The New York herald., 1869-12-08

i
| balance ADJUST themselves without friction SUP
pose the cost or production 10 be 100. the cost OF
transportation being nve ard the expense or rent
| and interest on money invested. with inccentals
or expense In sale. i've more. This realization OF
OF 1lteen TO depress values beyond the absorption
OF TINS profit Is to disturb violently the balance
between commercial value IN the market and the
cost of production, and 10 put stop 70 all manuac-
turing at tue given rate OF wages. Leaving small
margin OF profit to jobbers therefore, 1t Is obvious
lhat any depression OF values exceeding ten per
during the interval or o season cannot bur prove
dsastrous and ordinarily SIX per cent depression
per Is all that can be ventured upon with
SAFETY. In 1866 depression or twenty-one per cent
I proved measuraoY disastrous; In 1867 depres-
zion OF nineteen per cent involved an un-
usual number OF failures; In 1865 business
! geut on quietly under depreciation OF
| fourteen per cent TOTS year the average has
business was never healthier and more normal. Add
10 ths ten per cent Tor The month OF december, and
the aggregate Will be louna TO equal the aggregate
OF 1870 win It's long list OF suspensions and daily
extensions. In 1885, tnat the panic avelted
was due mostly to the good sense OF the commercial
casses IN relraining 10 i0rce customers wnen EN-
barrassed TO suspend, in deciiniag TO speed
laIivey and In contracting credits judic0usly. A
similar policy would operate IN similar manner
agan anu no fears, therefore, need be entertained.
complete reconstruction OF The monetary system
Will have to be entered upon before tne periodical
danger panic caa be ooviated wholly; out IN the
meantime, the commercial classes canno. afford u
crisis aud Will avert IT as they have before. Dy the
practical common sense OF standing from under and
letting the world move, even though 1t should INSIST
upon moving the wrong way.
the strain has been very dun lor couple OF months
but no failures anticipated several OF the lead
lug nrms have partially suspended manufacturing,
but intend 10 resume full force before the hoi
days, curing which the demand Is always heavy;
wnlie IN the cothing business several new firms,
with hrst class STOCKS have opened within the past
two weeks, and Old nrms make no complaints OF
failing custom. The tendency OF prices y down.
ward, though part OF this Is TO be referred to the
TACT tnat cold weather has not yet set In In earnest
Dealers generally anticipate busy month. and
manufacturers at work under . fui head OF
tremendous
rasscd the trade In l56j-6T has been worked or
by Southern aud Western shipments, and while
III the winter OF 1o67-6S manufacturing was limited,
as also last winter the wlnler OF 1ooy70 opens with
greater Driskness OF manufacture than has marked
ception OF Iso5-65. Prices are Hrn aud resist the
downward tendency at every step, while the specu-
lative and aucuon-nouse tenuency, which has
marked the business Tor several years, has been
WHOLLY eliminated.
TO me vacancy Of numerous stores on Broadway.
between Fulton and Bleecker streets, Importance
In TINS respect ID 70 be attributed Last sprng
was general stampede OF fashionable retail dealers
TO Union square and vicinity, which IL now the cen
tire OIL the retail traoe. This was occasioned. no
doubt, partially by the high renls demanded,
city nor9awara aas corresp0nanSiy ausssss aaecses
the sho ping promenade. Ihe condition
oi the city mas IT'S southern limit In Four.
teentn street at present. and naturally the shopping
promenade ls bounded Oh the south Union square.
Again. Fulh avenue south OF Tweaty-tnIra street is
gradually Yielding Its brown stone fronts to bust
ness, wnle sixth avenle and Eighth avenue are De-
coming the heavy retau lnorougllares OF the west
niut. lHo lux OI tuo TetalI IrAue town leaves
Broadway. south OF Beecker street, comparatively
vacant The result viii De, OF course. fall IN rents
this spring anu the occupation OF this portion OF
Broadway by the Wholesale trade. The fact Is, how
ever taat owing To Broadway rents business has
developed tendency TO spread Into taorouga-
fares and adjacent locations. or the great puUsn.
ing houses once scattered along tnas tnOrouxniare
ony Two or three are left; half dozen OF
The large wholesale houses nave moved
Rave initiated the example 1t Is q very SUPERFICIAL
observaton, therefore, attribute this desertlon OF
broadway TO stagnaton OF business. Parity Ir mas
been occasoned Dy exorbitant rents to be Sure but
the grea.er part Of IL Is Que 10 the shifting trade
centres which occurs from year TO year greater
or less ertsnt Broadway landlords have been too
greedy having been guilty to an extent OF killing
was once King and oppressed Its SUBJECTS in every
way; but at present portion OF Fifth avenue aud
Fourteenth street dispute It's supremacy fashion,
aoie SlopPing promenadeS. Trade has enleu for
ltseii other centres. and Broadway owners must be
content 10 AGATE rents llttle especially south OF
Union square.
DismissIng this topic as Irrelevant nOtwthstand-
ing It's frequent quotation as proof OF commercial
dulDess 1t remains 10 be remarked that, on tue
Whoie, business Was never healthier, has not 1or
lour years concluded season with fewer failures
ana more ndIierin. prospects. Should there occur
too rapid depression u Nllaes ciSa 5ter
on the otner hanu. tue safe OF the Sill 900, Of
god should Dot reiuGo tnat commodity beyond nve
or SIX per cent-ieaSins it Ut ll5 say-there Is
special OCCASION Tor uueaSIleSS, though IL ID not
worth the trouble to the without tho very
best of reasons. Financial wnims on alyDOdy's part
ought not ~ De INDUCED 81 eXIravaXang pense W
commercial Interests; and lI w0uid be better TO
begin toe year VITA gold at l20 than in tne midst or
ON the brink OF commercial earthquake.