The New York herald., 1873-11-04
EFFECT OF THE PANIC.
Trade and transportation
~ Unusually Dull.
! GENERAL DECLINE IN PRICES.

D GENERAL DECLINE IN PRICES.
Groceries and Dry Goods Greatly
Reduced.
Although IN the general opinion Of business men
vhe psnic has done its worst In commercial circles
yet there ere still indications which show that It's
enects are stil very marked, and bid fair In some
instances to soon become stl severer than they
appear 70 be at present. Under the circums. ances
the information given below Of the effects OF the
crisis in commercial circles win be found OF general
interest.
THE IMPRESS COMPANIES.
Theexpress companies are suffering very mate
rally from the crisis. The Assistant Super
tntendent OF the Adams Express, whom reporter
called upon yesterday to ascertain to what extent
the panic had affected the company, stated that he
had never known the business to be so dull. He
had experienced nothing like 1t since he had
been connected with the company, and so far as he
had been able to learn the officers who had served
she longest in the various companies were or one
mind on the subject Of the dulness being greater
than they had ever known 1t to be before in the
business. He stated that they were not doing
anything compared with the business they were
dong just before the panic set in. AS compared
with the business done during this time last year,
the falling on was fully fifty per cent This was In
large part, of course due to the fact that the
Western, Southern and indeed the buyers from all
parts Of the country out OF the city were out OF
funds and consequently made but few purchases
compared with their usual orders "You sec," said
the courteous Superintendent, express companies
are patronized so to speak, In peculiar way by
parties who come into town to make purchases OF
ryk~ lnrrp nvtftu nj
goods and the great bulk they send as heavy
regh: by the railroads, bat they, at the same tlme
send Q few cases ahead as samples Dy express.
When there ID q falling or In this particular 1t Is
pretty easy to perceive that there is general dull
ness all round.n
the Merchants Union Express Company's ON
Caals tell the same story. The falling on in their
business has been very heavy, but they console
themselves with the thought that the company Is
only suffering in common with every other, and
that every kind Of business institution in the mat
ter OF general dulness, seems to be in the same
kind OF q box.
FREIGHrs SOUTH AND WEST.
The Southern steamers and the railroads that
generally do large business in carrying freight to
the West are experiencing the effects OF the panic
In way that is proving quite Improbable. Q. H.
Mallory d Co., OF the Southern line OF steamers
plying between this port and New Or
leans, the Cromwell steamship line and the
Texas line all state that the freight
business has fallen on at least forty to fifty per
cent. 1--WE are doing pretty fair business" said
one Of the shippers to the HERALD reporters 'sthat
is, . fair business considering all the drawbacks
We are under. The panic did not affect us when it
was ar its height In Wall street, and even for some
time after Jay Cookies failure there was no per-
ceptible decrease in our carrying trade. However,
or{ofot
and 1t became evident that commercial circles
were destined to be somewhat arected by the
panic, our orders began to grow beautifully less
by degrees. Day by day we have witnessed Q de-
crease ana at one time 1t became a serious ques-
ton whether we were not to be left high and dry.
without any freight at all Our worst fears now
over, and the prospects look brighter. We are
doing, as l said before, pretty fair business for
the dull times we are all suffering from and ought
not to complain very much. Still falling or Of
forty to fifty per cent is serious matter and one
not to be lightly thought or"
The New Jersey. the Erie and the Central freight
men are all unanimous in their statements that
the business has fallen or almost fifty per cent.
s'Can you tell me.r asked the HERALD reporter
Of one OF the agents, show the dulness in the busi
ness affects the roads, mean has the carrying
trade fallen or going West or coming Eastf"
1--WE have been more or less affected in botn
ways but, as matter OF course, the carrying West
has fallen or the most. You see,r said he, 1--WE
can't put expect this kind OF thing.
Every road is suffering and the compa-
MES have expected the present dulness
for some time. They have been compelled to
duce their expenses and the number of their en-
ployes; so you see they can better afford the
losses in this freight business than IL they had
been caught unawares by the storm.n
In the matter Of rents the depression Is very
general. Homer Morgan Co. state that the sales
OF houses have not been numerous enough or late
TO be worth talking about They state that the
panic has, or course, affected the business of real
estate, and that there is no necessity OF denying
tne fact. 1t has had the effect also, they say Of
depreciattng rents OF whole houses. Landlords in
want OF funds naturally have to lower their prices
In order 20 obtain tenants, who are unwilling to
pay as high as before the panic.
Adrian H. Muller Il Son state that they have not
noticed any great change in the matter of letting
furnished houses, but at this particular time OF
the year the season is always dull it is criterion
70 go by In calculating the exact effects OF the
The most noticeable enect in the matter Of
rents created by the panic one that doubt
less will cause considerable Joy among that
not being able to hire whole house, are too
well OF to live In Q tenement house. and so resort
70 hats and floors in private houses. the rate for
n0ors and hats for the past years has been most
exorbitant and far beyond what 1t ought to have
been as general rule; the reaction IS
therefore all the more felt and the fall
OF rents In exact proportion. Several agents
up town, VINO we're called upon yesterday, stated
that In the neighborhOod OF sixth, Seventh and
Eighth, and Fourth Fifth and Third avenues in the
respectable" cross Streets the rents had fallen
that Is ior doors and mats that are to rent mot
yet Occupied)-fully thirty per cent. For instance
they say that floors OF seven or eight rooms which
= few weeks before the panic easily brought Sos
= MONTH can now be obtained for $45, and In some
cases for $40 and $S5, and the probabilities point
TO q still greater fall.
II will Tell you," said an agent on Sixth avenue
TO the reporter, II will tell you frankly, IL
you will not quote me, q few facts which will
give you very good idea OF the great change
which the financial depression has caused