The New York herald., 1878-12-14

months have been confined almost wholly to the re-
tail trades and with smaller liability than in recent
The sales OF local dealers. wholesale and retail are
less in value than in the year preceding. owing in
paid for labor, but chiefly to the reduction in value
of the merchandise dealt in. The manufacture Of
cotton goods has been attended with fair proht TO
those who have good mills supplied with the best
machinery, sufficient capital. aud whose managers
know how to conduct their business in very
''elose' manner. The woollen manufacturers have
made some profit. at least those who supplied
with good machinery. The manufacturers of jew
elry-an important item in Providence-have suf-
fered considerably, their sales being about
one-thrd less than in preceding years. For
the past six months the owners Of savings banks
deposits have been disturbed by fear for the safety OF
their savings. The opinion is now general among AL
classes that this kind capital has Jared better how
ever under the depressing influences of the hard
times than almost any other property and that those
who have had their money invested III these insttu-
tions are better of to-day than the average OF those
who have managed their own accumulations. Mr..
Cameron is confident that the people are more hope
ful now than they have been for long time. and he
predicts tho speedy revival of all kinds OF business
In common with Others he believes that the result
of the elections has had great deai to do toward
creating degree of confidence in business circles.
The people in Rhode Island, however, not seri
ously disturbed regard the recent State eiec-
tons and they did not in the least predict the success
of either the greenback democratic candidates tor
Congress other important Offices. This is repub-
lican State. made no doubt. by the fact that the
Of voting until they own real estate Of the value Of
1884, and this is the only State in the Union where
such law Is III force the foreign porn
naturally very restiye Just as long
as this law remains on the statute book
Rhode Island will be republican. Another and
determined effort will be made at the approach
ing session OF Congress to have the law repealed and
it is said that Willivn Beach Lawrence. the eminent
jurist Of Newport, viii interest himself IN the matter.
SPECIE PAYMENTS a4#M s.4 VI
It is believed that the resumption of specie pay
ments will give stability to values and that it will be
the means OF working gradual Improvement in
business. The manufacturing business, however, is
the great fountain head. 1t is believed that this
was of the last States to feel the effect OF the
memorable panic. it will be OF the last to feel
tho expected and long hoped for change 1t was
nearly year after the panic before tho ordinary dis
tributing trade was affected here.
DEPRESSION IN REAL ESTATE.
Inquiries in regard to real estate did not reveal
much improvement. Teal estate especially in Provi-
dence and Newport, was considerably inflated prior
to the panic and from that time until the present its
value has been constantly declining. "but." said
prominent real estate agent you must not state the
truth in regard to real estate for it will be injurious
to the business" Unimproved property, whose
value only be determined by its income is con-
sidered a very undesirable investment and conse-
quently but few sales reported. Owing to the in
hated prices the present worth of real estate cannot
be relied upon to show the exact depression. but.
estimating from its income, it has deprecated in
value nearly if not quite, one-third, and in some
cases improved property well situated can be pur-
chased for less than one-haE OF the sum asked for it
prior to the downfall of the Spragues in 1873. The
depreciation in Newport has not BEEN great.