Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1883-01-20
Philadelphia Press .

Prophecy is busy with a prosperous
future close at hand, and large crops,
increasing exports and rising rail-
road earnings all give hope that trade
must shortly revive. No revival is
now apparent. The failures for the
last week reported were larger than
at any time for two years; the total
of failures for 1882, was SOL SAT 500
against $Sl, 155, 1881 in 1881-the fail
ures in 1872 were $121 ,056, 900, against
$50, 252, 900 in 1871-and clearing
house aggregates showed a..falling off
for the first time since trade began
to improve, standing sixty-one thou
sand millions in 1882, against sixty
four thousand millions in 1881. Price
nowhere advances, save as floods
abroad caused slight advance in
grain by emphasizing the probability
of short European crops next sum.
mer, and while the stock market r.
mains "strong," there are no signs
of general buying for the publics
The strong fact that the trade bal
ance has turned and that the United
States is selling more than it buys
and has much to sell is the single
circumstance on which men rest
their hope Of prosperity. In the long
run this hope is likely to be fulfilled;
but it is impossible to-day to point
to any sign of improvement near at
hand, and the import of specie, long
fondly hoped for, seems still as far
off as ever.
1t would be a mistake to suppose
that the United States is alone in
this condition of affairs. The Lon
don and Paris stock exchanges are
as bare of business as those of New
York and Philadelphia. The aggre-
gate clearings for the year were less
for 1882 in Great Britain just as they
were here. The cotton manufacture
erS of Manchester are struggling
with as serious difficulties as those
of Philadelphia. There is not de-
pressed trade here which is not de-
pressed there. Nor is there abroad
any prospect for improvement. No
student of economic fluctuations
can fail to be impressed with the
regularity with which stagnation in
Great Britain is preceded and ac-
companied by slack trade in China.
The North China Herald, ia review
ing the falling off of the Chinese de-
mand for cottons in the past year, is
forced regretfully to admit that
there is no reason to anticipate an
improvement during the coming
year.
Over production i'll manufactures
is generally accepted as the reason
for The present condition OF affairs
here. added TO the over-railroad
building; but this overlooks the
most serious phase OF over-produc-
BODYBUILDING. AT the outside, the
United States has not spent over
$500 900 900 in 1882 it expended at
least twice this sum on new build
ings or $500, 900, 900 and probably
more. II Is true that from $40 ,O00,-
600 TO $4,000, 600 Of buildings are
burned yearly and railroads do not
disappear after this fashion; but on
the other hand, the dead waste in
volved in putting up expensive
buildings and factories which never
pay is larger than i'll the case of rail-
roads. Nor is the sum named an
exaggeration; it is probably far be-
lOW lIlt 10 WI ASui
times instead of twice the railroad
building of the year. New York
alone spent $45, 100000. There are
fifty six cities in this country be-
tween %, 900 and 10000 population,
and several of these report over 81
600 OOO put into buildings. The four
Western counties of Massachusetts
are dotted with abandoned, unused
houses in their hill towns, and yet
So 900 900 was spent in these coun-
ties on buildings whose return profit
will be slow to come, and in the case
of every residence much OF which
will never come. The aggregate Of
building materials whose value is
given in the last census is $444, 000,-
600, and in 1879 80 was by no means
a great building year. The past year
has been, and the effect of enor-
mously increasing the sum invested
in non. productive shapes must have
as remarkable an influence in this
case as in railroad building.