Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-10-02
4aiIu &snnebef Suurnal.
Aaeasta, Thufsday Horn'g, OCT. 3, 1879
from the New York Times.
Trade and SDeculatiOn.

Trade and Speculation.
We published yesterday morning sum-
mary of the views of number Of the prin-
cipal dealers in the various kinds of bust
ncss.in this city. with reference to the re-
cent marked improvement which has taken
place. 1t could not but have given salts
faction to every intelligent reader, because
it not only gave evidence Of greater pros
perity in this, the commercial centre Of the
country, but it also afforded ample proof
that this increased prosperity was Of
solid kind, likely to last, and to extend
over all sections. In the statements OF
the business men to our reporters there
was little trace Of extravaganza. While
they were hopeful, they were not over
confident. The revival Of activity in gen.
eral business seems legitimate and ra-
tional. There is every reason why it
should be 80. The enormous load Of debt
which had resulted from the reckless use
Of credit up to 1873. and which, when the
day Of settlement came abruptly, caused
the memorable panic Of that year. has
been liquidated. So much of it as the
debtors had resources to meet has been
gradually paid. The very large portion
Of II tor which there were no assets. ac-
tual or attainable. has been compromised
and marked off the creditors books. The
business community, by long, tedious.
and painful process, has come to know. on
one side and the other. exactly where it
stands, and what each dealer can do or
fairly hope to do. On the other hand,
stocks of all kinds Of goods have been
slowly but surely used up, while there has
been an enforced caution in replacing
them, and at the same time three Of the
largest crops Of exportable food-stuffs that
the country has ever known. and cotton
crops, generous if not SO unusual. have
been gathered, bringing to the country the
means of replenishing what has been con-
sumed. With this operation Of essential
recovery going on. the finances Of the
country have changed immensely for the
better. The insane effort of the visiona-
ries and dcmagogues to prevent the ex-
ecution of the Resumption Act, has failed,
and the country now enjoys currency at
par with gold, and satisfying. for the time
being. all the conditions Of currency
suited to the needs of legitimate COM
merce. Such state of things gives ample
play to the energies Of the country, iorti-
fed by reasonable confidence in the inn
mediate future. and general revival OF
business is the natural consequence.
But with this improvement, in which
every one can take satisfaction, there is
another change going on which is not
healthy-which is. on the contrary, full of
danger, and which every conservative man
should do all in his power to discourage.
This is the revival OF stock speculation, of
which the evidences are only too numer-
Gus. The volume OF transactions on the
Stock Exchange has already reached
very high figure. Prices have undergone
rapid fluctuations, not dependent, except
very remotely. on actual changes of value,
but apon the reckless and INSCRIPTIONS
manipulation Of the treacherous machinery
Of the street. During the past week the
reports Of the board show that over 2,OOO,-
900 shares Of stock were nominally bought
and sold. but it must be remembered that
these nominal sales were in great part
only recorded wsgers on the changes in
price of stocks. So far as the transactions
were Of this character. they amounted only
70 . species Of tolerated and regulated
gambling. and have but an indirect and
By no means wholesome connection with
the recovery Of real business. How rap
idly the operations Of Wall street have in
creased may be seen in the reports of the
clearinghouse exchanges. which are not.
Of course. confined to these operations.
but which include them. Following are
the exchanges tor each week of the cur
rent month: