The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-19
BUSINESS IN BOSTON.
SOundness Of the Mercantile
Community.
SMALLNESS OF PROFITS.
Specie Payments Required to Restore
Health and Activity.
Lessons Drawn from Severe
Adversely.
AMBITION OF THE HUB.
BOSTON, March 13, 1875.

L
BOSTON, March 13. 1875.
To THE EDITOR OF THE HERALD
1t may be OF some interest to your readers
hear Of the business prospects ana opinions II
this city OF moderate pretensions, but now %.
coming ambitious ana beginning 10 renew Its en-.
terprise and its commercial aspirations In the
last two or three years events nave happened here
which were great misfortunes al the time, but
may in the end work lasting benefit. First the
great fire swept from eighty 10 a hundred millions
OF property away. but 1t compelled the invest
ment at home OF millions OF money that might
otherwise have gone TO swell the volume OF the
second calamity-to Wit, the loss In western rail.
roads, estimated by those who know at o sum equa
to the loss by the fire. AS the present result OF
these Two special caiamIties we now find on rhe
one hand Boston vastly improved In Its business
portion, but somewhat overbuilt, and many
stores and oifices vacant; but on the other hand.
in spite or the vast railroad losses rapid accu-
mutation OF wealth going on, which the owners
viii not very soon risk again in distant enter.
prises Hence Will come the opportunity ana the
means Tor perfecting our own railway system, and
II the Legislature acts with common sense IN re-
gard to the lands owned by 1t at south Boston.
some 700 800 acres, Boston win soon be possessed
OF the most perfect rail way connections and the
best terminus on deep water in the whole country;
and 1t Will secure this advantage at very moder.
ate cost and with future profit to the state, wnlcn
mate at as great sum as the cost OF .hat very
great bore, the Hoosac tunnel by means OF tins
and other home enterprises We soon expect TO I'LL
our vacant stores
Another cnange has very distinctly occurred.
| The glamour OF the Hoosac Tunnel has been dlssl'
pated. 1t Is no longer popular idea that for.
tune Is to be ready Tor every tradesman II onl the
State would build and run the railroads. especially
! the Tunnel line. Men may even speak dsrespect
July Of the tunnel without fear OF condign punish
| ment, and disposition to help themselves Is tax.
ing the place OF the previous disposition to trust
oyermuch 10 legislation and the Hoosac Tunnel ioi
AS 10 the business outlook and the opinions Of
business men there are. OF course, dinerences
! There is class of elderly gentlemen In Boston pc.
| cuiar 10 linen OF the most upright mein and
character-who have taken the best care Or hsi
charities and OF many OF ner great works, but whe
think that they themselves VIII have no
lit successors; who dread the future atel
they themselves are gone an, and 90 r iea a.,
| the people. Tneir views OF business and OF affairs
are gloomy; they think the prospect Of the lnture
is very dark, and this Will, when they pass away,
continue one OF the great harms That has afflicted
the city, by leaving the large properties that many
OF them possess, in very strict trust Tor ther
On the other hand the active, energetic younger
men whose hair Is not vet white would tell YOU
that the business pressure and dulness uf the past
! year have been painful, but wholesome; that they
have caused reduction In the excessive rents pre-:
I vlOusly asked ana paid; that thev have wOrkpd
! conomy in the methods oil business aud hat al
though the profits have been small or none the vol.
J
| community Is SOUND as whole, tnat there nave
been few disasters and that none have JAILED waa
ought not to have Jailed.
Boston is he great wool Market and rightly so.
| II Is the chez centre OF the manufacture, ana
1t does not appear that there has been any great
! check to the demand for wool. Thoroughly wen
Vidnai management. annear TO be doing better
| business tnan they were two years since.
the cotton manufacturers have nad their turn urn
! from choice and parity because or the dfoughti
out there have been lew or no disasters p, and
! immediate future. Tue best mills pay, ana nave
| paid right along.
Tanners complain Of the high price OF hides and
the low price o leather; but the consumption has
been large and the volume of the boot and shoe
! business mas been very great.
The clothiers, VINO represent very great In.
dustry, complain, but DO not give up or fail. and
FAR as can be discovered are sound, solvent aud
nopelul. In short, the pressure Of the times
seems TO have brought about much.needed
WITH ah he waste tnat sursy ensas
| from an Imitation OF the currency.
| The conviction OF the most sagacious men here
| Is that the only thing needed now to make busl.
! ness active-to give quick employment 81 good
| wages to lauor, and to start once more the con-
structlon or mills works and wareh0uses-ls
restoration OF the specie standard. 1t is con-
stantly said and generally believed that positive
reasonable time would not only cause no iurtnef
reduction OF the prices OF commodities ct whole:
tend to restore wages to truer and fairer rela.
ton to prices. The wages OF common laoorers
/ are now In many parLS OF new England uOWu W u
dollar day or little more, and thus IL admitted
Is urged that all the harm that could happen
| from a restoration Of tae specie standard
! has already come, and that 1t would nows
II accomplished or assured, promote enterprise
and re-estabiisn credit. 1t Is affirmed that The
country Is only distressed by an abundance q
everything that constitutes good subsistence
too much grain, too much meat. TOO many horses
too many stores too many mllls-on the other
side too many laoorers VINO want all these things,
and IL Is believed that such an absurd state OF
Things cannot lasS long, but must rectiv ltselis
even with bad currency to do business with.
| In general, and Win the special exception
named, 1t may be said that the feeling here Ia QUE
the iner1ciency Of the late Congress In dealing
with The finances, that spirit OF home enterprise
Is springlng up such as has not existed before io
many years, and determination to make the most
OF the real advantages which Boston possesses
In its nearness TO Eui 0pe its good harbOr and IA
possibility OF making the surroundings OF lts mar
Dor the most convenient Ia the country. An In
specOn OF the streets indicates activity the reAf
stores crowded, and while there Is undoubtedly
more want than usual, the demand Tor CHARITY
has not been excessive and mas been easily met.
On the whole We are well satls1ed with our
selves and mean to 10 ahead, but we privately
ADMIT that, in order to do so, We must have u
more action than In the recent past The sgns Of
this change are becoming apparent In the lncreass
ing number Of foreign arrivals OF vessels, aud
In the greater volume oil through export busts
ness auo in the well ascertaned fact that larRel
and increasing proportion OF our domestic manu-
lectures are now distributed here. Hence Nc
claim that we Will soon cease to be PROVINCIAL and
In certain and increasing measure enter into the
AUDAx.