The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-07-22
FINANCIAL AND COTTON.
FINANCIAL.

tn. BANKERS association, which il 10 assemble
IN saratoga next mouth, among other subjects
will discuss the probabilities OF financial panic
in the near future In commenting on lheir
Follows: As to the indications of coming rev.
Mission. there can be no doubt as TO the Truth of
certain things. There can be no doubt that GER
tain things have besn taxing place which, TO
say the least bear a strong resemblance to the
things which have taken place shortly before
reyul.ions III times past There has been a
season of great industrial and commercial ac-
hyity. New enterprises have been under
taken IN great numbers. Speculation has
6een very active in certain directions, and
i'm, ,these directions prices have advanced.
Bit this onward course has been checked.
Al some points prices have gone backward,
CAPITALISTS are not SO energetic in pushing new
enterprises. Manufacturers do not feel SO conf
dent OF future demand, AT the same time, prices
of foodstutis are still much above the average,
as also are rents, and in consequence there are
labor strikes. AS has been within the past
few years, was 1t before the revulsions OF 1887,
1857 and 1873. There has been marked eXpan-
sion in banking; SO there was before 1857 and
lS73 There has been season of great activity
in railway construction, followed by moder-
ate retardation; SO there was before 1857 and
IL Is true that the financial writers OF the New
York press tell us almost with one accord that
though the symptoms now manifest strongly re-
semble those which were apparent before 1857
and 1873 yet the disease is not there thi. time
They tell us that before the former panies meu
were building railroads from no
where TO nowhere, whereas now they
are building them from somewhere to some
where; that then speculation was unreasonable
and Wild. whereas it has lately been perfectly
reasonable and tame that then men started
banks to get other peoples money TO risk in
speculation, whereas now they are starting
banks TO meet demand arising out OF a per
fectly healthy material growth; that then all
values were distorted by vicious currency
whereas now they stand out TO view IN their
true relations; in short that then we had the
disease with the symptoms whereas now we
have the symptoms without the disease These
writers may be right about it. but their talk
sounds little too much like that of the old
Jewish false prophets, who seemed to be afraid
of losing their situations if they didn't prophesy
that everything would come To pass according
to the desires of the king,
Professor Naumann -Spaliert the great German
economic statistcian, strongly inclines to the
opinion that the commercial world and not this
country alone, IL nearing another climax, He
finds many statistical indications pointing to
such conclusion. These indications are, broad
ly, that economic progress is not constant but
so to speak, by a succession of waves, each crest
and each depression In turn being higher than
its predecessor. Without being able, as yet, to
define very closely the intervals between these
waves ii is possible to perceive the signs OF
an approach to crest, and such signs, incud-
ing some of those above enumerated, Dr. Neu-
mann Spallert thinks are now discerniblo
throughout the great world of commerce. A
good deal of interest will be felt In what the ex
perienced practical fnanciers of the country
may have to say on this subject at the approach
ingconvention With the opportunities for obser-
walton which many of the veterans among them
have enjoyed, the discussion may be expected
IN throw some light upon our immediate COM
mercial and financial future.
DALLAB EXCHANGE AND COIN
n. Y Buying. Selling, Buying. Selling.
Chic. Ex. kSfPar@S ct Louis ,kGx Par@A
Chicago. .hGkPar@A N. o.. hGxPar@A
Galveston X Par@A Houston..h ParQA
Exchange, all points y to< discount Sterling
Sight 81 IS Francs, sos 10 Marks, rs,
Trade dollars. .s0cls. Mexican dollars. 80