The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-22
FINANCE AND TRADE.

Il
| Tor lS6S-What the Timely Arrest Of Con-
traction Has Effected.
The late Limitation by Congress OF tho powers OF the
Secretary Of the Treasury and the consequent Of
contraction have already had their effect in soothing the
| apprehsnslons OF business men, and the commercial
interest Of the country breathes freely During
the past the aggregate number OF failures recorded
has not exceeded that Of tho corresponding week for
1885, among these failures have been Of rcmars.
able importance; and, generally the question OF con.
traction having been settled in the negative
and the hand that throttled having been dis
engaged from the throat Of trade, o systematic
attempt is being made on tho part or bust
ness men TO recupsrate and maintain themselves
without further failure Extensions OF time are freely
granted, even when circumstances hardly warrant il;
capitalists manifest less indsposon to embark in spec
uative enterprises and there every indication that
the principal depressing removed, the dulness OF
the season will be weathered without general
OF business credits To whatever cause It may be al.
outed and whether or not 10 the action OF Congress
remarkable alteration in the aspect OF affairs has
taken place within the pas week. and this is probably
due 70 two causes mainly, VIZ
J. The removal OF the pressure tending to depress
commercial values already depressed below tho normal
standard
2 The fixing OF values at something like dennit
ngure py liking al certain point the volume or crcu
tion. 4.
Excess Of supply TO the amount of thirty per-
will be- Of course, sufficient to force some ~ 'shs
trifng detection In prices-a DETECTION winch nhef
felt principally in connection with the sprn' VIZ "
Notwithstanding the earnest advent of wintry uaoe
very little impulse has been given to the trad weshsi'
goods, and retailers making unusr IN winter
effort to work on their stocks in the AMY strong
presents Nor is this effort limited ~ holiday
cant houses Many Of the most fashonf AL VI insghN
Broadway offering seasonabe goods oe caterers On
cost OF manufacture and quite ~ iess tnan Inc
their stocks at that price. D Aoae 20 ses RID OF
however. the sales Of the past week sp"e 81 all inns
gate exceeded those or the weekp save noti aggre-
Of over ten per cent, and Fecedng by an excess
mostly added to the trade " Az excess has been
expensive goods In goods fe 4 fancy articles and
also been falling OF OF the the holidays there has
having repienlshed their stoc OF country stores
ago more; and even tho for tho holidays week
Is pretty nearly over havi city trade for the holidays
holiday trade for last largely fallen short Of the
asses have far less mo on The fact is the aboring
has been most forcbly aoy than last season, ami this
the holiday trade VT ,moustraed in connection with
has been but f 70 the trade in expensive arti.
expensive toys OF thu iess than usual the sales Of
laboring classes hav kind usually bought among
demand Thirty pc Sfaen far short Of the last years
is not too heav cent Of falling of in this respect
figures : as an estimate, and these
experts Wages f5borated by the testimony or
OF peopIe-says Gave not advanced; large numbers
be renty -1ve thousand In New York city
cessation of m ~ thrown out OF employment by the
average there rufacturng OF various Sorts and
ordinary exr Aas been small percentage OF
question IN Auses OF living. Experts In the labor
money dish ht estimate that the aggregate OF
p ises aired by capitalists in manufacturing enter
the amou foason VIII not exceed seventy per cent Of
is cducea At dsbursed in the OF 1856; hence
the lah hs conclusion that the monetary Of
per ofng classes have suffered decrease OF thirty
ing es only Of New York City. but Of the manufactur
less hs.icts of the country At large; and hence, with
Of ed demand Of thirty per excess OF supply
IL My per cent trade languishes apd staggers under
ysre BEEN therefore, may be readily inferred no
yecal revival Of activity in demand pending the action
" Congress- The effect has been however, u bus
,fHe5B confidence undoubtedly.
panic has been prevented by timely Congressional
10 1851 hardly possible under the present orsansa
ton OF credits The credit Of Q national bank the
credit Of an Individual corporation but the credit Of the
iion-thc whole basis Of circulation being. not ideally
dua banking house distributed and ma
run upon the banks and general suspension their
part are not therefore, things 70 DO anticipated,
or to whatever straits trade may be driven
-. lss, the loss , to trad. was s.s than
were less equally dsr,bused-and preceded by .
Wall street. Stocks sunk. the r.pssssnss y .s'' s.a
measure Of value being shaken; bankers and brokers
. secondary effect trade and ufacture ground
to powder between the uncertainty Of credits and the
AZ might have been expected from the circumstances
the cessation Of trade and manufacture has been
steady and gradual, and tho failure OF several heavy
houses early December had appreciabs eject
the money market; and, might have been expect
escaped the attention Of most economists. Be-
cause 40 runs on banks and no money panic
have accompanied 1t IL has been taken for granted
that trade was getting along passaby under The
pessre and having taken this proposition FOR granted
legislators paid further attention the subject, Il
not in fact, until the sagnation or trade became
garingiy exhibited in the throwing Of thousands OF
employ ment and the successive failure OF large and
prominent houses Then the taken in hand
thanks the good sense Of somebody-and the remedy
past week business men have worked in earnest; fall
which were inevitable under tho continued policy
of contraction, have been avoided, and considerable
L buovaucy Of spirit has prevailed
Of general failure has been passed. and there Is
production least limited degree, though months
viii be needed TO adjust the price OF labor the OF
certainty, and likely to continue substantially
the same for some months TO come. That
the condi,ion of the lsboring classes for this
winter Is more Than can be presumed, and considerable
thai trade las not for six months past msnfe.os 20
decided tendency 10 normal activity as during the
wsss and ssa, assl may o. sSpsd from m
week with those OF the three preceding cannot there
foro, fail TO be Of interest in this connection.
Tue number OF absolute failures this city for the
week ending yesterday was eleven TO an aggregate OF
however, have not been heavy-hfteen thousand dol.
lara twenty and twenty-five thousand being the general
summing up. Probably an average OF twenty-five thou
sand per 1rm would all liabilities Assets average
about any cents on the dollar. comparison Of the
past four weeks exhibits the following fgures:-
Failures for the week ending December To-. IL
Lahiues ....................... 900
Assets .............-............ 1850
Loss distributed ACKNOWLEDGEMENTS. S137 500
| Failures for the week ending December a.. 10
L.blis'ss 81 200 600
Asseu............. OBSERVATION-DISCLOSURES. 10000
Loss distributed .....................S1l 4o 600
| Failures tor the week ending December g.. Is
lsabites H. 500, 900
Assets. .................... 72o0o0
Loss distributed. ..................... 81 Oso 600
| Failures FOR the wcek ending November 20.
...-.................... $500 600