The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-04
CemMsrofal Bankrupto1os IN the United
States Ana Canaaas In 1850
ANNUAL KnY0nT OF TEE NuCANTHu A6R;CY OF
DUN, BOYD AND co.


DUN, BOYD AND co.
JAsvxm 2, 1880
review o. the years business enables -, u The, our
annual circular, 70 congratulate our subscribers end
friends both ~ 10 the fruits Of the past and the prospects
Of Ne future. While we do mot believe that much money
has been made in The aggregate during the year, we
yet think there has been an evident general improve
factory, and IL profits, u measure, counerbaanced the
disappointments Of the fall From . careful nvestga
business had been realized and that the prospects Of the
year enter on are, that an equally healthy and
improving state Of aairs win continue. The only element
We can see 70 prevent this in country 70 that
happy and disturbing political one now agitang both
North md South. This, we believe, will prove tenn
NEevdeut that theescAs of the dsastres Of 1857 still
remain and that they exhibit themselves in the heavy
pended indebtedness Of tho West remaining uncanceed
both creditor and debtor that The latter possessed the
ability 70 pay n M or very nearly 90 and averygeneral
spirit Of accommodation, that, under the circumstance
was most praiseworthy existed, and was proered and
accepted circumstances however, have shown that this
hope faAcious one, and that spirit OF speculation,
legitimate onanne!s and dat large PROPORTION Of the
traders al the West had made Investments In real estate
which the inflated times Of b6 seemed promise safe but
which wore in fact njudcous unscund and have largely
contributed 70 the depressed condition which that portion
OF our country exhibits Our merchants understand
Ing their claims, and assignments ioiIowthe assets in
most cases, exhibiting themselves in lands as stated
winch nave Deen bought at an overvaue, and which, In
volved.
observation Of the cause and effect OF crisis so ws
mat ncrssOcre u has taken fully four or Eve years for
the country TO recover itself and not disposed 70
look for much enlargement Of business the coming year.
. The effects OF disease are not readily overcome They
nRer long after the cause Is removed and the relapse is
TO be feared and guarded against From diseased con
dton we must recover slowly and the gradual the
improvement the more heathal and permanent the
In this view the duness Of trade the past fall has acted
hvoraby. Some merchants, who had recently ordered
largely, IN view Of promising spring trade In $780,
countermanded their orders and this very want Of bust
ness has, in this way, proved check our onward
movement, which nov promises to be regular one
Our merchants well understand their business and
the wants OF the country Inflated times may lead them
% overade but taught by their recent sad experience
they are at this moment sufficiently conservative and are
likely gut or overstock the market Such an event
will be produced only by the desire Of European mannfac
urers and consnors TO get rid Of their goods by shipment
TO this country
The banking and moneyed interests Of the country are
generally sound Money remains easily obainable at low
be sought for SAFE he os Of ss9
has operated avoraby in this respect by forcing capital
from illegitimate into more regular channels.
Our shipping interests, regret TO say, still remain
depressed condition. The competition OF other coun
tries fosered by direct governmental aid has driven out
depress he generally This together with the act
that there is but little export demand for American pro-
ducts other than cotton keeps In It's present condition.
comparatively light We believe, however, that the
energy and skin OF the American people will not permit
in the domestic commerce Of the united States bow
ever, Ia much greater than s foreign tonnage, aud
greater than that Of any other nation 1t ID prosperous
The interchange OF commodities enriches nations and
constitutes important element In their success. Other
countries that have fostered and protected their
wealth, and rank highest amongst nations. We a
ton ehoud initiate them, and not leave these matters
private enterprise and competition
The late war In Europe caused the producers and
raors in the produce Of this country 70 entertain the be-
lief OF An extraordinary export demand a. consequent
usted completely this idea, and the consequence has
been aseriouB prostraii0n Of these interests.
The grocery interest administers directly 10 the necess
ties and actual wants Of the country, and b IN sound
condition We pleased to say that, from observa
ton, it Is conducted on healthy and mercantile prin
ciples.
The sug interests embracing the yield both Of Lous
ana and Ca have varied and ut period Of the yea,
were looked upon with uneasiness and apprehension
especially in connection with Cuba Our knowledge
her wealth induced rs TO proclaim the truth, which event.
have proven that she abundAny able carry her croI
without depending on foreign aid.
The sugar refining interests Of this country wee no
remuneratve until the Last quarter OF the year. TheJ
have sustained themselves and are now in prosperou
The mporatsons from China have not been in excess
and the stock OF both teas and piece goods comparative
small Teas, uno on have paid small prot
TObscco-The crops are good but the quality through
out il Inferior, and fne qualities will sustain sood prices
The main profit Of the tobacco interest has resulted h
grower nasnuch az the leaf opened at high prices In
pro SSos snd in
manufactured article cautious and supplied them
selves as their wants dictated, and though they have nc
| thing, In safe condition.
Imported wines and liquors have been profitable, fror
duction Of wine growing countries 10 Europe has not bee
much beyond the home want and the export TO this
very large consumption Of what passes for prod1c
ton Of the grape used in this country which is in fac
made up here There is no prospect Of dminution il
have not done satisfactory business
The foreign hardware importing and obbing trade has
been remunerstive The American manufacturing hard
and obbing interest has been 30 successful In ts
composition With the foreign, as 70 have caused material
reduction IN prices
past year, but their capital and worth have sustained
them throughout and their prospects
from the fact that prices are believed to have touched
their lowest point
The shoe interest," 1t Is understood, has not been remu
neraye 70 the manufacturer while the credit obber has
realized moderate business. The depression OF the
manufacturing interest resulted mainly TO the advan
tage Of the cash dealer.
The dry goods interest s q very important branch Of
trade as connected with foreign and domestic com
MERGE embracing not only articles Of necessity but also
those Of taste and luxury and has been more closely al
The two staples OF cotton and wool have maintained full
and satisfactory prices throughout TIP year Although
there mas Deen yearly increase IN the production con
excess.
Our domestic manufactures Of both cotton and wool
have been entirely satisfactory There surpusage
stock nor contraction Of work at the factories The Inn
portations FOR the spring sales were generally
tive. The fall imporatons have TO considerable de-
gree disappointed the importers and obbers, from the
fact tkat the great Wes which is large consumer is
| still embarrassed
The jobbng interests Of New York and other cities Of
the Union we judge to be, generally speaking safe
bands and the trade has done fair bust.
ness notwithstanding the city retail interests suffered
materially last fail the indications fair for the obber
the coming year This depression in the retail trade the
natural result Of g1era domestic economy consequent
upon the crisis OF 1857 and accounts for the light sales
fabrics or necesety Fears entertained that there
wiz pc more or less enbarr sssmcnt In this line The
population DEVELOPS the fact that there are approx
mately 100000 of bouse holders in the United
Sasee ana estimating contrac ton in economy Of the
small sum Of 80 each, makes in NE aggregate domes
nc s saving Of 500 600 These rnes based very
low estimate, show how compare lively small economy
anecss trade and protects nation aga INST bankruptcy.
Ia tne numerous other branches Of Trade, which ouI
limits will not permit TO follow out in detail there hai
been generally fair business
toowng our usual custom at the clos Of each year
we present to table Of statistics e obodyng sucl
future.
The statistics We offer you show that in 1867 there