The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-05
Trade Pro Spccts.

Trade Prospects.
We arc not accustomed to pay much re-
-pcct to that dismal class Of people who,
Tor three or four years, have steadily pre-
dictcd the destruction of New York trade.
and the coming Of a time not far in the future
when it, commercial supremacy will be-
thing of thc past. If We mny believe them.
this metropolis is the poverty corner Of TIE
United States. These persons are makers Of
phrases rathor than rcspcctcr- OF facts.
While New York has kcenly felt the
commercial and financial depression
which So long hung like pail over
the country. we have on every hand
accommodating evidences that the cX-
pcctatiuns Of satisfactory autumn busi-
ness generally entertained by our merchants
are not TO hc disappointed. From neighbour
ing and interior cities and from all the great
distributing trade centres, come cheering
accounts OF incipient business activity, with
marked though gradual increase in
the volume of transactions. Considering
the magnitude Of the crops. the high price
Of grain, and the steady foreign demand for
! American breadstutfs W. have certainly
good reason to assume that the demands Of
the West for manufactured goods will hc
very much larger this year than usual. The
outflow Of currency whcrewith 10 move the
crops from the interior to the Scaloard, has
already commenced I'm larger volume
than usual. This poricnd- a gradual hard
ciling Of the money mcrket. which will no
doubt be considerably augmented 10y the
low condition of the bank reserves
! Mercantile and manufacturing establish
| mcnts here and in the Eastern States are re-
cciving liberal orders for good. but their
present receipts are not enough to relieve
them Of the necessity OF applying to the
banks for accommodation We regret 10
see that at a time when commercial bor-
rnwcrs are liaslS TO want fun Inc
purposes. band of spectators have
seen iit TO advance the price Of
stocks to hctltiously high figures Many
investment stocks have boon thrown ON the
market, and are now being carried by the
speculative clique. These gambling opera
lions augment bank advances to spccuia-
tors AMI diminish the amount of discount
available Tor comm, roial borrowers. J-u-
ally. in seasons of great commercial de-
preston or financial disaster such rs those
we have lately gone through. the worst is
nearly past before the sufferers admit hope
into their hearts, or are able 10 acknowledge
to themselves that the severcst stress is
over.
In estimating the business prospects OF
| the fall season, il Is important to keep in
| view the condition Of affairs in the Western
! states, containing over onc-thrd of the
whole population of the country, and fur
nishing in money value n still higher
ratio Of the total national product
A. has already been stated i'll these
columns, the value OF the aggregate
wheat crops Of nine States Mlnncso-
Ia, Iowa, Wisconsin, Kansas, Michigan,
Indiana, Ohio, Kentucky, and Tennessee for
the year 1871, would, If sold in the country
at ninety cents per bushcl, exceed by $780,
10000 the value Of the wheat crops Of
the Same States for the year 1876; while
other grains Will be equally abundant in
all those States. This enormous crop is
Of itself the strongest guarantee Of better
times. The whole country will be benefited
not only by reduced cost of the
first noce--psles Of subsistence. hut
also by an increased demand for other
commodities. Ina-much as an ample grain
crop usually carries with it large pork
crop, We have almost Il certainty Of an cx-
ccptionaly large supply Of the staple food
products of the country. The agricultural
West has suffered much less from the in
nucnces associated with the panic than the
manufacturing and commercial group Of
Statos. II has known comparatively little
Of losses resulting from the shrink
age Of manufacturing property, from
the prostration OF the iron industry,
or from the collapse in the coal trade II
has not been apprcciably hurt by the fail
urc of newly constructed railroads or the
decline in the stocks Of the Older ones. The
capital which covered the West with net
work Of iron roads came mostly from the
East and from abroad. The disasters Of tL1
railroads have resulted in some positive az.
vantage to the West, through reduced trans
purlation charges and consequent increased
profits on its crops. While the Western
people huyall Eastern commodities nj great
ly reduced rates, their own products haVcn not
fallen in anything like the same ratio. In
decd, the West is not only prosperous, but
in n situation that warrants our expect
ing from it a valuable fall and winter bush
ness. It's healthier condition dlrfuscs
healing influence through the whole coun-
try and, with It's enormous crops the bcne-
At' IL '''ll'l2 wv" 'Nl'i 9''N''l7i "h" A'lN
especially upon this city, the great disrh-
uting centre and counting house of the
country will be moro marked during the
next twelve months than they have been at
any time since the crash Of 1878.
Turning from domestic to foreign trade,
w" ilnd Il continuation of the largo incrcaecof
imports, together wththat rclatlyedccline
IN exports, which has characterized the last
lew months This would denote moro
prosperous state Of affairs, our people Goa.
sumins greater quantity of both foreign
and domestic goods than at any previous