New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-07-15
ONE INTEREST SOUND.

S0me timely facts and nguros arc givon ny
The Dry Goods Reporter in relation to the dry
goods trade Of this city. presenting that interest
iu its true light. and exploding many ideas hero
tofore entertained, both at home and abroad, Of
its being generally insolvent. The interruption
OF payments from the South. the panic, the war,
aud the currency difficulties at the West, com
bined with the suspension of few dry.gOods
| houses, the last event being made by rumor TO
include many sound ones, created general i'm
preston that the whole interest had failed There
was an under.tone of suspicion prevalent in bank
parlors and the street, common at such june
ture. before which the credit Of the whole trade
was Frustrated. Curiosity as to who next
should stop, with fear whether any would sur
giye, drove confidence away from the circle OF
business, and q dry-goods trader was one to be
Stunned by all who had cash to lend or goods TO
sell At ono time, this panic ia the trade be-
came 10 wild that not ten per cent. Of the job
bers could buy without paying cash. Thus doubt
ed BY the importers, Wnll.street took the alarm.
and dry.goods paper was rejected as worthless
Old firms saw theirs cold at from two to four
per cent q mouth. Shrewd aud experienced
merchants assured The Reporter that one hall the
6rms in the trade had failed. and that the other
half were ready to follow. Indeed, this was the
general impression in the business community.
The facts, fairly represented, prose this to be
a great mistake. A Trustworthy commercial
agency in this city has on its books the names
of ego New-York firms engaged Us importers,
domestic commission merchants, aud jobbers in
the general dry goods trade, including millinery,
furnishing goods, carpets, aud clothing OF these.
ooly % have failed within the last six months,
or 10 per cent. Of the whole. The Southern
swndle has fallen heaviest on the jobbers because
they had cultivated Southern trade most assdu
ously. OF 60 general jcbbers. 22 have failed or
80 per cent. Of Ia WOODEN houses. have failed,
or 20 per cent; while Of "a silk houses, 3 have
failed, also 30 per cent, the average OF the ITO
being 81 per cent. This includes all who have
assigned, compromised, or obtained extensions.
Among tho failures were some having very large
liabilities, with an equal proportion Of email
houses of limited credit, whose debts were Light
The probability is that IS per cent. would cover
the proportion of Indebtedness failed upon in the
jobbing business during tho last six months;
while, assuming SO per cent. to be realized from
this Indebtedness, the result would show net
loss Of only La per cent on the debts duo from
the jobbing interest since the new year. This Is
much less than commoa rumor had assigned TO it.
These facts, according to The Reporter. repre-
seut the real condition Of the drygoods trade, so
much msrcpresented by the press. and so ia
booed by both banker aud broker. 1t will be NOR
tifying to the South. we presume, to thus learn
that tho withdrawal of their valuable patronage
has not made bankrupts of all New-York, and to
be assured that grass does not grow in Broad
way. though both these interesting facts have
been announced by the Southern press. But the
truth should be known. more for our own salts
faction than for thers. The dry-goods interest
is one Of the staples Of this CITY, largely IN.
iuoncng its general trade. and, when damaged BY
a wholesale discredit, whether real or wsnton.
our entire commerce sympathizes in the suffer
inn g.