The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-01
NEW YORK HERALD, TUESDAY, DECEMBER l. 1857

! approxmating it's close. The collections co. Mnue
fair for the season from the interior. The au Htio
sales were drawing to a close and further spec
sales of importance for the season were anticipated
Small catalogue sales have been made this week,
including one yesterday by Messrs. Wilmerdng,
Hoguet Humbert, which comprised about $50 lots.
The leading articles consisted of ribbons, shawls
and fancy goods, terms cash on delivery. The rib
bons sold at rather better prices. The shawls also
commanded fair rates. The trade with importers was
light, and many of the goods coming forward go into
bonded warehouse to await the opening of the
spring tyade, which it is expected will commence
earlier than usual As large supplies OF produce still
remain in the country to be moved in the spring It
il believed that its movement in large quantities Ill
ada increased activity to the spring business, and
thus make up in some degree for the deficiencies o.
the autumn business, 30 mucF disturbed and curtai-
ed by che monetary panic. Now that brief pause
is to be enjoyed the trade should during the respite
take measures to revoutonize the plan Of conduct
ing their business. A resolution should be adopted
and adhered to in favor Of curtaiing the long credits
hitherto allowed. The importing merchants have
pretty generally resolved to cut down their ere.
dts to jotbers, and the manufacturers of do
nestle goods. and their commission houses,
should como to similar understanding
jobbers wero unable to obtain long credits fron
importers ano' domestic commission houses they
would i'm turn, refuse long credits to tlsir country
patrons, and thus bring the trade within healthy
limits. The plan heretofore pursued has been for
the domestic commission houses to sel enormous
lines of domestic goods to jpbbers and country
dealers at eight and ten months credit, AND then
often, on the arrival OF pay day be compssied to
renew the paper and to keep up their crecit with
the producers become large borrowers at the hanks
to the exclusion of merchants engaged in Other lines
of trade. Among the heaviest fixtures have been
found domestic commission houses, and whose
failures have in many cases left the banks stuffed
with suspended paper, while cotton and wooden
ell. and fnas~ HARD No fttrr~a
adrft. The reckessness OF credit has bscn papatle
with foreign importers and jobbers with domestic
commission houses In the latter branch OF the
trade, while credits have in many cases been nomi-
nally shorter the heavy JObbers and importers found
means to extend their credits to almost any extent
and swell their transactions to millions beyond a
safe, sound and legitimate business. For some time
previous to the panic, almost any man with plausi
BILE face, with good story, and some recommends
tons from relations friends, from the Interior and
especially from the West, could purchase much
he pleased a credit Of six eight and ten, and even
twelve months. To enable some OF thcm to pay
their forei"r indebtedness and keep up their expan
sion they ere forced to submit to buying bills of
exchange credit OF Wall street bankers at heavy
shayes, and to raise the wind by other means The
has been that the recent panic and money
crisis have not only brought them down and filed
the banks with their paper, but they have, in some
instances. brought down those bankers who took
their paper for exchange, &c.
In one instance, learn that Messrs. ID. w. *
Co.. bankers in Wall street whose house in Europe
recently failed, obtained chattel mortgage on the
assets of Messrs Il. a NJ, OF Broadway, for about
$500 900 also another on Messrs Nj. A. for about
5000 900, aud third on Messrs. j. q. IL CO. for
about 100000.
All these facts go to prove that radical reform
in the dry goods trade is required, and that there
was never a better time to commence il than now.
I'm the grocery trade the failures have been cOmpa
ratvely few and hanks and bankers have suffered
little by them. The reason IL obvious. Their credits
for goods chiefly confined to four months.