Year: 1872

rise are uncertain hut the erect OF II s, OF course,
have accounted for it by pointing to the enormous
yields OF the new gold countrles-more especiany
California and Australia-whicn are sun Po1ling
their aureate treasures into our lap and, indeed,
for that matter, as the last published statistics
show, IN larger volume than ever; Others put
has come about in consequence OF the social lbe-
ration OF the laboring people OF Europe, and the
when mas m we them higher Bnt
whatever may be its cause, the fact remains the
same, and its truth will scarcely be challenged by
any one who can carry back his memory for u gene
ration. One result OF 1t Is that we seem great
deal richer than we are, and that, consequently.
customers than we were before. The worst of the
matter Is that this tendency is unceasing in its
ward advance, and that within the past year 1t Is
more decided than ever previously. All the manu-
facturers In England, with whom we do our largest
trade, complain bitterly of their inability to supply
figures that viii tempt large e. consumption.
Coal, too, the great factor in nearly all
manufacturing industries, has begun to rise rathers
more than other staple necessares and this,
coupled with the triumph OF the proletariat class
In almost all their recent struggles for less work
and more pay, and the prospect OF their success in
the future for even more serious demands, has, OF
course, somewhat depressing influence.


There is one specimen trade which shows these
last facts ut work In very marked degree This
Is the iron business. moments glance at the
dependence Of all sorts OF manufacturers upon the
cheapness OF this article, and at the innumerable
ways into which 1t enters into articles of use and
comfort, will convince us that 1t cannot be high
without raising the value Of almost everything
else bought and sold, In greater or less degree.
The price OF iron, too, 1t may be said also best
estimated by the price of pig iron, which is iron in
Its most elementary manufactured state. And pig
iron has advanced nearly eighty per cent In two
years. Railroad iron has advanced nearly hun
dred per cent. 1t Is now quoted in England at
Eli 1Os., and as late as April, 1871 1t was only
f7 10s while within two years 1t has been cheaper
STILL Indeed, as all large dealers In iron and hard
an average advance In every kind Of iron OF from
seventyfve to hundred per cent 1t Is the belief,
however OF very good authorities % ties & that prices at
to a lower level. Pig iron is now. about
matter how high may be the rates OF labor just at
present. iron can be manufactured remuneratively
are ali very We to talk about. but their influence
far as 1t Is now reflected in prices has been very
greatly exaggerated The com consequence sce, Of the the
very duh. People engaged in trades depending


largely upon 1t are living as the saying goes from
over from week to week. and from day to day II
possible, but will not venture upon large stocks


too y sh @ tine g s
set in, had pretty heavy stocks and they are now


realizing upon these by gradually working them or


complain more than any one else OF the folly Of high


prices. and try to speak as hopefully as possible or


probable speedy a Waen tins m ial may take
set in at once rapidly and it may be postponed
until next SPRING The consequence of the present
| very dull.


Taking the general verdict Of. popular opinion
| among traders and merchants, more especially
among retail Dealers it is, however, certain that
| the situation is generally looked upon with very
sangulne eyes, and that expectations of much
| heavier and brisker trade than usual are enter
tanned in almost all quarters To any suggestion Of
high prices they reply at once Eyes, prices
| are high, but incomes are larger, as q
general thing, than they used to be, and so more
| people can be purchasers" And this is probably
true. Unless every one is deceived and unless the


statistics of the banks, and especially the savings
| banks, which everywhere show perfectly aston
number of depostors are altogether unreliable as
indexes OF prosperity, the country is far richer
wealth, but in the rate of increase in savings,
which by far the best test Of ALL 1t may also be
noted as settled fact that whenever peOpe with
| so keen taste for refinement, and perhaps also
1t must be confessed in some cases for OstentatOn,
as ourselves are making money rapidly, they spend
| 1t with no sparing hand.