The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-04

ANIMATION or CREDIT FROM SIX TO FoUk sorThs
RECOMMENDED, AND A RESOLUTION TO THAT 81
rprr pAesEp-yrEwe OF MANY OF THE DEALKRS
m accordance with call for q general meeting OF the
Importers ,obeers m drugs, dye suns, &C. on TINS
s-ty issued . few days since by many Of the leading
dealers meeting held at the auction salesroom OF
Nxsrs Gerard Belts loo Wall street yesterday, at IL
O'Clock for the purpose OF taking into consideration
and Discussing the proprety of recommending decrease
m the credit system among the importers and jobbers
raged in this branch Of business Shortly after IL O'Clock
some seventy FIVE hundred gentlemen had assem-
bed representing interests and branches Of the
trade. The meeting called 70 order by Mr. RzcKSA-
1s the firm Of Recknage and Schwab 46 Cedar street.
who nominated MIR. H. B. MxHRpK Of the Of Messrs.
Haskell Merrck Bull, No ~ Cedar street Chairman,
and Mr. MYERS, of the firm Of Myers Dean, IN Liberty
street. Secretary. The Chairman taking his seat,
briefly returned thanks for the honor conferred him,
and then called Mr. Reoknagle explain the objects for
which the meeting had been called.
Mr. REcKsAGIE accordingly proceeded 10 state that the
meeting had been called in order that open and fair ex
precision Of the views of those engaged in the drug bust
might be had with respect to the proprey and Tea
sibity, at the present time, Of recommending shorten
ng credit system from six months TO any other
Rod which might be thought proper by majority OF
he persons engaged in the business. The immediate OBJ
Of the call for the meeting at the present time
mainly attributable the financial and commercial
crisis through which the country had just passed, and
which had quite spent its fury He thought that
If business Of this country had been cash basis
instead Of the cre, system, the merchants throughout
the country would not have suffered half much they
have done nor would there have been half the anxiety on
their minds there had been during the two three last
months AS at present most OF the dealers seek 10
buy credit alone which renders business much worse
the importers than would otherwise be; but the i'm
porters of course did not suffer much from this evil
rs the jobbers did, as they in nearly every case
sell their goods to the obber for city paper but the job
hers who deal with country merchants are IN turn com
PEELED under the present system to sell their goods in
hehf bavxV
PEELED through necessity maturity He thought
that the present was, therefore the proper time TO effect
improvement ardently desired among all classes OF
dealers in the city if aiany They all knew that the
of the jobber will not sustain him unless he
procure his returns III time 10 meet his own engage
repts consequently they often obliged to
order to meet them unless they were able
procure extension of time their paper Especially
was that the case in times like the present have
doubt there who did not suffer much
their neighbors in consequence of this system and there
were, he sorry to say, some gentlemen who OF
opinion that this object could not be carried out but he
thought rather surprising that they could for
thiak for all could not help but know that there were
many difficulties, losses and disadvantages arising
from long credit system which could not be the case to
considerable extent If that system reduced
short perodsay four instead of six months; for man
who is able procure long credit is much apt 70
buy up larger amount OF goods at time than he really
wants, would he confined to short period TO
meet his engagements and hence most invariably he
would be prompt with his payments IL therefore
him very forcbly that there ought to be
ducton in the credit system could not be necessary TO
establish, attempt establish, cash basis, but he
thought that country able pay shorter
credits and with much more regularity than had hereto
fore for whereas had once been comparatively poor and
thnly settled, had increased in both wealth and
population. that at the present time itwas one Of
MOI the weabest country in the world and there ever
time when prepared to establish cash basis,
certainly the present He aware also that the
wholesale dealers the city in favor OF much
shorter credits could be brought about and ed
out There were some who urge that the Western dealer
will not be able 10 buy on four months because takes
long for the goods to reach their destination after
they purchased in New York that shorter time than
he ttp kpb
living a long distance away from the city had
right to demand long credits than any other
person II rested with them 10 make their engagements
accordance with the distance they lived from this city
and he, for did not why they should be allowed
privileges than by customers. Buyers from
distance were the ones TO test the means to pay for the
external loss OF time in transporting their goods. II
New York dealer went TO Europe to buy anything the
dealer there will not entertain for moment any sugges-
Non plea from HIM make allowance of time
which to his engagements and pay for the goods
consequence Of the long distance they had 10 be
ported before they became available 10 the purchaser and
he did not why they, az New York merchants should
make a difference OF time for Western merchants. He
thought, therefore, they went owork tho pre-
sent times would greatly assist them errrying out the
projected Improvement and If they would themselves
take the matter earnestly hand the obbers and dealers
would ASSIST them IN carrying out for he conceded that
was more the interest and duty oil The Jobbers and
dealers than of the importers, for they most
v sch their goods to the jobbers, and the job
beers to the dealers. and hence much
more liable to loss than the importers. The Chairman
sad he understood the call Of the meeting was not
the OF the sgpers OF the call % come TO
agreement sign paper In any manner pledge
themselves any particular course Of action but simply
70 get the together that they might have fair
ferchange of opinion the question, and come 10 some
conclusion 70 what course would be best for them 10
pursue He therefore, hoped gentleman in the
xho felt disposed would speak his sentiments either for
against the proposition, as that was the only way any
expression could be bad.
ur T r McCoxSEI being asked Tor his opinion said
be not opposed 10 shortening the credit system II
could be done but the difficulty seemed to- be that the
importers 81 which the meeting mainly composed,
should have taken the matter into their hands when
properly belonged 10 the jobbers 10 move in the matter
AZ tnf..s paaVf
first. without which there could be unanmity, which
the essential element required 70 carry forward
Of that kind Without the ioSbers the importers
he thought would have great difficulty doing anything
the johbers would begin the movement FIRST, by short
cnnp Their credit system with their country dealers,
could be very readily Effected lie thought that New
York had every opportunity "a control the trade az there
wa not larger drug market In the word-n was even
larger man londonbut the loboers and importers were
20 take any rash IN hand and attempt carry
against the interest and wish Of the dealers who sup
port this market, he thought would not be long before
this instead IL being what would be the smallest
drug the world They should therefore, be very
careful and not go rashy TO work They should first try
90 procure unanimty among oil classes and then at &C
cordlngly.
Mr. cxs.Grr said he thought the credit system could
be reduced without injury 90 this market AZ all dcs
tined % be the largest drug market IN the world and
smpe reduction Of the credit system from SIX to four
months hc did not thnk would alter H.
The SryAsKR oontnued-Is thought the drug trade in
tins city about the best paying business IN the
world and he not opposed 10 the system Of credits
but, the contrary would be glad Il could be done.
ss presumed every the would be. but there
was difficulty in The way Of a. accomplishment.
Nj socrnaslssp said he conoidsd With Mr. Mcccnners
Mr. RpHxAolx said the way Mr. Mcconnell had 81
planned matters, would that this a
81 the importers against the iobbers which was by
means the ease because the nctson aud wish Of
tbe importers 10 place the iObbers position where
they could get their hands free and have pretex
Their acton. might not, therefore, be proper Tor the
yobbors % institute thN movement
Mr. MYns SAID he would explain the position % the
house 20 which he connected II felt agreeable
The movement 10 shorten the credit system from sir 10
-four months but be for should have been totally op
posed ~ the meeting had not been for the purpose
he supposed o. br ngng the dealers together that
they could have Interchange Of opinion the subject
lie opposed 20 their taking any action tending ~
tabsh ANY particular system II credits FOR all knew that
combination always worked favor Ofthc strong
against the and 10 they should resolve carry
any system would A. all other similar combinations