The New York herald., 1876-07-24
FINANCIAL and COMMERCIAL.
4 RetrOspect-Causes Of Present Depression
and the Approach to the Cure.
THE GOLD AND STOCK MARKETS.
Government and Railway Bonds FlTn--Maney Seeking
Good Investments E-Dalana Dividends.
WALL STREET,

WALL STREET, /
SUNDAY. July 90, 1876
Ihere Is no theme which much engages the aten-
t'on OF thoughtful this juncturc The
mercai dry rot that exists throughout the world
everywhere are 10 be the signs OF q noiseless
panic Capital is abundant hut distrustiuL Spccua-
ton Is dead. Money both sides OF the Atlantic
seeks Investment In government and other first class
securities at higher prices than have prevailed for
many years. is content with paltry interest
call Some OF our home railways engaged in
competition that Is mutually destructive Coal and
roi enterprises are neglected and Improbable, and
many Of our MANUFACTURES have closed their doors
and selling their products prices which conclu
sivey show the desperate straits which they have
been reduced But, If the cause Tor all this plain
Is the cure certain. 1t is not yet written over our
portals "Who enters here leaves hope behind.n Let
US take
BRIEF RETROSPECTIVE vRw.
The prodig Gus momentum which gathered and rolled
forward VITA reckless power all sorts OF speculative
and industrial projects at the North during war;
which augmented with the issue OF paper money and
necessary expansion during that period, could not be
arrested by the surrender at Appomatox. The tempest
was too strong to be aayed the sweeping specula
ton on.
half million OF men from the North, and halt
many from the South, whose work for long and dreay
years had been to consume and destroy, and whose
drafts on the industrial rcal manufacturing and
financial resources OF the country had been constant
aud enormous, overslimulated the North and
impoverished the South. As their wants in
creased while in the field SO the artificial
and rapid developments OF to sup
ply them multiplied. Like bega; like. High
pricse, high wages, hgn transportation, high schemes
OF Internal improvements, eXtravagant building
equipase and new estimate OF everything a higher
than the anle-war standard ensued. As much as
THE NORTH pRosrERED,
the South was impoverished Both were bare of The
men who com osed their armies ana navies and both
were uunaturaly carrying forward their social condi-
tion at home. Peace These thousands returned
to their homes, scattered through the
country which had pct forth its utmost
energy TO them. Here three quarters of
million OF men coming back TO resume their
TONED places the channels OF industry, and these
they filled until they choked and and
wherever there was labor 10 DC done. The manuac-
turer, who built ut hign cost and produced during tho
war at high prices and great profit all the goods and
wares he could make, found that the demand dimn-
isned. The tradesman and artisan, the mechanic and
sailor, the brcad-winners OF all kinds, found them
selves wanting employ mcnt Tue sequence natu-
raj Trade langlisncd, merchants a.led, manuiacto
rics succumbcd. The price OF real estate and every
species ol merchandise declined. The beg ming of the
end then became apparent and careful observers real
lied tnat all this overproducon Tor the and during
the war, that all this basis paper money, that
all this disturbance OF labor must somehow be ad
justcd that men who were not wanted III the city. the
store or workshop must G., to the country, and the
ony kind oil labor which lirst parents knew must
welcome their descendants now.
THE CAPITALIST HIMSELF
with his money withdrew from enterprises satisfied
with two per cent instead OF ten; politicians the
andr n ha hahn,
the evil spirits OF the country aud laws passed
which reminded OF the crazy Of The Com
munlsts OF French revolution. The theory OF
lues'ration Of private property devoted to public
use found advocates in the halls OF Congress- and the
arguments OF judges distinguished Senators are
likely to stand astonishing halucnations In the his
tory Of legislation. During all this period, while
shrnkage, distress, failures and impovershmeht ex
ised we have had hard money and soft money specifies
tax and tariff p1naceas and other political
presented Tor cure. AS the war prodgiousy inflated
and unsettled the normal conditions OF conntry
Peace has come with gradual healing in her wings.
During the years that have succeeded the pane we
have been building a now foundation. rne preva
lcnce OF cheap money is
THE HARBINGER RESUMPTION
Low interest may enable to fund the greenback at
low rate. Unheard OF prices for freight and travel
prevail principal railroads, and the rate con-
revolutonized the commerce Of the land. while the
development Of silver and gold is opening up
q new field of speculation. and progress is beng
made In that calls for calcula
tions and fresh experiments. These hopeful signs
Although local speculation is dull, and low prices rigid
cJnomy the part OF individuals, suspended labor
AID general depression every kind OF business
isis throughout tho commercial world have reached
point where we can begin to look upward with some
confidence. The growth TO better things may be slow
and the change will not be abrupt perccpti
bic but the hour very distant when shall all
recall our present dark hours and wonder why did
iorcsee the inevitable. Already We have travelled
the IRON age. The golden is before us.
review OF this field Of oper ations presents no i'm
portant features for comment Dulness has been the
conspicuous characteristic OF the week, attended by
decline IN the leading fances ranging from 4 to 25s
per cent. The greatest all took place in Michigan
Central Lake Shore, Pacific MAIL New York Central
and ST. Paul Toward the close slight reaction oc-
cured but the market nevertheless ended irregular
and week. Few parties outside OF the clique who have
been at work for several operating. aud The
latter hold prices at about The present
rates, apparently with the hope that during the
autumn they may be able to market their holdings
fresh batch Of specuators.
WEEK.
The following table represents the opening highest
and lowest safes regular way OF the principal stocks
during the past week, together with the num0er OF
shares dcalt I'M
40. Of Open High. Lop-
Shares 'ng est est
Atlantic and Pacific TEL. 400 1874 Isl< 1sA
cneaso ncao ana ana \. W. pref ~ 500 66. Cox sas
Chicago, H. l. ana fachc ,3dl lu9 100 loss.
Chicago, Bur. aud Quincy 4ys lls1s lIh 1l71s
T., T. ana J. LC:.........' i'oV - ~