The Republican. [volume] (Oakland, Md.) 1877-current, 1886-07-10
State of Trade.

1904 with liabilities ofS74, 722. 900 for
the first half of 1885. Commenting
on this comparative record and the
business outlook they say;
The very marked decrease in fail.
ures indicates that the trade of the
country is in state of surprising
prosperity, when we consider the
strain which the commercial body
polite has been called upon to I'm.
dergo from the loss of confidence in.
cident to the widely extended labor
troubles of the last few months.
Following a season of depression
and absence of profit, the adverse
conditions encountered during the
half year might have resulted disas.
trously. but fortunately there was
condition of preparedness for even an
almost total cessation of business so,
large areas of country. and the faA
year has closed with disasters farleS
serious, and far less numerous nan
might have been anticipated, In
some respects the six months hder
review have been fruitful of god re-
suits. The conflict between labor
and capital, which seemed at aitimes
impending and which, it waseared,
would in the end result ruinosly for
both interests. has been, in a Jeasure
decided. The result is, that sserious
doubt has been weighed andneasurs
ed, and the extent of an evihereto-
fore unknown, pretty we'll acertain-
ed. The extensive labor eganiza-
tions, and the supposed lage reye-
nues which would sustain stkes and
resistance generally, to the5rdinary
laws of trade, are not so serbusly es-
timated now as they were tmonths'
| ago. There is therefore Crater dis
position to extend business c,erations
10 the full knowledge of tie last six
months than at any tim, for some
years past.
There is a sense of raief in the
minds of merchants, bakers, and
capitalists, arising more Or less out Of
the events of the past six months, in
the belief that the worst could be ex-
pected from the unfavorable condi-
tons has occurred, and, further, that
for the future there is much better
and clearer prospect for the commerce
of the country. The MIRACLES that
under such a strain mercantile disas'
ters@o few and insignificant have oc.
CURED. 1t shows how solid are the
foundations of the business fabric
that shocks so severe could be born
With so little damage. 1t is true tina
the profits realized have been very
slight in many parts of the country,
anu that, Notwithstanding an eI.
tremely favorable opening of the Sea.
son and a steady increase in the vol
ume of business in the past few week:
the result of the first six months Of
the year in the shape of returns are
not at all satisfactory. For the re-
mainder of the year, however, the
prospect is more than usually good
There seem to be fewer disturbing ell.
emen;s than ever before, confidence ];
almost universally restored, the
promise of an abundant harvest !.
well assured, and the autumn season
is now looked forward to as likely tt
yield very liberal returns in trade
and banking circles.
There appears to be better adjust
ment of values prevalent than fol
some years past, Offering surer opp0r
tunities for profit in the transaction
of business. A certain settled stand
ard has succeeded the shifting, un
known basis which has hitherto pre-
vailed, and is a powerful aid to thu
establishment of the confidence nov
being gradually restored. The earn
ing power of large corporations
whose securities are held widely
throughout the country, such as rail
roads, manufacturing concerns, bank
ing. and other representative iustitu
tons, is now apparently more assured
than at this time last year. The staaa,
improvement in the railroad situa
ton is the best indication in thi
direction, reports showing not onl,
an increased tonnage, hut at rate
that yield fair returns. A more Ger
tain income for large class of secu,
ity holders may therefore be relic
upon, and a more settled condition G
trade among this class is thereby ren
dered possible. There is a great in
crease in the class of security holders
and the number of people in IN
United States who now live upon tn
interest of their investments an
loans has of late years enormously IL
creased. Whatever contributes to pei
nancy and certainty of income fc
} this class helps general trade now
greater extent than ever befJr,
J Hence, the cessation OF the great raj
J road war, which, last year. were :