The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-09-01
TINE CLOSE or THE COMMERCIAL YEAR.

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THG CLOSE or THE COMMERCIAL YEAR
Yesterday closed the transactions OF
Tho commercial year for Io'H' ana
dad indeed would we be could we say
truthlully that II has been one Of un'
broken prosperity for the merchants
Tho great stingenoy Of The money mar
kot nj It's commencement has continued
until the close, But few merchants m
any line have had Ot any time even q
small surplus OF money No new or
successes have been achieved
and every one seems satisfied that they
have been able TO hold their own, sins
ply pay expenses and avoid debt, IN
every instance even this negative
success has not been met Several fail
ures have marked the history OF the
years commercial operations
The failure to complete the Dallas
and Wichita in time for the fall BUSH
ness has worked Il serious evil to our
trade the stoppage of building operas
tions on the Texas and Pacific has
been another wet blanket TO Dallos'
II isnow plain to all, that unless the
extraordinary stringoncy now prevails
ing Is relieved by speedy supply OF
abundant and cheap money that not
withstanding the abundant crop we
have and are still harvesting, we must
content ourselves with another year Of
duh times, make.shifts and bare avoid
anco of bankruptcy 1t is exceedingly
Notifying to us, that with all our spen.
did possibilities, candor compels us TO
make the above admissions. 1t is little
consolation to say that Dallas has done
as much as any other city in Texas,
better far than many, Precious years
are gliding away without marking the
progress they arc entitled to and would
surely make, but for tho insane policy
of contraction entered upon by the
government, under the auspices OF the
bondholder.
| Notwithstanding the chill resting
upon commercial and manufacturing
business, both the city and the county
has gone ahead at q rapid pace, simply
because of the confidence of the people
in early congressional action on the
money question, no less than in the ricl
soil which does its part nobly, and il
only held down by unskillful and dis
honest handling of the public resources
The general shrinkNge in values hAi
affected us in north Texas TO worry APP
preciable extent, while it is vastly les
than in other states, yet it serves to re
tard matters just at time whom the
evil cannot but be serious. The tide Of
immigration which has already set il
in good earnest will have the effect o
relieving money matt ers and in quick
ening trade little These are the only
prospective oiisetts to the discouragn,
circumstances OF our wheat yet remain
1
ing unmarketed, and the cotton bust
ness opening at discouragingly low fig
ures for the staple.
Freights have been fair for the com
mercial year just closed and while on
transportation lines have had hare
times, yet they have been able to NEE
the situation by toler ably liberal con
cessions to shippers, thus showing
commendable disposition to share thu
common burden of "hard times.
Many rumors of discriminating rate
have been flying about but our utmos
vigilance has failed as yet to trac,
them to any responsible source,
Now we have given necessarily
brief and imperfect resume of the com
mercial situation and we do so in orde
to apply the lesson so plainly taught b,
the circumstances by which we hav,
been surrounded during tho past bust
ness season, 1t plainly teaches tn,
necessity Of economy, care and enter
prise when such promises the chance o
success, We must content ourselves
with moderate profits and with spar
ing outlay, In other words, we mus
bow our heads until tho storm passel
over, doing with our own hands tina
which formerly we hired Others to do
Income and outgo must balance, ant
blessed is the man who has kept then
even during the year past.