The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-04
Commercial Bankrupee1es IN the United
States and ConaAoD IN 1850
ANNUAL AD0nr OF TEE AxACANT11 AGUsCY OF
DUN, BOYD AND co.

DUN, BOYD AND co.
JAxuAxY ., 1850
revew o. the years business enables %, IN th, our
annual circular, 70 congratulate subscribers and
friends both - 70 the fruits Of the past and the prospects
Of Ne future While we DO mot bsheve that much money
has been made in The aggregate during the year, we
yet think there has been evident general improve
ent The spring trade understood TO have been salts
U ne M Om ca1s
ton, We feel safe In saying that healthy and moderate
business had been realized and that the prospects Of the
year We now enter that an equally healthy and
Improving state Of affairs win continue The only element
We can sec oprevent this in own country that un
So s md South 4Ss, We believe, viii viii prove tenn
evien. iha. .hestse.s of the ds.stres of 1857 still
remain and that they exhibit themselves the heavy
pended indebtedness Of the West remaining uncanceled
At the time Of the crisis 1t very generally believed by
ability to pay in full, very nearly averygenera
spirit Of accommodation that, under the circumstances
was most saiseworthy existed, and was profered and
hope was falacous one, and that spirit OF speculation
which prevailed generally had driven capital from its
traders At the West had made Investments real estate
which the inflated times Of b6 seemed to promise SAFE but
which were in fact njudcous unsound and have largely
contributed 70 the depressed condition which that portion
Of our country exhibits Our merchants, understand
ing that the prospects are not Frightening, are push
ing Their claims, and assignments foll0w-the assets in
most cases, exhibiting themselves In lands stated
which have been bought at overvalue and which, in
me end, VIII net but small per cenage on the debt in
Our observation Of the cause and effect Of crisis shows
nat heretofore, It has taken fully four Ave years for
look for much enlargement Of business the coming year.
The effects OF disease are not readily overcome They
to Sc fsed and guarded against From diseased con-
dton We must recover slowly and the gradual the
Improvement the more heahul and permanent the
IN this view the duness Of trade the past has acted
favorably Some merchants, who had recently ordered
largely, in view Of promising spring trade In 1850,
@ and hs very vsns
ness mas IN this way, proved check on our onward
movement which now promises to be regular one.
Our merchants well understand their business and
the wants Of the country Inflated times may lead them
overtrade but taught by their sad experience
likely 70 gu or overstock the market Such an event
will be produced only by the desire Of European manufac
urers and consgnors get rid OF their goods by shipment
The banking and moneyed interests Of the country are
generally sound Money remains easily Obtanabe at low
be sought for safe investment The crisis Of 1857
has operated favoaby in this respect by forcing capital
Our shipping interests, regret say s remain in
depressed condition. The competition Of other coun-
tries ostered by direct aid has driven out
depress the interest generally This together with the fact
that there but little export demand for American pro-
foreign launched oSr snoyards Il
comparatively light We believe, however, that the
energy and skill Of the American people will not permit
in the domestic Of the United States how.
ever, Ia much greater than It's foreign tonnage, aud
The interchange Of commodities enriches nations and
constitutes an important element In their Other
countries that have fostered and protected their com
merce products and manufactures have developed their
wealth, and rank highest amongst nations. We,
on should initiate them and not leave these matters
private enterprise and competition.
The late In Europe caused the producers and ope
rators the produce Of this country entertain the be-
high prices The unexpected declaration Of peace frns
trated completely this idea, and the consequence has
been serious prostration Of these interests.
The grocery interest administers directly 10 the necess
ties and actual wants Of the country, and 70 In sound
condition. We pleased to say that from observa-
ton, it s conducted on healthy and mercantile prin-
The sug interests embracing the yield both Of Louisi-
ana and Coca have varied and at one period Of the year
especially in connection with Cuba Our knowledge Of
her wealth induced rs 10 proclaim the TRUTH which
have proven that she abundany able carry her crop
| without depending on foreign aid.
The sugar refining interests Of this country were no,
remuneraive until the last quarter Of the year. They
have sustained themselves and In prosperous
condition.
The importatons from China have not been in excess
and the stock OF both teas and piece goods comparative
~ small Teas, k understood have paid small prof
70 the importers The obbers 1--WE speak generality have
Tobacco-The crops good, but the quality through
ont inferior, and fine qualities will sustain sood prices
The main profit Of the tobacco interest has resulted 70 tn
grower inasmuch the leaf opened at high prices Tn
market has been constantly recedns, and the
have reapod profit Jobbers and dealers in thu
selves as their wants dictated, and though they have
made money, they have kept themselves, as genera
Imported wines and liquors have been probable from
the fact Of comparatively small importation The pro
much the oa nS
try has been comparatively light There is however
very large consumption Of what passes for foreign prodac
ton Of the grape used In this country, which in fact
made up here. There is prospect Of diminuton in
price ohe pure article The dsters Of domestic liquors
have not done satisfactory business.
The foreign hardware importing and jobbing trade has
been remunerative. The American manufacturing hard
T mas % lis
reduction In prices.
The hide and leather interests have not been good the
past year. but their capital and worth have sustained
them throughout and their prospects encouraging
rom the fact that prices are believed to have touched
The shoe interest," Is understood has not been remu-
nerave TO the manufacturer while the credit obber has
realized moderate business The depression Of the
manui s interest resulted mainly to the advan-
The dry goods interest is very important branch Of
merce, embracing only articles Of necessity but also
those Of taste and luxury, and has been closely
LED s to tn, the . sss%sy than .; any other
and satisfactory prices throughout the year. Although
there has been yearly increase in the production con.
sumption has been fully adequate and the supply s not in
Our domestic manufactures Of both cotton and wool
have been entirely satisfactory There no surplusage Of
porations for the spring sales generally
tive The fall imporAtons have, TO considerable de-
gree, disappointed the importers and obbers from the
fact that the great West which large consumer is
still embarrassed
The jobing interests Of New York and other cities Of
the Union we judge to be, generally speaking, safe
conservative bands, and the trade has done fair bust
ness ding The city retail interests suffered
materially last fall the indications fair for the jobber
the coming year This depression in the retail trade 10 the
natural result Of general domestic economy consequent
upon the crisis Of and accounts for the light sales Of
fabrics OF necessity Fears entertained that there
VIII be more or less embarr vsment In this line The
population deveopes the fact that there are approx.
m ,y 100000 Of housel eolders in the United
statee, ana estimating conrac ton in economy Of the
small sum Of $50 each, makes IN he aggregate domes-
nc ssvns Of goo 600 These a. es, based on svery
anects trade and protects nation aga INST bankruptcy
~ tne numerous other branches Of trade which our
limits will not permit to follow out in detail, there has
been generally fair business
foHowing our usual custom the clos OF each year
present TO you table Of statistics e, Obodyng such
future.
The statistics offer you show that in 1857 there were
IN the United States and British North Amer Ca 06l
trading nd In nm roA 10 ,Ef