Year: 1876




The following from the American
Grocer is of interest to all persons con.
Cerncd in business; il would he a curious
thing if it should prove that an intaIlible
mode has been discovered Of solving, ut
the right moment, that oiten-wcighty
question, Have we touched bottom ?"
The American Grocer saws, speaking Of
the great sale Of Fix thousand packages
of dry goods; The great dry goods sale
which has been held this week is a 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 mastcrly conception boldly car
ricd out--an effort by one stroke to do
away with the effects of the panic in at


least one department of trade, and Ms
justification appears in the genera tone
of cheerlunC,s prevailing and the better
conditions OF trade anticipated. As IT
to prove that corresponding with accu-
muIatcd 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
The sale, and the crowd OF would, he
buyers was immense, at one time being
estimated at three thousand persons. Mr.


Bliss, OF the firm OF Wright, Bliss y
Fabyan, at whose storer0Om the sale was
held, in his preliminary address stated
boldly that he believed time had come
for united effort among merchants to
put an end, it possible, to the prolonged
depression which had existed in the mar
ket since the autumn of 1873, and that
bottom prices should be asccrtained,
with view to inducing revival of but
siness, and it was hoped that the present
sale might form basis for future oper-
ations, The sale was atterward carried
on with the greatest animation, which
developed at times into quite t,rore


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 a falling off of about
ten per cent. from the last market quo
tatons. The aggregate amount brought
for the eight thousand cases sold was
estimated ut 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 anticl-
pated are realized. If rock bottom can
be touched in this way and confidence
restored, from Il conviction that prices
can 90 no lOwcr-the accumulation OF
stock being cleared out-capital is once
more set 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 rccupcrutivc. Supposing the success
Of the plan assured, what would there
he 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
general disburdcnmcnt just to know at
once the worst, and 60 on attcrward 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 he
touched all around in the shortest space
Of time, and producers may begin again
with at least assured, if not altogether
hattcring results"