Year: 1876

September 18, 1873, the house of Jay
Cooke d Co., to the dismay of the country,
closed its books. A panic like that which
seizes suddenly overpowered army followed
In all the business centers of the country.
House after house fell, firm after firm sus-
pended. All confidence was destroyed. Each
man clutched what he could and held It as if
his fellow whom he had always trusted, was
in conspiracy to defraud him. 1t seemed
as if the 'bottom of things' had suddenly
fallen out and let the business world into cha
os. The two months of panic was followed
by period of depression, or rather prostra-
ton, which has continued until the present
time. During these months which have
heightened into years there have been brief
periods which promised better things, but
then bank or an old business house would
fail, and distrust would uproot the tender
plant-returning confidence. Every depart
ment OF business and industry has seemed to
suffer from an exhaustion resulting from a
long season of unnatural forcing. DOUBTLESS
this state of affairs has been largely due to the
lack of confidence on the part of capitalists
and that uncertainty which fuctuating pa
per currency produces.


These three years of depression have been
grievous for all classes to bear. Yet we have
only suffered in common and indeed in a less
degree than most other countries. France
has proved the only exception and only a
partial one at that. Great Britain and Ger
many have felt the hard years more heavily
than the people of this country. But while
the stagnation abroad continues and is likely
to do so, there are cheering indications in va
rious parts of the country that we are on the
eve of healthy and permanent revival of
business. After so long period of prostra-
tion, such revival must of necessity be slow.
The strongest and most elastic nature cannot
recover from long and severe illness in a
day or month. Neither can all the Ian
gushing and half ruined industries of the
country be restored to their old vigor in an
hour. In this matter there is no such thing
as magic. The restoration of business to the
activity of the average period before the panic
will require months; but it is cause for real
congratulation that in the large business Gen.
tiers there are SO many positive assurances
that we have reached the bottom and that
brighter and more prosperous days are at
hand. Nor are these reports confined to the
larger distributing points. In our own city
the wholesale trade reports an increasing
trade and more active demand. And it
should be remembered that here in Maine
such is the character of our industries we
shall not be the first to realize the dawn of
better days. One of our chief industries is
the production Of lumber. The prostration
of this business has been well nigh total
From its nature, particularly at this season of
the year, as an industry, it will be one of the
last TO realize the benefits Of general restor-
alton. Nevertheless papers in the west re-
port better and improving feeling among
lumber dealers and manufacturers.


1t is also gratifying to learn that this reviv-
al is not confined 10 one industry but extends
to all. The iron industry which has suffered
severely is realizing the beginning of better
times. Most of the mills which have been
idle for months or running but portion of
the time are starting on full time and the ad
vance of prices indicate that the manufactur-
er will again be prosperous.