New-York tribune., 1871-10-10

AMONG THE DRY GOODS DEALERS-A PANIC AP-
PRETENDED.


Business was practically suspended yester-
day among tho dry goods houses nasmuch as their own
interests were seriously affected by tho losses OF their
mercantile brethren In Chicago Tho telegraph Offices
were beseged by importers throughout the day and the
excitement and anxiety increased, as additional details
OF the cOnGlagratou arrived Private teegTams were
received In the afternoon by the leading
dry goods houses fully corroboratng what
every smaller dealer feared, tho destruction
of the great dry goods stores or chicago,
The leading houses the trade Field Letter Co..
Field Benedict & Co., Bowen, Hunt Winslow, Hanin.'
Hale Co., and j. V. Farwell & Co., all Of which occu-
pied buildings in Lake and Statcsts., and WaDashaVe
in the direct line Of the conagraon The general I'M
preston among this city seemed to be that all
Of these trims would be unable to meet their engage
mens, In tho insurance companies tail TO copcn
safe them for their immense losses.
Although tho failure OF these firms would inevitably
result heavy losses the part Of importers and deal
in this city, only sentiment found expression
that of sympathy for their Western brct en- under their
overwhelming mlsfOrtunes The shipments Of dry goods
to Chicago during the Summer are represented tO nave
been unusually heavy in some instances and as cool
weather set in early, aud the Fall trade has been re-
ported exceedingly brisk thus far O large amount
Of stock was undoubtedly turned" and
heavy Payments were made to tho importers
The tendency among Western dealers Of late years hos
been buy for cash far possible and the larg
est consgnments made early in the Summer, re-
turns under tho days rule have already been made to
this city. In spite, however Of these favOra
BILE circumstances the Losses enough to appau the
merchants this city and fears entertained that
several large failures will be the result. Deal
In Chicago, In their anxiety to strengthen
themselves, will crowd their customers In tho
smaller towns Of the West, and will thus tend to
induce general panic throughout the West which will
seriously involve dealers in this city prominent i'm
porter remarked last night that he would sell his claims
the strongest house in Chicago at 20 cents on dollar
and that he had expectation that single firm in that
city would Withstand the storm. "We'll not be hard on
them IL they fall" added "They represent the push
and go-ahead America, and too proud OF theIn
members OF the trade not to give them every chance
to start again predict that the most liberal comprom
se will be made by our houses TO enable our creditors 10
resume business"
Many sa,acious merchants apprehend serious panic
to-day when the prostraton Of Cchcago dealers is
fully known. Then will follow anxious examination
OF accounts outstanding that city and the announce
men that insurance companies will be powerless TO
meet their engagements may possibly lead to several
failures.
1t stated good authority that the losses growing
out conagrston will not be confined to dealers In
Chicago this city, but will also be shared by large
manufacturing houses IN Europe. The quantity OF for
eign goods imported directly to Chicago from foreign
ports via Montreal and the great lakes has increased
very largely during the past year. 1t Ia stated that four
prominent houses Chicago have exclusive agents In
Europe buy German cloths English carpets French
silks and Bash hosiery; and the importations during
september at Chicago known to have been exceed
ingly heavy. Foreign manufacturers in addition to
Mdilemen" in New-York and Boston, will thus be in.
voved in heavy losses in the event Of the failure OF the
Chicago dealers.