The New York herald., 1876-07-24
FINANCIAL and COMMERCIAL.
4 RetrOspect-CanSes Of Present Depression
and the Approach to the Cure.
THE GOLD AND STOCK MARKETS.
Government and Railway Bonds Firn-NoneY Seeking
Good Investments BONANZA Dividends.
WALL STREET,
St-xnAy IuIV ot 1Srti

There Is no theme which much engages the atten-
ton OF thoughtful men at this juncturc as the COM
merciai dry rot that exists throughout the world
Everywhere to be seen the signs OF noiseess
panic. Capital is abundant but dstrustul Specula-
tion is dead Money both 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 on
cali Some OF home railways are engaged in
competition that mutually destructive. Coal aud
irot enterprises neglected and Improbable, and
many Of our manufactures have closed their doors
and selling their products at prices which conclu-
svely show the desperate straits to which they have
been reduced But, If the cause Tor all this is plain SO
is the cure certain. 1t not yet written over our
portals, "who enters here leaves hope behind" Let
us take
BRIEF RETROSPECTIVE VIEW.
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
strong to be allayed and the sweeping specula
tion went
half a million OF men from the North, and half
many from the South, whose work for long and dreary
years mad been u consume and destroy, and whose
drafts on the industrial, commercial manufacturing and
financial OF the country had been constant
and enormous, overslimulated the North and
impoverished the South AS their wants in
creased while the field, the artificial
and rapid developments OF to sup
ply them were multiplied. Like bega; like. High
pricse, high wages, gh transporaton, high schemes
OF internal improvements extravagant building and
equpage aud u estimate OF everything higher
than the ante-war standard ensued. AS much AS
NORTH PRosrERED
the South was lmpoyerlsheu Both were bare OF The
men who com osed their armies ana navies and both
unnaturaliy carrying forward their social condi
ton at home. Peace These thousands returned
TO their homes, Or scattered through the
country which had pet forth its utmost
energy them Here were three quarters OF
million OF coming back TO resume their
Toned places IN the channels OF industry, and these
they lled until they choked and overrun and swarmed
wherever there labor 10 DE done. The manuiac-
turcr, who built hign cost and produced during tie
war at high prices and great profit all the goods and
wares he could make found that the demand dimn-
isAcd The tradesman and artisan, the mechanic and
sailor the bread-wl OF all kinds, found them
selves wanting employment. Tue sequence was natu-
raj Trade lang,sncd, merchants ia.led, manulacto-
rIcs succunbcd The price oil real estate and every
species merchandise declined. Tue beg ming of the
end then became apparent, and careful observers real
lied that all this overproducton Tor The war and during
the tnat all THIS a.Se basis paper thnt
all this disturbance OF labor must somehow be ad-
justcd; that men who were not wanted III the city. the
rtore workshop, must G., to the country, and the
ony kInd oil LABOR which our first parents knew must
welcome their descendants
CAPITALIST HIMSELF
with his money from enterprises satisfied
with TWO per cent instead OF ten; politicians saw the
distress and raised against the railroads as being
The evil spirits oi the country and laws were passed
which reminded OF the crazy acts Of the Com
munists OF French revolution. The theory OF
9ues,ration OF private property devoted to public
uce found advocates in the halls OF Congress- and the
arguments OF judges ana distinguished Senators are
likely astonishing haucinations in the HIS
tory of legislation. During all this period, while
shrinkage Distress failures and impovershment ex-
ised have had hard money and soit money specifics,
tax and tariff panaceas and other political prescriptions
presented Tor a As the prodgiously inflated
and unsettled the normal conditions OF our country,
Peace has come with gradual healing in her wings
During the years that have succeeded the pane
have been building a foundation Tne preva-
lence OF cheap money is
THE HARBINGER OF RESUMPTION.
Low interest may enable to fund the greenback at
a low Unheard OF prices for freight and travel
prevail our principal railroads, and the rate
decrease. The introduction of steel rails has
rcvoIutionized the commerce Of the land while the
development Of silver and gold is opening up
q field Of speculation, and progress beng
made in avenue that calls for cacula
ons and fresh experiments. These hopeful signs.
Although local speculation is dull, ana low prices rigid
economy the part OF individuals, suspended labor
aid general depression every kind OF business
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,
n
bic but the hour not very distant when shall all
recall our present dark hours wonder why we did
not iorcsee the inevitable. Already VIC have travelled
the iron age. The golden is before us
THE STOCK
A review OF this field Of operations presents 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 27s
per cent The greatest all took place In Michigan
Central, Lake Shore, Pacific Mall New York Central
and st. Paul Toward the close slight reaction &C.
currcd but the market nevertheless ended irregular
and weak. Few parties outside OF the clique who have
been work for several weeks operating, and The
latter seem hold prices The present
rates, apparently with the hope that during the
autumn they may able market their holdings TO
fresh batch Of spcculators.
TnE SALES WEEK
Tho following table represents the opening highest
and lowest saes regular way OF the principal stocks
during the past week, together Win The number OF
shares doat I'M
NO. Of Open High Lop-
SHARES. ing
Atlantic and Pacific Tel. 400 lsJx 1874 lS4
Chicago anu Northwcstn l,2sO AZ ~ AK
CDicaso anu n. W. pref ~ 500 co.. c64 cas-
Chicago, Il. l. anu Pacnc l,36l lU9 100 10sS.
Chicago, Bur. aud Quincy 49s ll'ls lllh I7ls
G., {. ana l. C.......... LOCO ~
e.. c., L. and I.......... lJ5 AZ AZ 43
Cleveland aud Plttsburg.. $50 W1s 954 s43s
Chicago anu Aion..... 5iO lO2 lO2 1919
Del, Lack. ana cstern.. g 40 lol4 1u27. lOlia
United States Express. 5Os 145s IA 7sts
WeIA-Fargo Con-. 557 So 50 "a
Observation-Disclosures. IL, 40 l4n ls5s /.
Harlem m............. $40 l4O l4o 140