The New York herald., 1879-01-02
FINANCIAL and COMMERCIAL.
JANUARY I, 1879.

JANUARY I, 1879.
Regarding the year 1878 sojourner with us that,
whether would or no. had to be entertained for
entire twelvemonth it is meet and fitting to in
quire with what degree of satisfaction speed his
parting. On his first appearance year ago to-day,
we welcomed him as coming guest that promised
to bring with him the gifts of prosperity and hope
We all agreed that his predecessors from 1873 to
this time churlish fellows. whose manners were
disagreeable and the impress of whose visits was un-
favorable. The question now is How far has he full
filled the promises referred to ard how much better
or worse than his predecessors has he turned
out to be? This query can best be
answered by glancing briefly over the events
political, financial and commercal-of the
last twelve months. To the commercial world
the year came in dark and gloomy. The pail of the
panic still shrouded the crushed forms of commerce
and of trade There appreciable let up in the
necessity for continued liquidation and for the prac
tice of stern economy. There were bubbles still to
prick, sham schemes to expose and debtors to be
driven to the Bankruptcy Court. In a word, there
good deal of general cleaning up to be done
before the house of the nation could be made fit to
receive the much onged for and impatenty expected
guest of ''better times" Perhaps the broom which
swept the cleanest in this arduous work the bill
repeating the Bankrupt act SO long this law
speak. of the nature of hospital where insolvent
firms could apply for treatment when they had
given UP all hope of successfully doctorng them
selves. But the financially sick people
reluctant enter this hospital physically sick
people to 90 to Bellevue or st. Luke's and it not
until it was decided to shut up the institution alto
gether that the lame the halt and the blind of
mercial circles made known their ills and sought
lief This forced exposure showed greater spread
of disease than had been thought for, but it also
showed the degree of its malgnancy apd its exact
location and this information became highly i'm
portant in estimating the condition of the public's
financial health. The necessity policy of taking
advantage of the Bankrupt act within limited
period while it revealed the existence of extended
insolvency much of it in quarters little suspected,
has undoubtedly been of great benefit in removing
from the path of returning confidence many OBJ
sace and pitfall that were all the more dangerous
from being unseen In setting the nations house to
rights for the ''good time coming" one Of the most
effective agents, if not the most important one,
the extraordinary crop of cereals with which
bouneous Providence has blessed the land. II is
tmated that the extraordinary yield of 1877 has been
surpassed by that of 1S7S and its potential effects for
good are reflected the statistics of foreign trade
which show that for the last twelve months
ports have exceeded our imports by something
$3.50 900 900. So vast an addition to the wealth of
the country must necessarily be productive Of pro-
pitious results. While the grain crop has secured
position as strong creditor nation in the
matter of foreign exchanges it afforded large
and remunerative business to the Western and
trunk line railroads, enabling many Of them to pay
dividends and advancing their values upon the
Stock Exchange. The grangers were especially bene
fted at first, though the damage to the crops along
the lines in July. by local storms, and the machina
construct very superior mountains out of very
inferior mole hills. depressed the share prices of
these properties very dsastrousy. Since then they
have again received the confidence of spectators
and the has been very nearly regained Another
element in fixing up things has been the success of
the government in replacing the fvetwenty six per
cent issue by bonds bearing 41a and per cent
(saving thereby a vast in yearly intercst) and
by the steady decline in the gold premium 10
vanishing point. Although this double event" has
about under Legislative action the secret Of its
accomplishment is to be traced to the ac-
cumulated wealth referred to above rather
than to the halls of Congress. One serious piece
of Stupidity which at time threatened evil and
may bring it yet to be found in the passage of the
famous Silver bill. AS nobody has yet been found
willing exchange one hundred cents for eighty-fve
cents the paternal dollar obtains quick transit from
the die the Treasury vaults and lies there without
capacity for harm. Having thus glanced at the prin-
cpal events in the life of 1873 may to the
question to how should speed the parting
guest" and answer it. Speed him unquestionably
with much to be said in his favor and but little
against him. If not out-and-out good fellow he
is a vast improvement upon the scurvy lot have
been forced to entertain since 1873 May the pros
perity which he has given us taste of be continued
by the 'coming guest" which we welcome to-day.
NEW YORK CATTLE MARKETS.
WEDNESDAY. Jan. l. 1879.