Year: 1876

Know when Bstssa 10 ToaeAeAf


The following from the American
Grocer is Of interest to all persons con-
cerned in business; it would be a curious
thing If it should prove that an infallible
mode has been discovered Of solving, at
the right moment, that ofton-weighty
question, "Have we touched bottom?"
The American Grocer says, speaking Of
the great sale Of six thousand packages
of dry goods: "The great dry goods sale
which has been held this week is very
significant event in the annals OF the dry
goods trade. 1t was ordered by the
largest manufacturers in the country to
clean out their accumulation of goods
and find where the bottom was in prices.
II was mastcrly conception boldly car
ried out-an effort BY one stroke 70 do
away with the effects of the panic in at
least one department Of trade, and It's
justification appears in the general tone
of cheerfulntss prevailing and the better
conditions of trade anticipated. As II
TO prove that corresponding with accu-
mulated stocks in manufacturers hands
there was existing in the country large
deficit, firms from every part of tho
union sent their representatives in re-
sponse to the circular issued announcing
the sale, and the crowd of would-be
buyers was immense, at one time being
estimated at three thousand perrons. Mr..
Bliss, of the firm of Wright, Bliss d
Fabyan, at whose storerOom the sale was
held, in his preliminary address stated
boldly that he believed q time had come
for united effort among merchants to
put an end, If possible, to the prolonged
depression which had existed in the mar
ket since the autumn of 1873, and that
bottom prices should be ascertained,
with view to inducing revival of bu-
siness, and it was hoped that the present
sale might form basis for future oper-
ations The sale was afterward carried
on with the greatest animation, which
developed at times into quite farore.
On the first day more goods we're dis
posed of than was originally intended,
and many more could have been sold had
they been on hand. The average prices
obtained were entirely satisfactory to the
sellers; they showed falling off Of about
ten per cent. from the last market quo
tations. The aggregate amount brought
for the eight thousand cases sold was
estimated at nearly two million dollars.
We shall watch with great interest the
course Of the dry goods trade after this
bold stroke, to see II the results antici-
pated are realized. If rock bottom can
he touched in this way and confidence
restored, from conviction that prices
can go no lower-the accumulation OF
stock being cleared out-capital is once


more get in motion with definite and


assured return, and in one branch Of


business at least the effects Of the panic


are at an end, and every other stage must


be recuperative. Supposing the success


Of the plan assured. what would there


be to hinder equally decisive measures


in other branches of business. We hear


continually the question raised whether


such and such an article has reached


bottom, and instead of waiting any longer


to nee, what would be the policy Of a
general disbursement just to know at
once the worst, and 60 on afterward with
the assurance that nothing worse could
follow. Let all those who have large
accumulations of whatever kind act in
concert and follow the example Of the
dry goods men, and rock bottom will be
touched all around In the shortest space
of time, and producers may begin again
with at least assured, If not altogether
Aattering results"