The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-04-07

ers that would sweep some Of them from existence and
bring upon the verge Of bankruptcy many Others
the LIST OF Oct lSa4 the Of mporatous into this port
the exports the nine months previous valued
at S4l SOL 963 The total value of the imports for that
throug september, filed with those good
aud sales forced 70 great extent Prices de
preciting every day aod the obhers having large stocks
hand serious suf rrrs by the decline in prices
Most OF the jobbsrs had large Stocks heavy purcssse
having been made early in The in anticipation Of
very large fall trade Prices the LIST of October last
every description OF regn manufactures were ct least
fifteen per cent lower than those current from the midd
ing II their supplies for the f. trade The sales the
merchants from the interior were, therefore, at pce
below the coat Of the goods abs nrces
must continue to Decline and those having
both importers and obbsrsware 20 reduce tne
supplies get their difficulties as easy as possible
The importers forced of their stocks through the auction
houses and the obbers urged their customers to purchase
extensively than their actual wants required,
to reduce their stocks compelled the jobbers DO less
their goods and freely gave long credits to customers
from the south and west which they would not have done
their business into sections OF the country never
before open to them, and q reckless, despe-
rate system of trade was carried on to the close
OF the This carried to such extent that
the entire capitals of many locked in bills
receivable. not dollar Of which could be made available
day previous to maturity. The stocks left hand
very large end depreciang throughout the winter
The present season opened with large mPortaons very
trade than earlier indications gave cause to anticipate In
connection with these unfavorabe features debts due
from all parts ofthe Western and South Western county
have not been paid at maturity and daily depreciang
in value The OF
very much restricted and they moi able protect
evil effect of the overtradpg then going on would
itself in the most remote actions Of the country among
those VINO were induced to purchase larger stocks OF
goods than they were able to pay or and who must be
come krupt by extension of credit and that
from this sou the difficulties and embarrassments
would spreed through every department OF business.
Within he past six weeks there have been in this city
suspenson Of payment by ak large mercantile houses
10 five hundred thousand dollars each The failures these
houses has been directly produced by the immense Losses
and western customers The depreciation in the foreign
mporaons Of this port from the Let Of July and the low
price OF all the staple products Of the sections Of country
BAyey indebted to the merchants OF this cyrestrcting
the resources OF the people of these sections and pre-
venting them from paying up as prompt as necessary
der which SO many merchants of this city SUI
fering, and from which several houses have been
of the importing houses referred to as having failed
within the past few days, largely indebted to
by this suspension Last this house imported very
largely and made shipments of cotton from this and other
ports to Liverpool to meet their payments but severe
losses imports of foreign manufactures aCd of
cotton in connection with heavy losses the business
Of previous years. reduced them to bankruptcy and sns
pension One OF obhing houses referred to as having
failed was when the losses OF the past seasons business
upon it, still suffering from losses If the revuL
sion many years previous, ard although it's credit
good up and on the very day Of suspension there will
he hardly veSge left ofts former wealth and
s confidential creditors will hardly be paid ia full and
their demands only smount to about seventhpart Of
the total liabilities Of the concern This being the case
with houses Of this kind, the credit of which hes for SO
long time been undoubted is altogether probable that
many other houses similarly situated; indeed II is not
probable that many can be otherwise, after the
immense sacrifices made merchandise sold aGd tho
depreciation in the value of the bills receivable taken
for these goods after the losses experienced on the
sales at the time Any at all acquainted with the
indications Of trade must have been satisfied eafy last
fall that the o-erradDg and enson Of credits woul
or later produce great in
mercal circles There might have been longer period
oapparent prosperity had not the principal o the
country been so much deprecated in prices had 70
reign markets for our cotton been in more healthy
state, and prices been higher the merchants Of that
ton would have been more able to pay up early in the
and of the bankruptcies might have been
prevented It is possible the recent improvement in the
European cotton market end the anticipated foreign de-
mand for sugar may improve the condition Of the
Southern panterns and enable the Southern merchants
to pay up much better than sncipted but very large
part Of the cotton crop has left first hands, and what
Improvement takes place in prices, will not there
fore benefit the producers much though came
in fhe