The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-23
Business Prospects In New York for
the New Year.

financial and commercial improvement all
over the country was marked and prom
ising. The premium on gold had almost
disappeared in the natural course OF events
without any assistance from special legisia-
ton or from a mastery financial pol
lev. The recuperative power Of the coun-
try had begun to assert itself We were
speeding on toward resumption indepen-
IDENTIFY of the much discussed act Of 1875;
confidence was partially restored, prices
had shown a disposition to settle down to
specie level, and rcviying enterprise prom
Used to give occupation to labor which had
so long suffered from want Of employment.
The gratifying progress toward national
prosperity has received q temporary check
from the apparent strength in Congress OF
the financial heresies OF wild Western poll
ticians and silver spectators, and the
effect is seen in partial relapse into the
uncertainty and want Of confidence which
have so long held the business Of the coun-
try in an iron grasp. The Presidents
Message tended to reassure the public mind,
and as his veto may safely be relied upon to
lay restraining hand on any measures cal
cuated to impair the credit Of the country
and violate the faith OF the government
there are many who believe the danger to
be over. Still the reckless spirit Of the
indationists has already done and may still
do mischief, and our national condition is
not SO good MS it would have been to-day
had the unsound theories preached by these
adventurers been summarily stamped out
of existence, as they ought to have been,
by the American Congress-
But, while the Western politicians are
broaching crazy financial schemes to dis
turb the country, the industrious people
and the teeming lands of the West are
steadily doing their iull share in building
up our national prosperity. New York, as
the commercial metropolis of the Union and
the jealous guardian Of the national credit,
would feel seriously the shock of unwise
financial legislation should it succeed; but
nothing can prevent her from benetiting by
the material progress OF the Western coun-
try. Our business prospects are unusually
promising for the winter, from causes
which cannot be affected by Congressional
bility of continued war, and of an extraordi-
nary demand for breadstuffs from the
United States. However good the Euro
pean harvests may be they cannot feed the
population in times of peace, and large
armies are enormous consumers, for the loss
and destruction consequent on war add to
the consumption. In the months of Sep
TENDER, October and November of the pres
ent year the import of grain and -four into
England was largely in excess Of that for
the corresponding months of the pre-
ceding year, the increase on -four
being one hundred and sixty-eight
thousand hundredweight and on wheat
six million hundredweight. We have no
figures to show what proportion of the
thirty-four million hundredweight OF -four
and grain imported into Great Britain in
the three months named was contributed by
the United States. But of seven million
four hundred thousand hundredweight off
coast or on passage on the LIST of the present
month three millions two hundred thou
sand hundredweight was shipped from the
Atlantic ports Of the United States alone,
exclusive OF the Pacific ports. II this
average holds good our Atlantic ports, and
mainly New York, furnish about one-half
the English imports, and will mainly bene-
fit by the increasing European demand.
With this demand for our breadstuffs
coming to us from beyond the Atlantic we
have in the West much larger supply than
ordinarily to draw from. According to the
Western reports the forwarding Of the
wheat crop has been delayed by unfavor-
able weather in October and November.
Nevertheless, nine million bushels were re-
ceived in Chicago in September. October
and November, against six and half mill
ion bushels in the corresponding three
months Of 1876, while the receipts for
the same period in Milwaukee show
nearly thirteen million bushels this
year against nearly six million BUSH
els last year. All accounts concur
in the statement that an unusually large
reserve Of flour and wheat remains in the
West, while the corn crop, through late
shelling has only just commenced to move.
Although our canals, the highway for the
trunk lines Of railroad from the West, free
us yet from the snow embargo, will pour
these treasures into our lap, to increase our
local business, benefit the commercial and
railroad interests and give employment to
labor. The advantages of an active move
ment of grain in the winter months will be
far reaching, and the prospect of con-
tinued foreign demand, the large re-
serve still awaiting market and
the favorable weather make such
movement certainty. An active
market for Western produce in the winter
means an improved business in the mercan-
tile houses Of New York, more life in our
retail trade, in our hotels, railroads and all
other classes of business, and good foun-
dation for profitable spring trade. While