The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-01-14

merclal Agency of j. D. PRATT d Co., of this city,
will be read with interest by many of subscrib-
ers, and the statistical tables appended will be found
to exhibit at glance the results of the late disas-
trous crisis
OFFICE MERCANTILE AGENcY)
Baltimore, January, 1859.
In our last Annual Circular discussed somewhat
fully the cause Of the commercial revulson from which
we had then just emerged and it to proper that
should now conne ourselves to its Effects exhibited
in the present condition and future prospects of the differ
ent sections OF the country We have to this end cor
ciate Offices The results arrived at, must from the
nature of this Circular be given in brief The following
digest, prepared from a mass of information, now
offer:
New YoRK.-our table shows reduction in number
Of failures compared with 1851 of nearly forty per cent
but taking New 0r cy out the proporonate reduction is
much less Our advces from different parts Of the State con
cur IN representing that while there marked revival OF
business 1t IL still moving forward and surer basis than
ing especially in the large interior cities and much
will not be collected without coercion Crops, whole
the lily for several years past have in some Of the western
FROM t and the enea pa s sa
flour interest remains much depressed while
wheat growing sections will regain their old
ply to one portion Of this great State DO not equally abby to
Others and is difficult to draw general conclusions Upon
PEyNsYLvAYA exhibits decrease of nearly thirty two
per in failures compared with 1851 She has suffered
severely especially in the coal and iron regions and pros
too were small, anu although money is more plentiful Of
late the indications that business, whole is
ONO exhibits decrease in failures of eighteen and one
half cent Real estate Except in Cincinnati and perhaps
two other cities still depressed being owerin price
than for many years past Money still commands high
sad I Sa are 1 n Wen s
pared with what expected when the panic commenced
and @ ns aey sSSd
but the in last yea return gs was high
appear jus!fabe The panic fell with heavy weight
loving so closely as IT did the short crop OF o5the wheat
average and forty days continued wet Weather
much Of even that from being gathered Fewer goods
time previously I've do look for large number Of fail
from this State if merchants buy pTudenty but the
in 1888 nearly equal these of
The staple wheaD was not twohirds of age
The lumber trade Of northern Michigan is, as before, much
depressed Hard times still continue The general indebt
for fever failures hereaer reduced ana We look
would unfair indication taken in Itself The effects Of
the panic were mot SO felt as in other
Soatsde OF Chicago were proporonatey small The in
thus bearing this view Leaving out of estimate the
city of Chicago where much wild speculation and overa-
merchants alone affected and even upon them it has not
The receipts Of corn and pork 6eoW an last
but those Of wheat and beef good On the whole the
State is in fair condition. and with the lesson of the panic
to serve as check, seems to have promising times ahed
Iowa shows decrease of seventeen per cent Her failures
she had Undergone looked for
seemed threaten utter ruin every body was in
foreign currency when Withdrawn panic
there was good supply Of pork which afforded relief
The recent organization of State Bank with branches
capital is too limited for the general good Time elapse
before lore healthy business can be done
Which, with her large proportion of failures in 1857, proves
her merchants Many of those who have struggled along
WAS muc sad
Win good crop or two and some modification of recent
MINNESOTA suffered severely by soppage of immigra
riot and when the panic broke sudden collapse took
dcf part Of ha LARGE ee real pd s
foreclosure of MORTGAGES and transfers of property Severe
to large extent and large issues of bonds have been
for TM rGad Of which Il vii press heavily
pared With 1857 shows decrease Of hsiz and
and we look at the Gonts of the suspended ndebtdnes
Of the two years we find that the reduction is large
for the has reached fair average, vet what
cotton and wooden manufacturing when the
year came IN were either running short time had
ion and make better terms The boot and
snoe ana Yankee Notion manufacturers also restricted the
of operatives thus thrown of employ, were
Population in some of the large manufacturing towns de
creased and Of course the amount of trade in such places
have started the WOODEN and cotton mills and that there
of at least an activity among the lesser
country will be felt in New England in giving market
the Coming year Will One in Which capital and Y labor can
De sfah eP nave n6 Rosb i
go Southern States Serian have done with the
general healthy tone OF business and absence of excessive
and wild speculation have rendered it, in our judgment,
bic an increase in the number oaures for 1853 compared
IT IS borne a1 mnd that e Mds % Of e bac When
not felt IN some places at the South until after the lst of Jan
portions of virginia are uniform in their testimony that
o nsy edqe and e le
encouraging We have excepted Virginia Our accounts
fell far short of average while for several years previous
they had been as general thing deficient Money is still
@ and %r s p table is large nc
still bears ont the despondng tone OF our remark
1 n M table shows an increase OF sXytwo
opening of branch offices in Montreal and Toronto has
class embraced in former returns from Canada still
with this allowance We think it fair to that there
ELECTS Of The panic upon the mercantile community have
speculation checked and with good wheat crop reac
ton would no doubt have taken place 1t was however
ton being raised and but small relief was thus D Afforded We
believe That the worst over although for tme only
CANADA EAsTour table exhibits an increase of one hun
drtd per cent OF failures over 1851 The remarks
this increase made in referring Canada West apply with
even more appropriateness in this The effects of the
other places the people slow, and apt led
ny speculative leluelcleS the
population of Canada West Business still dull but the
crops of 1888 good and the farmers are in good cond
ton Matters not greatly changed there, has the
Province suffered much.
The result of this carefully prepared analysis will we
hlk usty us IN assuming that there
graduation IN the present aspect of commercial affairs 1t
Is somewhat checkered, but announcement the
prevailing feature indeed, it less
abundant cause for thankuness when consider the
we're trials we have passed through The conclusion usti
liable that we shall have safe if not extensive trade,
this year. and that the country large one two
good crops more from the hands of bountul Providence
to place us In as good position pecuniay, panic
found occupying with the additional advantage of val
liable lesson from its niction. The great evil connected
with the credit system lies i'll the connection in
duces long credits but, with udicous dscrmi
mating credit Why
injuries not he avoided The Mercantile Agency esab
lShed specially to accomplish this twenty years ago.
has step ny step approached very nearly perfection in its
Offices and the country divided into small, compact dis
trcts, each presided by Office nu
merous special and general correspondents
county, rarely and, if they chance
to occur, can scarcely by any possibility remain uncor
rected.
With regard to the table to which we invite yor
attention. would that it has been prepared
enable merchants to the disasters of
1898 with those 1885, so as to arrive at definite conclu
sion how far the panic has expended rather than
for infinitely analytical purposes last in
cluded the number with failures
percentage paid by those that failed arrive at the
probable ultimate loss &c We had for this that
does operate to the extent The public mind
was perturbed panicstrcken and conceived that the
facts placed before them would that the injury
greatly exaggerated and that by boldly confronting the diff
fculy and asceranng its extent would gained
to overcome it, Now looking foricard-we wish to
preceding and this illustration the table
pared will give with sufficient approximation.