New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-17


parallel roads perhaps. but the COUNTY,
will grow mn to them, and that too IN
short time IT. will only be a few years wheh "o
sbaI want not only all the roads we nave DO" ou'
n great MANY more The country Is groMins
,.n;d,v and Will soon overtake the building
of railroads which has been going on me
foot that this decline In
stocks has not alarmed investors
in the slightest. but has only led them to buy more
stocks, shows how rich and strong
the country has already become. consider the
prospects of the future brilliant, although
when / returned from Europe thought
prices of stocks were then 100 low
The recent decline has been surprise
TO me, but nothing can shake my conhoenco III
the future greatness of the country"
THE CoUNTRYs CAPACITY FOR GROWTH.
A. s. Hatch, of Fisk & Hatch. said: Il think
shat the country at large, Notwithstanding stagna-
ton IN particular branches of trade was never III
healthier condition than II is IN to-day. Iraoeis on
n sound and conservative basis, from winch I'M
movement is a certainty The recent disturbances
in certain branches of business were speciai ana
local In character, and not characteIlsuo
of the condition of the country In general WIN
ont going into a detailed comparison OF any par
ticular crop with last years production the aggre
gate of all our crops will be very large Inc maj
cations of n good foreign demand for our surplus
are excellent the transportation of the crops VIII
make railroad earnings large and before the emo OF
the year believe we will import gold Yes lneie
ere more roads to divide the earnings. IheTe 10 un
doubtedy an excess of railroad pulloihg III ''in0o
which has to be followed py peiiou
in which the country grows up to the excess It
always does So and always Will do for many years
to come But there can be excess OF production IN
the establishment of facilities for commerce that
the country will not grow up to and pass very
soon Formulation Is increasing here at the rate OF
1000 900 q year, and it Is spreading over the
greatest domain on earth We are digging out oil
the so-in gold, silver. grain, cotton. ETC.
So 500 OOO 900 TO $3, 600 900. 900 of wealth every
year. The panic of / o73 came upon false basis OF
currency aud when were topping ON the hlgn-
ast wave of a great expansion. Now we are down
ON basis brought about by long period oil liquid
ation la the precI sdIancy of the recent phase OF
this liquidation people have lost sight OF conditohs
aud facts likely TO affect us fayoraDly, whieh are
close by.
"As to the stock situation" continued Mr. Hatch
"we have been through period OF great liquda-
ton for two years, during when ulhe
the speculative public got out OF the
market. The recent accelerated movement has
carried many stocks below their real value and tue
attention is being attracted OF people who buy aud
nay for stocks when they think them cheap aud
sell ont when they want the money. There are
three causes of trouble which have afflicted the
Wall Street situation for two years Ihare mas
been q multiplication and manufacture, uhuer
tia syndicate system, OF securities III
excess of the real value of the properties
on which they issued. lu some cases
a person investing $4,000 cash would receive Sc
curiiies OF different sorts TO the amountoi $oOUVO
Then the public lost confidence III The Integrity OF
railroad MANAGEMENT. because il cases direc-
torsips we're held sacred trust Tor the sioeA
holders bat the positions were used to further the
individual interests of the managers The third
difficulty with the market was the fact that II was
not LETT TO the operation of legitimate influences
40 there could be no field for the ex-
ercise of Judgment, discretion and exDeIieuce.
Prices were manipulated by a few large operators
who expanded properties beyond their real value
or appreciated them without reason. Ihe syndicate
system has received its death-Dlow, ana AN gad
OF it, The excessive building OF railroads has re-
ceiyed healthy check, and the country is growing
ND TO the utilization of all the facilities provided
and its wealth is certain to absorb all the new Sc
curlties except the trash which must 50 out oil
sight"
CONFIDENCE RETURNING AFTER LIQUIDATION.
C,rus w. Field took cReerlul view OF
the business SltuaIlOu IA LIZ COhHbiS' AZ" ""0
better feeling existing don't your be SAID III
greeting a TRIBUNE reporter. " think that We
VIII see general Improvement in all branches OF
trade We have had our shrnksge Of values III the
iron trade in grain and produce, IN the leather
trade and in many articles OF merchandise III
nearly all departments of business there has been
Humiliation. The country is prospectus ard iDe
crops are certain TO be Large. Winter Wheats SNORT
but there is a heavy increase III spring wheat.
Com, it is true, has not been harvested. DnI
the area is so immense that drouth or frost cannot
shorten the CROP The moving of our crops is bound
20 make a good business for the railroads.. Irces
have got down TO point where We can snip 10
Europe. The weather reports from There are bad
and she foreign demand will be large. NO, 1 can
see no reason why the future tendency
of nr,ces should not be upward-I refer to
all branches of business Take the liquidation IN
stocks Ii came on slowly-that was a good thing.
The fact that there have been few failures among
brokers shows that they must have made plenty OF
money before. The best securities were not dis
turbed much during the recent hurry New-hofk
Central did not fall much and to-day 1t ID higher
than 1t was last Friday. The return OF speculative
activity may be slow, but the legitimate business
of the country expect viii improve from now on"
Samuel Sloan. president of the Delaware, LacIa-
,vanna and Western Railroad Company, asked
whether he thought there must be further shrink
noe ia the values OF the eountry's staples. No,
do not look at 1t IN that way" he responded. "The
business interests Of the country. outside Of Wall
Street are in a healthy condition. There is cer-
tain amount of liquidation going on now; IL always
takes place wien there has been too much production
and speculation. TINS IS such time Bus the over
PRODUCTION and over-trading are adjusting them
selves. don't thiak this is gong to over
throw the business of the country. The liquidation
il not likely 10 proceed much longer The crops
viii, soon begin to move and balances will bc settled
+, voaid be better if people did not regard Wan
st,est so nucb as a barometer Of the condition OF
the country. The country is rich and We have