Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-31
THE State OF TRADE.
"RIGOLo'S" REVIEW OF THE PAST
YEAR.
How the Process of Liquidation Has Been
Going On-A Panic Barely Averted-
Change gin Old Firms-Trade in Chicago.
Especial Telegram to the Globe. | /,

Naw YORK, Dec. 30.-In its Wall street |
column the Sun will say tomorrow: "The |
year which closes to-day will remain as |
memorable IN the annals not only of Wall |
street, but all stock exchanges of the world. |
The depression in business is quite as |
great in Paris, London, Amsterdam and
Frankfort as it is in New York. The |
tumble in prices has not heen as heavy in
English and German securities, but the
American securities held abroad fell as
much there as they fell at home, while
France had long list of stocks wiped out
and another quite as long, showing fall
of % to 80 per cent. New York managed,
however, to avoid crash like the one
Paris had in the beginning of
the year, and went through the process of
liquidation and depreciation in gradual
and orderly manner, which would be cause
for pride to much older communities. 1t
seems almost incredible that shrinkage
of over thousand million dollars in in
vestment values should have taken place
without panic, and even without any
considerable individual failure.
To avoid panic, however, is not all
that is required for the quiet settle
ment of the processes now in progress.
The financial position of most
Of our corporations must be inquired into
before public confidence can be restored.
Messrs. Endicott, Fabbri & Ralston have,
in this respect, an admirable chance In
their hands. If they DO their part OF the
investigation thoroughly and fearlessIy,
public opinion will demand several other
| Investigations of the same kind; and if
congress shows some honesty of purpose
we may possibly reach, within year or
two, point where the thrift of the nation
will be able to come forward as a bona fide
investor without fear of being robbed of
its earnings. The usual January disburs-
ments Of dividends and interests, which
will this year amount to over $7,0J0,O00,
ought to seek reinVestmeut, bur there is
barely any probability of large part of
that money coming into Wall street, ex-
cept for the purchase of some frst-class
bonds. The attitude of Gould and Van
derbi toward the market is a fair indica-
ton that they don't expect an advance in
prices in the immediate future
} The former of these two magnates is also
reported to be sick, and to have been or
dered on his trip south by his medical ad-
visers.
AS matter of course the close of the
, year brings forth several dIssolutions OF
partnership and formation of new ones
Among this kind of changes taking place
to-day is the reconstruction of the vel
known Gotten house of Traverse & Hook
> man. Mr.. John Traverse, who is a sor
of Mr.. William R. Traverse, retire:
from the firm, and Mr.. G
A. Walsh, formerly of McGinnii
and Fearing joins it. The name of the new
firm will be Walsh & Hickman, anG
! Messrs. G. B. French and G. J. Woeris
, hoeffer will be specials with $4,000 each
The firm will deal in cotton, grain, pro
, visions and petroleum.
( The advent of January is always a crit
/ cal time in Chicago. Old contracts hav,
to be settled and new ones are not readily
entered upon till the result of the deliver
. les ia we'll known. The consequence il
usually heavy drop in prices and this yea
was not an exception. Grain went sharpl.
down and the decline in provision wa
accelerated by the cable rumors that tn,
., French government had shut out American
pork from France, and this prshibitor,
: order was only made in obeyence of tn
j clamaring of the protective agriculturis
l interest of France, for the excuse mad
/, that American pork is diseased is abso
s lutely ridiculous. All that is necessary t
, bring the French government to its sense
Is that congress should pass retaliation
tariff law against some of the prinoips
. exports CT France 10 this country.