Year: 1876

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 ef solving, at
the right moment, that Often-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.


1t was a mastery conception boldly car


ried Out-an effort by one stroke to do


away with the effects of the panic in at


least one department of trade, and its


justification appears in the general tone


of cheerfulness prevailing and the better


conditions of trade anticipated. As if


to prove that corresponding with accu-


mulated stocks in manufacturers hands


there was existing in the country large


deficit, firms from every part of the


union sent their representatives in re-
spOnse to the circular issued announcing
tbe sale, and the crowd of would-be


buyers was immense, at one time being
estimated at three thousand persons. Mr..


Bliss, of the firm of Wright, Bliss &


Fabyan, at whose storerOOm the sale was
held, in his preliminary address stated


boldly that he believed time had come
for a 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 a 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 fur0re.
On the first day more goods were 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 if the results aEtici-
pated are realized. If rock bottom can
be touched in this way and confidence
restored, from a conviction that prices
can go no lower-the accumulation of
stock being cleared out-capital is once
more set in motion with a 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 see, what would be the policy of a
general disbursement just to know at }
once the worst, and go on afterward with
the assurance that nothing worse could |
follow. Let all those who have large
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 net altogether
results"