Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-09

New York Bulletin, March G.
In another column viii be found the
results Of a careful inquiry among lead
ing merchants as to the prospects Of
our merchandise markets for the spring
months. 1t viii be seen that the as
poets Of business vary considerably IN
the different markets, and that IN none
is the condition Of things so entirely
satisfactory as could be wished. Upon
the whole, however, the prospect is at
least as good as has been expected.
The reaction which set in with the
panic of 1873 has been so deep and
thorough that it has come to be gen
orally understood that the best that
can be expected is a gradual recov-
cry, The only doubt felt is as to
whether the process of recovery has set
IN and how rapidly it may be expected
TO proceed Appearances leave no room
for question that the worst point of de-
preston has been reached, and that we
are NON fairly on the way towards a
healthy condition of business. The
testimony of merchants elsewhere given
leaves no doubt on this point; but it
shows that the degree Of recovery varies
IN the different branches of trade. The
dry goods and grocery trades are most
hopeful; which might be naturally ex-
Pected, as these branches supply the
more necessary articles of consumption;
while those trades which furnish goods
less necessary to subsistence or comfort
are naturally later IN exhibiting the
symptoms OF recovery.
Upon the whole, the reports are more
satisfactory than could have been ex-
pected. The South, partly from the
unsettled condition of politics and the
serious misgivings as to its future sug-
gested by the tenor Of current legisla-
ton at Washington, and partly from
its slow recovery from the devastating
effects Of the war and the indisposition
TO continue the custom Of advancing
money or giving credit upon the grow
ing cotton crop, is In a condition of ex-
treme mercantile depression. The mer-
chants of that section can do little
without credit from New York, and a
pretty liberal one, as 10 time; and yet,
under the threatening uncertainties
that surround the cotton States,
our merchants are disposed to contract
such credits very severely. For this
reason, the South IS almost ruled out Of
The market, and what goods it needs !
must be mainly procured through hand !
to-mouth cash purchases. In the next |
place, a large amount Of population |
dependent on the iron trade and upon |
the various ramIfcatIOns Of the railroad |
interest have as yet found 20 relief |
from the prOstration that has fallen |
upon them with greater sew. rity than
upon any other class. And, again, the |
extraordinary severity Ct the winter
has In a very marked degree checked
travel and the forwarding of products
over nearly the whole populated area
Of the country. Under such discourag- !
ing conditions, the business Of |
the last two months must |
have been limited IN any case; /
and 1t is surprising that, In a leading
branch Of trade like the dry goods bus |
mess, the demand should have been
sufficient to keep stocks within con-
servative limits and maintain the value |
of goods. We do not find In the mar !
kets generally any disposition to delay |
purchases arising from distrust as to |
the future of prices, nor yet, any in |
ClnatiOn to press sales from that mo- !
tive The iObbers from cities which |
supply our large agricultural sections |
are buying with about the same free !
dom as IN ordinary times; and their |
representations as to the prospects of |
the spring trade are generally hopeful |
and are confirmed by the extent of |
their operations.
We have this substantial fact to rely /
upOn-that the agricultural pOpula- /
ton, the main stay Of our commerce,
have suffered comparatively little from /
the panic; they have had abundant /
crops: the condition of the foreign /
markets suggests the probability Of /
better prices for the surplus remaining |
from the harvest Of 1874; and there is,
therefore, every reason to expect they /
viii require an average quantity of |
goods, and the more 50 as the late de- /
cline IN prices has virtually increased /
their purchasing power. 1t IS pos
sib'e that the caution of mer-
chants as to credits may In
some measure limit sales; but this
policy has It's counter advantages IN the
greater safety and the more certain
profits Of business. If the old maxim
should be verified that "a severe WIN
ter means a fine spring" then we may
expect full compensation for the pres.
ent weather distractions IN the stimu-
lus that will arise from seasOnable
weather IN April and May; and certain
" the probabilities favor this prospect,
So far as respects a majority Of the
trades, We seem TO have reached a con-
dition In which a fair show of activity
would greatly strengthen confidence
and create a marked revival Of business.
The crOaking distrust respecting the
sOlvency Of commercial firms has had
but very partial confirmation from
the frequency of failures; and /
what misgivings do remain would
quickly disappear if the volume and
the character Of business were sufficient
to satisfy creditors that a living profit
was being realized. There is reason to
hope that this bar to complete conf
dence may be removed by the results Of
the Spring business. There are
branches Of business which may show
little or no improvement this spring.
This may prove to be the case with the
iron interest, the machine trade, and
the building trades; possibly, indeed,
these departments may exhibit even
worse signs of depression than we have
yet witnessed; but these things could
not materially retard the process Of re-
covery which IS manifstly IN progress
IN nearly every other branch OF busI-
ness.
WINTER betting on the more important
eEenLs u be run al Jerome Park. Long