators could make
money BY building, having little thought OF
operating. Mining ventures, many Of
them Of doubtful merit, have prospered
more than the ill.advised people. who went
into them. There have been many and
large extensions Of industrial establish
ments, new works faster than the
market would take at remunerative
prices the product Of the old-in
short we have again been putting money |
in holes; 1t is there, but it is neither pro-
ductive nor readily convertible, so much
Withdrawn from business, and business
feels 1t.
The speculative fever is once more upon
us, showing itself in all sorts Of gambling
locking up in margins millions
OF money which ought to be in circulation,
3 good part Of which, 1t is not unreasonable
to infer, has been withheld from creditors
and figures in the liabilities Of The half
years failures. In spite OF all that has
been said there is prospect Of fairly
profitable crop, and with safe business
methods the years average may be raised,
though it must be confessed that the drift
is the wrong way.