Year: 1874

OF an era OF legitimate speculation based upon
improved business conditions There was no.
ticeable throughout q marked revival OF activity
IN traoe circles occasioned by the prospect of a
good export demand tor our large cereal CROP
This was sharply stimulated toward the close Of
the week oy advices OF an advance In the bread
stuns market In England, that the current price
OF corn IL now twenty cents per bushel higher
tnan last year. Oats are also higher; and while
wheat is lower We have the satisfaction Of 80
mucn larger crop than last year that IN the ag-
gregate much greater returns may be looked IOr.
anu JUST mere 1t Is worth While to recur to point
discussed In this column last week. While 1t is
true tnat scarcity OF any commodity may
advance the value OF IT, and thus the
short cotton crop suggested IN recent private
dispatches gives promise OF advanced prices for
tnat staple yet 1t Is equally true that large pro-
ductlon stimulates consumption, and while the
supply OF grain upon the market this year may be
larger than former years ana bring lower prices,
sun the latter fact OF lower prices will create
increased demand that will more than compensate
FOR the reduction in price, Besides,


CHEAP FOOD MEANS CHEAP LABOR


and as we reduce the price OF bread VIC reduce the
cost Of manufacturing, the cost Of building, the
cost OF everything which is the product of human
labor, and which takes its value from the expense
attendant upon the employment and use of that
TABOR. AT present we in this country are suffering
from an abnormal advance in the value
OF labor, brought about not by natural
causes even. such as the scarcity Of skilled labor
but by combinations associations and trade
leagues ostensibly in the interest of the working
man, but In reality preparing the crisis which
capital went through during the past year. the full
lesson OF which labor has yet to learn. Our own
city presents In the building trades signal proof
pnD 1y,fr 20
capital. not because materials ore scarce OF too
dear, but simply because labor Is too high and un.
certain If with cheap food we can accomplish O
reduction in wages in these trades (the working
man receiving virtually the same equivalent for
his labor building will rapidly revive here as New
YORK city has lost none OF its attractions OF late as
q great cosmopolitan city, the capital OF the New
world, but rather enhanced them; ana with the
prospect OF thus readjustment OF the relations or
capital and labor upon proper basis of mutual gain
we shall have fairly started upon new ROAD
to prosperity. The abundant cereal crops this
year, therefore, whether the yield in England and
the Continent has beeu exaggerated, as would
now seem to be the case or not, gives gratifying
assurance OF furnishing just the requisite relief
to enable us to recover from the distress oc
cas1oned by the panic, and bring us out of the
Slough OF Despond created by the rapidly occurring





all our surplus 1t will certainly take 1t at paying
prices and the money returned therefor will
quickly ind It's way into channels OF activity
should Europe not need the whole and large pro
portion be left on our hands II will cheaper labor
at nome and with cheap food ana cheap labor


WE CAN SAFELY RESUME THE ENTERPRISE
80 suddenly suspended year ago. Besides cheap
food abroad, cheapening labor there as
well as here, will stimulate Industrial
activities and general prosperity which,
so closely are the nations OF the earth now inter-
woven In brotherhood Of trade and finance, will
help us In nearly equal degree. There is one i'm.
portant point to be considered in this connection
which 1t would be we'll for our railroad managers
and freight agents TO bear sharply in mind; that
ts that to successfully market our crops this year


WE MUST HAVE CHEAP TRANSFORMATION


1t Is important not only for this year, but has a
greater importance In the future than Is generally
given TO 1t. disposition has OF late grown up
abroad partly owing TO the cost Of transportation
ana partly the result Of abundant steam tonnage
which gives assurance OF rapid deliveries not to
accumulate stocks abroad, but simply to buy as
the inquiry suggests. Thus corn or wheat Is some
times sold in Liverpool before it has left Chicago
The sale being made, the order Is telegraphed
over and the stock rushed through rapidly,
the railways and steamers employed being
CuouACu W CudEbt dluOSt WQAL Jney ike. III Will
readily be seen how such a system provides only
Tor the minimum amount OF our crop, at maximum
prices 1t is true, but in reality sacrificing large
proportion that could otherwise be marketed at
far prices. 1t is said considerable portion OF
last years corn is yet out West unmarketed. 1t
ls the carriers who can estimate the early and
rapid movement forward OF the new crop to find
q market as promptly as possible. Such cou1sB !
On their part would also encourage dealers on the
other side to accumulate stores, while the increase
IN the quantity carried would more than com. |
pensate for any reduction that would be requisite
It Is satisfactory in this connection to learn that


THE OCEAN STEAMERS


have agreed upon revision of their tarin provid-
ng for cheaper rates. yet 1t Is also stated that
with the advance in the bread
'tufrs market abroad freighrs here were al
vanced. This s suicidal policy on the part OF
'hpowners, as there are thousands OF tonnage
die both here and in Liverpool that could be
prontably employed on charter.party to carry
,heap frelghts. Shipowners, however, are not
likely to put rates up to sucn figure as will bring
his reserve tonnage into employment The dan
ger Is that they Will stop just short Of this and yet
'etard shipments II they will only examine the
natter thoroughly they will see that their real In
crest, now and prospective, lies in stimulating
'apid and large shipments by low ireights. 1t is
,ut lair to say that this opinion appeared to pre-
,all at the close Of business Tor the week. AS on
saturday grain room ls reported in better demand,
With slight decline In rates. We may add that
lpon this single issue of the profitable disposition
If our surplus produce depends the whole fabric of
our commercial prosperity. There was


\ VERY FAIR MOVEMENT OF GOODS INTO THE


INTERIOR


ast week. the crop prospects, doubtless, stlmulat-
nR more ex tended purchases than Of late, and the
several shipping depots exhibited something OF
he old time animation. In the streets leading to
he piers OF the Southern steamers could be seen
he for-some-time unfamiliar cline" Of drays
waiting tnelr turn to deliver their loads Of mer
This Is very healthy sign and worth
more In the assurance OF recuperation in business
gives, than the biggest bull movement imagin-
'ble on tile Stock Exchange. However,


THE STOCK MARKET


arly rejected this revived activity in trade