The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-02

Iron tue Hartford I1mo6, Aug. x0.l
Many Of the recent failures IN New York and
Boston have had their origin in excessive shipments
Of merchandise to California on speculation. We
notice among the cargocs Of several Of the ships
Of the various articles usually cent out to that place,
which have been reshipped to New York for want
Of market. Among them ore hundreds OF barrels
of -four, tons of butter, boots and shoes by the
nails, and OTHER hardware. These reshipments
cannot be made without very heavy expenses for
freight and charges, loss Of interest great deteriora
ton in the quality Of the goods, amounting alto
Hundreds Of thousands CT dollars worth Of goods
have been sold at San Francisco at prices which
were insufficient to pay the freight and charges,
and the merchants who shipped them, instead OF
obtaining the expected returns have lost the whole,
and been obliged to pay la'ge bill Of expenses
besides.
Even where there has been an apparent profit on
the sale they have generally been eeced and cheat
their agents.
Without considering that the whole population
of California is only about 800 0O0 less than that
OF Connecticut, Eastern merchants have been send.
ing out goods enough to supply population of two
millions For months together q large ship left
some Of the Eastern ports every day, loaded to the
scuppers with goods for San Francisco. short time
since the letters stated that the prospects ahead
the shipments, which were somewhat slackened
WERE renewed, and have completely broken down
market already overloaded. The latest advices
state that prices have broken down; that the most
carefully selected goods sell at q loss Of from
25 to so per cent and that the bulk Of the ship
ments, when forced of, do not bring enough to de-
fray the charges for freight and commission. Guilt
walton Of the land has extended so that suti-
cient grain and potatoes have been produced for
home consumption. This circumstance occasions
great losses upon the heavy shipments Of -four and
Few instances Of such gross miscaculations on the
part Of merchants, or Of trading speculations so
iecklessy persisted in in the yfry teeth of repeated
warnings. 1t is stated that there is cow on hand
and stored In San Francisco and other cities, Ess
tern merchandise enough to supply all the legit
mate wants of California for two years. The losses
sustained by the merchants Of the Atlantic cities by
0esG ~ Sa pe c are 10 our opon
Fnancisco. in other words, it wonld require an adj
dison OF fifty per cent TO the receipts Of gold from
there to cover the original cost aud charges Of the
shipme nts from the Eastern cities One cause
position Of each shipper Of goods to consider him
self little smarter than his neighbor. He
hears Of glnt in tho foreign market, aud con.
clu0iDg that the news VIII prevent his neighbor
from sending out any more goods, sends out car
60 which be hopes viii have exclusive possession Of
the field. But unfortunately it turns out that each
Of his neighbors have done the same smart thing.
and all have lost alike.
As some compensation for these disastrous mer.
camille losses it appears that the yield Of gold has
held out somewhat better than had been generally
expected. The shipments from San Francisco by
the steamers Of July 10Th, amounted to 81 800 006
showing decrease of only 100000 from the ship
ment Of the same date last year. AMI an increase Of
about $780, 900 over the corresponding shipment in
1868. The quantity Of gold found is considerably
less for each person, bat the number engaged in
mining Is so increased that tho aggregate product
remains about the same. Without this regular semi
monthly infusion Of something solid into the cur
cncy, money matters In the Eastern States would
be In an exceedingly disastrous condition at this
time.