Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-05-31
BOTTOM PRICES.
An Interesting PrOblem-HOW Will we
Know when Bottom Is Touched

The following from the American
Grocer IS Of interest to ell persons con-
Gerned in business; II would be q curious
thing IL 1t should prove that an infalli-
bic mode has been discovered of solving,
at the right moment, that often weighty
question, "Hsve We touched bottom p"
The american Grocer says, speaking of
the great sale of six thousand packages
Of dry goods: "The great dry goods sale
which has been held this week Is very
significant event in the annals OF the
dry goods trade. 1t wa ordered by the
largest manufacturers in the country to
clean cut their accumulation of goods
and find where the bottom was in prices.
1t was mastery conception boldly car
ried Cut-an effort by one stroke to do
away with the effects Of the panic in at
least one department of trade, and its
justification appears in the general tone
Of cheeriuiness prevailing and the better
conditions Of trade anticipated. AS if
to prove that corresponding with accu-
n uiated stooEs in manufacturers hands
there was existing in the country a large
DIS felt, firms fTCm every part of the
Union seut their representatives
in response to the circular Is.
crowd CT wouid-be buyers was immense,
ct one time being estimated at three
Thousand persons. Mr.. Bliss, OF the
firm OF Wright, Bliss & Fabyan. at
whose stere-rOom the sale was held, in
his preliminary address stated boldly
that he believed time had come for a
united effort among merchants to put an
end, if possible, to the prolonged de-
preston which mad existed in the mar
ket since the autumn Of 1873, and that
bottom prices should be ascertained,
with view to inducing q revival of
business, and il was hoped that the pres
ent sale might f0FRl basis for future
operations. The sale was af,erWard car.
red ON with the greatest animation,
which developed at times into quite a
furOre. Ga the firs5 day more goods
we're disposed of thar was originally in
tended, and many more could have been
sold had they been or hand. The aver
age prices obtained we're entirely satis-
factory to the sellers; they showed a
falling Off of about ten ptr cent. from
the last market quotations. TIE aggre-
gate amount brought !Or the eight thou
sand cases sold was estimated at nearly
two million dollars. We shall watch
with great interest the course Of the
dry goods trade after this bold stroke, to
see il the results anticipated are realized.
If rock bottom can be touched in this
way and confidence restored, from a
conviction that pricss can go no lower
the accumulation OF stock being cleared
out-capital is once more set in motion
with definite and assured return, aud
in one branch Of business at least the
effects of the panic are at an end, and
every other stage must be recuperstive.
Surprising the success OF the plan as
sured, what would there be to hinder
equally decisive measures in other
branches of business. We hear con-
tinually the question raised whether
such and such an article has reached
bottom, and instead Of waiting any
longer to see, what would be the policy
Of a general disburdenment just to know
at once the worst, and go on sfterward
with the assurance that nothing worse
could follow. Let al those who have
large accumulatiOps of whatever kind
act in concert and follow the example
OF the cry goods men, and rock bottom
will be touched all around in the short
est spacs Of time, RnC producers may
begin again with at least assured, If not
altogether flsttsring results."