New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-27
SALES FROM q O'CLOCK p. NJ. TO CLOSE OF BUS
SATURDAY. July 2j-P. ".


Another week of dizziness and inactivity in the
general trade OF the city has come and gone. the
only indication of renewed life in business having
been little squirt Of speculative activity IN some
kinds of provisions. How long this state Of things
is to continue Is matter for serious consideration
We have at different times conceived 1t to be our
duty to call attention to facts which have appeared
10 controvert certain rOsecolored theories and state
ments as 10 the condition and immediate prospects
Of the general trade of the city and country. flc-
ton and romance may for a time serve the purposes
of a clique of spectators and aid them temporarily
TO either buy low or sell high, but 1t Will
be found IN the end that the same laws
and influences which control the real and
legitimate business of the community VIII
also govern the prices of stocks in spite OF
cliques and manIpulators. Much stress Is laid upon
the good prospects for a large crop of grain and
fair crop of cotton. and upon these two fair proba-
bltes are based. some quarters, expectations and
hopes of generally large and prosperous business
for the coming Autumn and Winter Ii is to be
feared that people who hastily arrive az this concu-
sion are accepting fact the delusion that one or
even two large crops can pay the debts contracted
during decade of extravaganza and wild specula-
ton Taking il for granted that we are 10 be blessed
with rs bouuful crops as the most sangulne autlc-
pate are quite certain that we shall nave as good
markets for our surplus as during the past two OF
three vearsl large crop 10 be remuneratiye re-
quires a good market otherwise the por-
ton Of it sold may be at prices which
will tail TO realize an amount equal
70 that which would have been received for short
CROP II is true the surplus is not lost. but remains
ON hand for future demand; but 1t Is also re that
the farmer cannot any more clOthe himself
and family from his surplus gram than
the manufacturer can feed his family from
his surplus stock. What are the prospects
for market for our surplus grain' Accounts from
all over Europe are now favorable TO good crops
and then 1t should be borne IN mind that the condi
ton of the trade and productive industries OF
Europe is by no means prosperous. The laborlng
people especially in England are receiving less Tor
their services than heretofore, while thousands Oh
them, as ia this country, are without employment.
II Is obvious that these large classes OF consumers
Will not be able to buy and pay for SO much gram
and provisions as heretofore. Therefore. how
ever tiattering our prospects for an abundant
harvest may be, there would seem to be decreasing
nrospect of q large foreign demand for orr surplus.
should this prove 10 be the case we may draw from
II one Thought of consolation in the fact that II
probalv assures rs cheap bread-a necessity never
more urgent for the Eastern cities and manutactur
ing towns than il Is likely 10 be the coming Winter
Last Winter found the laboring classes III COMPARE
lively much better position tEan The next one VIII
be likely TO ind them. Then those that were out OF
employment had been so only for short time while
now with numbers enlarged and daily increasing
they have drawn more heavily upon their savings
and in too many instances nave already ex-
bausted them. Therefore IL Is that cheap bread is
necessity. The loans not only of the banks
of tins city, but of the whole country establish the
fact that the agements prior 10 1874 have been
tr.Ia no
trate condition of business may be in the con-
tinned and new defaults in payments Of interest by
all kinds OF corporations IN the steady decline IN
the prices OF nearly every kind OF merchandise with
ont tempting buyers; in the halftlme work or COM
plete stoppage Of work az the torges and factories
throughout the country in the fact that our inland
commerce is depressed that scores OF lake craft
are laid up for lack of frelghts; that fleets
of canal boats. after dIsehargng the gram
which they have brought from Buffalo, may
be seen any day returning up the
Hudson River empty. A local journal says that
an unusually large number Of small craft are LAID
up az ports on Long Island Sound for lack Of proht-
able employment Real estate was never more
positively al staustl in this city and throughout
the country than nc present In the city journals
We see items IKE these: City business oil tue past
week was confined 10 legal sales exclusively. The
aggregate of which amounted to s5-'f+j, sales OF
the previous week being S2G927C. Brooklyn sales
were sl5. JOJ,. Foreclosure sales on Thursday at
the ExchangeYre announced by Jas. NJ. Miller, VIM.
Kennedy Hugh v. Camp. and X. '. Harnet.
The reporters of the real estate market only tell hall
the truth in saying that the business confined exeu-
sively TO legal sales since they might add with equal
truth that IN almost if every foreclosure sale the
holder Of the mortgage the purchaser OF the prop
erty While it Is obvious that in country so fuIi
of energy and enterprise our own trade ana pro-
ductve industry cannot always remain prostrate IN
view OF such facts az we have stated the prospects
for immediate successful activity IN business are not
especially fiatterng.
Much has been said and written about railroad
stocks beina cheap and low" What u meant bE