The Portland daily press., 1883-08-10
THE BUSINESS SITUATION.
Views of Prominent Boston Bankers,
Manufacturers and Merchants.

Views of Prominent Boston Bankers,
Manufacturers and Merchants.
[From the Boston Advertiser, August 81
Opinions of representative Boston business
men, concerning the recent failures and the
present business prospects in this city and the
country at large, were obtained by representa-
tives of the Advertiser yesterday, and a sum-
mary of the views expressed is given below
The general and outspoken expression of con-
fidence in the immediate business future is
gratifying as coming from those whose opin-
ions are the result OF habitual and close obser-
walton of the commercial signs of the times.
1t is to be regretted that some of them had not
been just SO much more outspoken as to have
permitted the use of their names which would
have made the total weight of the testimony
more distinctly felt and indisputably signifi-
cant. But the names which by request are
withheld are as conspicuous and influential in
business circles as.are those which by permits
sion are given.
VIEWS OF BANK PRESIDENTS.
Mr. Moses w. Richardson, president of the
Central National Bank. treasurer OF the Lew
iston mills, and member of the firm of Con-
verse, Stanton & Davis, said: Business pros
poets are very hopeful. The recent failures
are such as arellikely to occur for good and suf-
Gent reasons. The trade generally is in a
sound and healthy condition. Although the
sales OF merchandise are not quite so active as
IN former years, this does not arise from any
want OF confidence among business men, but is
the result OF buying goods cautiously and as
they are wanted. One reason for this manner
of buying is the increased facility for receiy-
ing goods which now exists as compared with
former years. There is not any cause for anx-
iety in the future. Cotton goods are firm, al
though sales are somewhat elimited. There is
not the slightest fear OF ANY failure. No one
can point in any direction in the dry goods
trads where failures are likely to occur" Mr..
Asa L. Potter, president of the Maverick Ma
tional Bank, stated that he regarded the pre-
sent business outlook as satisfactory, and saw
nothing at all alarming. Crops promise to
turn out well, the stocks on hand are light,
and collections are easily made. A iprominent
c1iciel of another bank regarded all troubles
as practically over. If there are weak concerns
they can take advantage of the present en-
barrassinents and fail in good company. Ru-
mors circulated in New York as to the insecu-
rity OF Boston banks are groundiess.
THE WOOL TRADE.
Mr.. G.. p. Denny, Of The large wool firm Of
Denny, Rice & Co.. said: THE failure in the
wool trade does not grow out of losses in the
legitimate business of the firm involved, but
the firm has been engaged IN speculation, and
their losses grew out of that outside invest
ment The wool business should not be affect
ed in the slightest degree, and there should be
40 distrust occasioned. The wool business has
scarcely ever been safer than it is row, be-
cause prices are low and there is little proba-
bility of any shrinkage by depression in value
Most of the houses here are engaged in a e-
climate and conservative business. There is
everything in favor OF he .lthy condition of
business, if it is done in proper manner. The
crops are good and business, as a rule, has not
been overdone. In the exceptional cases
where it has been, people are coming to
grief"
Another prominent wool dealer said: ~
do not think there is anything in the failure
in the wool trade that is discouraging. The
wool business is in the very opposite OF an in
Hated state Wool is on a low basis and in
that respect the business is in a satisfactory
condition. There have been no failures
among manufacturers and the price of wool
has been low during the past year. The pre-
sumption is that the recent failure has grown
out of outside operations rather than legiti-
mate business. l do not anticipate any panic
or any depression in business. OF course, such
failures as we have had make the banks eau
tious in regard to all classes of paper, and
there will be for time tendency to restrict
business little"
THE LUMBER TRADE.
A member OF one of the largest lumber
firms in the city said that the outcome of the
present situation of affairs depended very
munity relies SO much upon them for its capt.
tai that they largely control tie situation If
they continue to lend on good security, matters
will go on as usual. But if they get frightened
and shut down on business men and refuse to
lend money to responsible parties they may
cause great embarrassment. There is no OBJ
lection to their scrutiniZing applicants for
credit as much as they wish, to see whether
they are good or not, but if they 60 on lending
TO sound firms there need be no trouble.
THE GROCERY BUSINESS.
Mr.. Dana, of Thomas Dana & Co, whole
sale grocers, said: "Any Intelligent man can
Dee that the failures In the leather trade have
been cause1 by attempts to do too much BUSH
ness, and sthat other failures resulted from
these. There is no reason to believe that
business generally would be impeded. The
trade in Boston was never in better condition
than it is to-day No business here is now
being overdone, and there is no cause for
alarm. But if Wall street "bear" brokers
can continue to assert that large dry goods
houses and banks are heavily embarrassed,
and business men and the newspapers take up
the story, there is no knowing what may hap
pen. Great injury to business might ensue.
Idle goSslppers do more harm than any other
class of people. The crops promise to be
excellent, and the outlook for the fall trade
was never better. All business is being done
on conservative principles The country is to
have prosperous year, owing to the large
crops and the good credit. The telegraph strike
has had its Influence and the "bear" brokers
have taken advantage of the general disquiet,
Numbers OF false rumoIs are daily sent out
from New York. One day is devoted to refut-
ing thel unfounoed stories of the day before.
There are always weak houses, aud when they
can no longer borrow money they must go UNI
der. People are now generally at work, and
labor is well paid throughout the country"
LEATHER AND BOOTS AND SHOES.
Gen. A. P. Martin of the boot and shoe firm
OF "A. P Martin q Co., No. IA High street,
though deprecatiDg any appearance in the
newspapers as if he claimed to be an authority
above others, said, In response to the inquiries
of the reporter, that he perceived no occasion
for any alarm as to the general prosperity of
business on account Of the recent failures in
the shoe and leather trade. dealers in that
line who kept themselves informed concerning
the way business had been done by these failed
concerns were not particularly surprised at the
results, except possibly one of the later fail
uree. The only remark that seems neces-
sary TO make concerning these failures is
that the policy of several firms combln-
ing or interlockiug their interest for the
purpose OF mutually supporting each other
in the manner here witnessed is bad one as
related TO the whole trade. 1t induces an I'M
ne cessary dlstrust for, in general, the trade is
in healthy condition and has been prudently
conducted. The production has been large,
but SO also has the demand, and there has
been no slackening of orders Past experiance
has shown that when there is a large Southern
trade, prosperous year may be depended MP
on. The Southern trade of this year has been
good. Orders have come in Of large total
amount, and the purchases of last year by that
section have been well paid up The total
sales of last year for the Southern market were
NOT large, and there was no stock left over
a,ooro th,, iobbers of that section and pur-