The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-14
THE DRY GOODS TRADE.


observation-disclosures Commercial Men.
1t Is almost the middle week OF the tres nesses
d'irfluuo. as the Old Castillans term the summer
months. Business, the million handed; Business,
the mOn.f00ted and miiOn-tongued Business,
the milli0n-eyed monster Nokanna OF the great
metropolis has coiled himself up In thousand
separate coils and gone to sleep. or partially go in
al many different dens His palaces are no longer
bee nives, where bees Of business buzz and hustle
and make money. The bees OF business themselves,
quiet wingess bees, only given TO mathematics-and
thereat adepts-have oeIaKen themselves to coscy
country hooks for the Business is dull news
Is duier and the demon Of the dDtce JY niete holds
dOzy carnival and swis soda water throughout the
whole length and breadth Of the huge sea-turtleS
back OF land upon which the metropolis IL founded.
The world moves, nevertheless; that is, will move
In September; and. in the meantime, one may make
eisufeIy survey OF trade lii retrospect and trade III
prospect. The year did not open ausplciously for
heavy trade, but the circulation OF the blood In the
bulk Of the old monster Business-a 0TaHde mon
argue nevertheless. and despotic az ever an
oriental was--WaS Deatny ana natural. AS "a gene
RAJ raie buy e III the spring trade bought only what
Jncp Wantet anu Woud not buy more AZ any price. In
word, the current OF trade has been healthy natu-
raj ami noA-specnatve; and, uni ne previous years
since the war. leGg has recorded few failures OF m-
portance. TIE statistics OF suspensions thus far
wi not exceed 100, smail and great, and none
Oh them have been aiairs either OF great weight Or
OF indicative moment. The general stringency OF
the money market has been met with caution
equally general on the part OF the commercial
classes. The RUE having been only TO buy what was
wanted Tor the regular Of trade, the dry goods
auction maftS, which were exceedingly busy III 1857
anu 1855 have heen comparatively deserted. For this,
however there 1888 been another reason IN the preya-
ing tendency Of holders 20 hold goods instead Of
tirusting 'Aen upon the marNet for speedy reali2a
ton al any price. manufacturers, VINO gutted Inc
auction matkcG with taDfcs year before last, nave
thus retained their goods IN their own hands, aud
III consequence traae has assumed lrmer less
huctnative and less speculative tone than has pre-
vailed Tor tue past four years.
IL may now Tor The lirsG time since the war, be
stated tnat trade has got upon peace footing, nav
ing settled into normal currents without uneasy
aud speculative nuctuation The nuctuatiOn was
kept up longer than was necessary, however; first,
by general resort on the part OF the holders 10
auction houses, under tile Impression, OF course,
that rapid fall In prices might be anticipated;
and secondly, ny an undue forcing OF sales under
pressure on the part OF the auction houses IN que5-
uon. The corrective applied 10 the case has been
exceedingly simple. The first WORK was to eliminate
the auction house from regular trade to shear IL Of
its mighty influence Tor the depression OF prices, ana
tins was brought about by general effort on the
part OF jobhers ana wholesale men seconded by tho
tendency OF country customers to buy less and
more safely.
thus several of the unhealthy tendencies pointed
out IN the annual review o. trade ana nnance lass
January have been corrected, aud whOesomey so,
and tie spring closes with beter prospects for the
1a season than has been the case for four
years. What September-wnen the bees VI
business come swafming into their hives
remains to be- seen; but the testimony OF leading
men IN the trade Is UNANIMOUS The prospect was
never better Ter vigorous, brisk and healthy re-
sumption OF traffic. During the year Eastern manu-
facturers have hau an opportunity to reCuperate ana
establish lnemse YES upon sOunuer and more nor
mai basis, III which respect the year has good
fruit, and the testimony now Ii that the supply IS
little II any, IN excess Of the normal demand. That
manufacturers every where, having learned whole
some lesson from the fluctuations OF the past, Will
curb themselves within the limits OF just supply, 10
altogether PROBABLE. Inc past four years have fallen
too heavily upon New Liisaud Tor the proverbially
money-masng Yankee MOI TO take heed and obey
the manifest laws OF commerce..
The prospect OF the crop FOR the coming season 10
reported 1attelng rom ali quarters, and especially
from the South, where the past year has wrought
very considerable meramorphOsls Wholesalers and
opDers testify THAT generally speaking, the southern
trade Is shifting back into the hands OF old time
Southern customers, aud testify to the fact with 4
kindly appreciation OF the honorable dealing Of Old
CUSTOMERS. The IoreDan ol q leading wholesale
house IN this city remarks tnat losses for the past
four years 10 the New York market have been mostly
at tine hands OF the class apty dubbed carpet-baG-
gers-men who, leaving uniiquidated board bills ~
The Nortn went South without either capital morals
servediy waning fortunes Nine.tenths of the SOUTH
crn failures IN trade booked during the peace period
have been at the hands OF this class OF specu la
tors, who, being irresponsible when lney emgrated,
meDded not their morals after emigration. IL may
be added that this Is the general testimony OF lead
ing men IN the New York trade, and that to-day the
credit OF native Soutnernsr other things being
equal is better In the New York market than that
OF the carpet. Dag exotic. Again, as general rule
it ia stated that anti-war obligations have been
quidated with the utmost readiness by the old time
southern commercial Class, and this mas been pro-
ductive or an exceedingly friendly feeling on the
part Of Northern dealers. An eminent gentleman In
the trade, who did heavy southern business before
the war, estimates That more than seventy per
cent OF the Old liability has Deen h0norably arranged
In some OF the southern states very few claims re-
main unsettled; while III Others. owing 10 the unset
tied state VI politics, the payment has been very
spasmodic. Virginia, Alabama the Carolinas and
the cott0n-produclng sections III general have very
nearly erased the old score and the prospect is that
n M m mi fp a
square next spring. These are vi course, facts for
the congratuaton Of Iii parties south as we'll az
North ana the kindly feeling which has thereby
been engendered on the part OF the Northern cred
it0r toward the late Southern debtor cannot be
Without IT, eneS, The csrpet6ag commercial que.
business men In the city speak 0i the TACT with most
evident satisfaction.
The southern trader may this fall come into the
New YORK market with VII the privileges OF the
Northern customer as to time, terms and the like
viz ten to thirty days on domestic fabrics and three
four months on imported. This ,netamorphoss mas
been mostly wrought by the elimination Of Northern
adventures from Soathera trade, the resumption OF
business by old time buyers III the New York mar
ket and the prevailing disposition to arrange Old
claims honoraDly and amlcaby. disposition to
buy sparngy las not Reen witnout its enect IN the
Of Southern credit, but the main
causes have peen tina three preceding enumerated.
In lact in the way OF liquidation OF former habit
ties, the South has, 1t ID generally testified, done
more than could naturally nave been expected In so
short time and with resources SO crippled by the
gradual confiscatfon OF long aud desperate war.
the New YORK market has been almost universally
extended TO tue conservative ON enent In the SOUTH
and this produced the general anxiety for its
by the commercial classes. Virginia
deemed, diseDthraed, rchaDiiitated upon normal
basis, the success OF similar policy III the remain
Ing states OF the south Is regarded with the adni-
nstration to foster and support it, aspny question
Of time; and then, again, AZ New YORK, as the great
mart, KING spindle, OF New Eng and,
will shake hands win reinsated King Cotton King
Business acting as mediator between the TWO.
IL VIII be seen, therefore, that In the
opinion OF the commercial classes the pros
pect or rather, the realization OF the prospect,
depends Intimately upon Tie triumph OF the Presl-
ientia policy throughout the South and, until this
iesideratum 10 trade Is gained, the question must
remain az II liz, III some measure, subject for
speculation.
The spring trade, az predicted In the January re-
flew. has continued firm. without appreciable
depression In the scale OF prices and unless, al
vas the case last fall Wall street speculation IN Gold
han interfere the prospect for the fall Is fatterInG
indeed WHAT gold, at present the marplot Of ira 10
md 1nance, may bring about remains TO be der
'eloped; but IN the meantime let importers take
warming and omit 10 repeat their october error OK
ast year.