The National tribune. [volume] (Washington, D.C.) 1877-1917, 1884-06-26
GOTHAM CHAT.
About ion and Things.
New YORK. June u.

NEW YORK, June 81.
Last week I wound up with a paragraph
upon the improved feeling in business circles
here over the outlook. / am sorry to say the
spirit of unrest and uncertainty has in some
degree returned. There has been no recur-
renee of those troubles, the most upsetting of
all to the financial nerves of the metropolis
bank failures, nor have any great enterprises
collapsed like a modern South Sea bubble. But
things have gone badly in general unsteady,
mysterious way. Money has been by turns
drug and again at high rates, and the stock
market that bugbear of legitimate trade, abb
horred yet coquetted with, despised, yet
feared, has been UP in the air like rocket, and
by turns down in the depths Of dependency.
M#@
Aside from the vague uneasiness reflected
all over the city from the precincts of Wall and
New streets, various actual and tangible things
have happened that have had saddening
effect Things have gone from bad to worse
with the Union Pacific, upon which so many
had pinned their faith through good and bad
reports till, to cap the climax Sidney Dillon,
whose name has been associated with it from
its inception has retired from its presidency to
give place to Charles Francis Adams, and the
road stands uncovered in its shame in the great
crowd of non-dividend payers for the indef-
mite future. From $50 in the summer of 1881
to 80, or less, in 1884! How are the mighty
fallen and what hope have the stockholders
under the guidance of Boston theorist when
they have suffered such disaster under the
leadership of Mr.. Dillon, a man who rose from
II.
81 week, to be the protector of an enterprise so
skillfully manipulated as to get in debt to the
Government several hundred millions, with a
fair prospect of never being forced to pay up?
What can Mr. Adams do for railroad when
such genius failed?
m@@
| Another thing which shocked the business
nerves of the community was the assignment
| of Commodore G. K. Garrison, a twenty million
! octogenarian, financial giant of the days of
| the elder Aston, the elder Vanderbilt, Daniel
/ Drew, and all the rest who have gone years
/ ago and left him alone to fight out the toilsome
| life of great capitalist. There was confident
assertion made on all sides that the failure of the
| commodore would not affect the street because
/ he was not dealing In anything but gas stocks
! outside of his own railroads. While this was
no doubt the case, there was melancholy
| aspect to the thing that caused uneasiness.
| When men lack confidence and stop TO reflect,
bank statements show calling in of loans, and
commerce halts through fear that dollar sent
viii not come back, the effect is practically the
same as though business had met positive
shock. This has been about the situation.
49,
There are some pleasant features before
US, however. 1t is summer and every day is
worth millions while things go well with the
crops Every day anxious inquirers aredispateh-
ed, and the responses are eagerly watched. The
/ universal verdict is, sAlps we'll" We shall
have, apparently, the biggest crop ever har-
vested in the United States.