The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-15
TIE NEW YORK DRY GOODS MEN
HOW THEY FEEL wlru GOLD AT Ill.

TILE NEH tOhA LIN 1OOL'c
HOW THEY FEEL wlru GOLD AT Ill.
What They say-Rcduction I'm Prices
Small Concerns Must Stand f r O m
undo r-ForeIgn Fabrics at Cost
Prices-Domestfc Goods Hold T h lr
Own-Probnbility OF q Panic.
The New York Star of Friday last says:
Two great questions agitate the minds of
business men, and these are, first, what effect
will the fall of gold have upon STOCKS ana
goods; and, secondly, how far will the security
Of firms who are holders of stocks and goods
be influenced thereby. The first question Is
much more easily answered than the second.
The loss upon or market depreciation OF i'm
ported goods, owing to
THE DECLINE IN THE VALUE OF GOLD,
is easily measured BY that decline. and cores
pond exactly to it, inasmuch as Imported
goods are paid for in gold, invoice account and
duty included. So much TOR imported goods;
except the contingency Of panic, produced
by the losses incurred, in which case they
would he thrown too freely into the market,
with the object Of realizing hard cash, and
would snier further decline. Domestic
goods are not likely to be affected to any great
extent, except In the eventualiy OF wide
spread commercial distress, but the decline OF
gold, and the consequent
CHEAPENING OF IMPORTED GOODS,
r,ust bring these latter into sevcrcr compc-
Il. On with those of our own manufacture.
Unc thing is certain, that firms, whether en-
gagged in the wholesale or retail trade, who
hold large foreign stocks, and whose real capl-
tai has hitherto been barely enough TO carry
them along, must 20 to the wall. The loss
upon goods imported In January amounts, IN
some Instances, to twenty-five per cent, which
oRe 80 /, ortc fpnfn In,
all cases where seasons stock hns been lald
in. Every one engaged in the ign trade
must lose something, however caul.v, Is or prll-
dent.
THE DRY GOODS TRADE
forms one OF the most important features IN
the import trade as we'll as in the custom re-
turns and in order to test the feelings OF those
most interested in the present crisis, We made
inquiry yesterday among the retail dry goods
stores. Trade seemed to be brisk, considering
the time of year and the unreasonable weather,
and the majority Of those we called upon took
A CHEERFUL. VIEW OF AFFAIRS,
but did not conceal the fact that among their
poorer brethren there was likely to be
smash. Considerable reflection upon the COM
mercial- policy of the government was eS-
pressed, inasmuch % 1t Is believed that the
present fall in the precious metal might have
been made more gradual, and merchants there
by have been enabled to work of their stocks ut
q reduced value by degrees Gold at Is or 70
for the next six months would have been
boon in many instances, although there are
some Spectators of hopeful turn OF mind
who do not despair of seeing gold shortly ut
something near that margin.
TRADE OPINIONS.
Lord g. Taylor, Broadway, say the prices of
goods must follow gold; the sooner 1t comes to
par the better for us; we should be glad 10 sec
gold at par tomorrow. With regard to small
houses, those Of them who have laid in heavy
stocks as high prices, and possess only small
capital, must 70. Gold at par would be the
very thing which we want and require, itwould
set trade agong with bound.
J. C. JOHNSTON, BROADWAY,
think that the reduction in the price of gold
and the consequent low price Of goods will not
quicken trade so much as some merchants en-
pect. The reduction will full chiefly upon some
kinds of foreign goods. If government resume
specie payments, goods Will be cheaper sill.
Some kinds of imported goods are sold Just
now for less than cost price. Some descrip-
tons of goods that cost 81 so are now selling
at ST. It would be doubly good for those who
hold light stock when gold comes to par, as
they will be able to take advantage of the
panic. Many business men think that gold
will go up to Is or even 20 again.
AITKES MILLER,
for themselves, do not care, although gold
were at par tomorrow, but think that the gov
ernment should have managed so that the
price of gold was let down more gradually.
They think that gold at l5 would have been q
proper figure for the present season. 1t will
press hard upon the man of small capital.
They have to pay for their goods and the duty
upon them in gold and it has been hard some
times TO know what they should fix them at.
The fall Is fully Is per cent since stock-taking.
ARNOLD, CONSTABLE & co.
say their goods are regulated entirely by the
price of gold, and follow it. They think there
ought to have been more gentle decline in
the fall of gold, and that the government
might have avoided the suddenness of the fall.
The brokers would send the price up if the
government did not interfere. Small men
must suffer severely, US they have not the same
chance to work off their goods; some OF tlien
must smash.
WALTER LOCKWOOD, FULTON STREET.
Imported goods alone will be cheaper, and
they will be cheapened in proportion 10 the
difference in the price OF gold Domestcs Will
not be influenced by it. The supply and de-
mand regulate the price of oar domestic goods.
Some cottons of peculiar make in demand,
and with short supply, are actually dcarcr at
present. Irish poplin's (Pim's) that we were
selling in December at So per yard, and in Jan
nary ut 81 Is, we sell now at 81 per yard.
Every holder Of stocks imported must lose.
UNANIMTTY OF OPINION IN THE TRADE.
The statements given above represent pretty
nearly the general feeling in the dry goods
trade upon the present emergency. Ready
made clothing will be the medium of a smaller
loss than piece goods, except in the case OF
those importers who have bought foreign
clothing in the ready-made state, inasmuch as
the price of the labor in making up the goods
in tllis country remains the same. The trade
generally seem to be alive to the advantage OF
impressing upon their customers minds the
reality of the reductions that are taking place,
by advertising.
THE PROSPECT.
The next two months are likly 10 be trying
time, but those firms who weather the storm
ere likely to be permanent. For the benefit of
the public, we append q list of the dry goods
which have suffered the largest reduction:
French silks, satins, velvets, laces, gloves,
ribbons. buttons, trimmings, &c. !; English
broadcloths, Scotch tweeds, dress goods, car
pets, millinery hos, hosiery, &c; S,3 Irish poplIaas,
German dress goods aud varieties. &c.