Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-08-24
THE BUSINESS OUTLOOK.
A Sensible view OF The s,,u.,,o,


The recent failures some of them for
very large amount, have naturally enough
disturbed business generally to considers-
BILE extent. They have unsettled the public
mind, and have, to a considerable extent,
shaken confidence. Confidence is one OF the
essentials OF business. In Its absence,
doubts, hesitation and haliing will result,
and business generally is restricted and cur
tailed. Ii what has happened serves to clear
the business sky, making business men more
prudent and cautious hereafter good results
will follow.
There would seem to be no occasion for
alarm. The failures ore only here and there
mostly from an attempt to do too much
business. They are local and not general,
for the business Of the country. with good
crops, plenty of money, the balance of trade
IN our favor, with plethora Of money in
the Nations treasury, of these and much
besides give the most ample and salisfact Sry
evidence OF soundnesS and stability.
The following very sensible views which
are likewise timely are from the Shippi,ig and
Commercial List and N. Y. Price Current i.
The business situation, despite of recent
disquieting developments, is looking bright
err and the volume of the home and foreign
trades Is gradually increasing. There is
among sagacious merchants and bankers OF
| this uuu otucI lehIlup CitieS u Ren-
eral concurrence of opinion that how
ever unsatisfactory may be the condition
of certain branches of Industry and
commerce, In which there has been manifest
ovcr. action, the liquidation that has been
and still is, in progress, will not lead to more
serious embarrassments than have already
been encountered. During the last year OIL
two legitimate business has been done on an
exceedingly narrow margin OF profit,
with shrinking prices, while specula
ton, with exceptions 30 rare as not to in
validate the rule, has entailed heavy losses
This condition Of things finally led.to a re
trcnchment and economy which, Will,
wholesome in its tendencies, has borne with
great severity upon certain branches of trade
and is the cansc Of the increase of failures o
late. The wonder is that the shrnkAge II
prices, the losses by speculation and the dis
appointment of the reasonable hopes of bust
ness men have not caused more failures thar
have been reported. That the mercantile
and manufacturing classes have passed
through the trying ordeal so well proves how
strong the commercial fabric really is. 1t i
of course, impossible to know what proper
ton OF manufacturers and merchants have
by losses In business or unwarranted expense
of living, or both, so impaired their capita
as to be virtually iusolvent; but the liqulda
ton, or the adjustment Of debts and credits
has been so long In progress that the neces
sary reorganization 10 likely to be effecte,
without disturbance calculated to drive sol
vent and insolvent concerns alike to the wall
The recent failures will serve to purify tn
commercial atmosphere. The fears OF fur
ther troubles are rapidly being dissipated, ant
tue disturbed condition OF affairs is mani
testify being overcome, the week closing witt
the situation generally better than at tn
commencement. With an abundant harves
at home and a poor one in important part
of Europe, with the enlarged transportation
facilities, the ability of the country not oul,
to consume largely, but to produce NOR
than ever of the manufactured articles whc
are required for consumption. there woul,
seem " be good ground for anticipating al
early favorable turn intrade, especially as til
vo.ume Of money was never 30 large or III
rates of interest lower. Foreign Exchange con
! tinues in favor OF this country. and so high III
authority as the London Economist predict
that this country will draw G I'D from Europ
during the Autumn. Eutopeis now in muc
the same condition relatively to US as W
were in 1873 relatively to her. She can n
I longer Adjust her international balance b
, returning our securities but must pay
commodities or in coin. Ten years ago
was estimated that one thousand millions {
United States bonds were held in Europe.
recent bulletin issued by the Census Depar
ment shows that of registered bonds forelg
holders own only $27 1894, $50. The balant
of trade, which has been steadily in favor
the United States for the past five years. hi
paid the rest. Prices in this country, to
have receded to point where Europea
manufacturers can no longer overwhelm
with commodities against the competition
| our own producers, aided, so far as it is efil
lent, by the tariff