The New York herald., 1878-12-17

pfeaCHt.
turned on from the looms Of New England than
there is market for. But. 1 said before. manu-
featuring stock in good demand it is held by our
banks and trust institutions quick assets, Just as
national bank stock or government bonds are"
SPECIE RESUMPTION WILL HELP.
From this gentleman and others in Boston, Lowell
and Lawrence learned that the resumption Of specie
pay ments and the consequent strengthening of the
turing, but that it will again attain such
height it did prior to the panic OF 1878. Fall River
has been regarded the weakest point in the whole
system. 1t is the youngest manufacturing city. and
was the weakest when the panic struck but notwih-
standing that and the financial shocks which have
within two years visited her. through the rascaty OF
of her most trusted men. she IL going TO
weather the gale and come out of the storm without
serious injury. cannot say that the business has
improved perceptibly, nor that, as general
rule. the capital invested has earned more
than in the past few years. but l am
ifee % on ,hs a very 'na are '9
the right road to safe and sure competence and
prosperous times. The fact that no new manu-
have become fully convinced of the actual state of
affairs. When the time comes to start up afresh this
fact will be to the advantage OF every mill corporation
1t is of course very well known that the energy Of
Massachusetts brains and capital does not conhpe
itself 10 the manufacture of woollen and cotton
fabrics Boston has been for years the headquarters
for certain grades of boots and shoes which we're
manufactured in the shops of Marblehead, Lynn,
Saugus, Weymouth. Boston and the towns OF Plym-
outh county The extent OF this trade was enormous
markets supplied from the immense ware
houses on High, Pearl, Oliver and Summer
streets, aud millions upon millions Of dollars
Invested in the business Like the other branches Of
manufacture. this has received visible check but
not fatal 1t is true that Chicago has stepped
for share in this great industry and has started
to manufacture boots and shoes. The advantages she
possesses for supplying the Western and Southwest
ern trade at once apparent. The strngency Of
the times too, has had its effects this particular
industry, but withal it is to-day in comparatively
healthy condition. A visit to the busy shops OF
T Rrn. ,ap1o oil IN fha
mission houses in the leather district of this city
will at confirm this statement The weekly
shipments of boots and shoes from Lynn. which has
suffered most both from hard times and strikes. will
compare fayorably with any since 1874 and show
in many instances healthy increase A very promi-
nent and influential manufacturer said to medurins
conversation the condition and prospects Of the
business that they had seen the worst days Of shoe
manufacturing. The revival would come soon but IL
would be a slow and conservative revival He did not
know whether the resumption OF specie payments
would tend to improve business; what want, in
his opinion, is more confidence business integ
rity: should be frugal and careful and content
with fair profits. The imitation times of the war and
the years succeeding it before compelled
to halt he thought had spoiled our merchants and
manufacturers for legitimate business desire
for speculation was engenoerea' ana men in rhe rhe
hard times through which they have since passed
have had purifying effect which cannot fail TO pc
beneficial when the return Of prosperity comes. To
sum up the information CLEANED from this gentleman
and others with whom / conversed 1t may be said
that the sales Of boots and shoes manufactured in
Massachusetts hold up well; the prices have been
considerably reduced but the reduction in the price
paid for labor and the introduction of new labor
saving machinery have enabled the manufacturers to
keep pace with the downward tendency of the mar
ket The orders for winter goods were large and
afording an excellent chance for the operatives to
secure steady employment during the winter.
Massachusetts. within thin almost almost forty years, has
passed from an agricultural and fishing community
to be great manufacturing and largely commercial
state agriculture and fishing sinking into compara-
tive insignicance. With the transition the value Of
the real estate of the towns and cities became more
subject to the fluctuations OF business Unlike man
ufactures, shipping, mining. railroad, bank and
other Investments real property in towns and cities
especially has comparatively stable value except in
kind of an investment to feel the impetus
of business prosperity or depression, the last
kind Of property to- to go mpward a,,, Or down.
real in Boston within the past few may
be taken somewhat indicative of the condition Of
real estate throughout Massachusetts but the effect
on real property of the great fire which occurred
here in 1872 and the calling in Of overdue mortgage
loans held on Boston property by the many embar-
rassed savings banks OF the State should not be
sight Of The greater part OF the business houses
OF Boston were burned in the fire, and it required
considerable capital invested in other directions to
be diverted the restoration Of buildings in the
burned district. The savings banks Of the State
principally in Boston This amount is being gradu-
ally called in to meet the demands of depositors
and sales have to be made in many instances at
necessarily low prices by owners of the mortgaged
estates to realize the amount Of their mortgage in
debtedness The assessed value OF real estate In
Boston proper has fallen of about one-ffth since
1875 and the demand for real estate as invest
meut within that time, when compared with the ten
years prior to it, has been almost nominal. Prop
erty in the vicinity of the suburbs has suffered
much greater depreciation, because annexation Of ad
joining towns caused speculation in 1t to rise to
extravagant extent The basis for the assessed vaa-
ton OF Boston property was formerly in practice
twothirds of its value but for several years it
has been assessed than its actual cash
ket value in most instances. Rents have been
about fifty per cent lower for the past three years
than for the five years prior to that time. Wharf
property in Boston elsewhere. has been suffering
much from the bad times, but more especially from
the comparatively little wharf needed
when steamships have largely taken the place Of
sailing vessels and carsoes are so rapidly discharged
loaded by steam hosting gear and elevators. 1t
can be fairly assumed that real estate here has
reached substantially its lowest figure in many
places in the suburbs being low in 1861; but
the upward tendency wiu in every instance after
a long period of commercial depression, be gradual,
and until tlms after the manufacturing and
mercantile interests have experienced the effect Of
returning confidence and prosperity, which. with
resumption OF specie payments and another year OF
good crops, mus come to the country generally.
1t will from the above sketches OF princi
pal OF wealth weakness that air OF conf
dence peryaGes the entire business community. Ins
shared by the people at large as the reports Of
good crops at the West and the approach to
sumption give good guarantees OF better times ahead
Money not very plenty with the middle aud lower
classes chiefly because their surplus is tied up
savings banks under the stay law. but what money
there is to spare is generally invested in United
securities. National bank stock keeps its
in the general tumble of vaues, although here and
there people were surprised strange huctua-
tons which only the initiated could understand. As
soon as the real revival of business prosperity
tains to brskness there will be money enough found
in Boston to grease the wheels OF industry and keep
them going for some time. There
money in Boston, probably, than now, but it is
cautious and refuses TO come out Once announce
that the danger is over and then IL will rush from
its hiding place to aid in the onward march TO
perity.