The New York herald., 1874-11-01
THE DRY GOODS TRADE.
The Past Panics and Their
Lessons.
Business Improving Good Prospects for the
Future-Interviews with Some of the
Prominent Importers, Auction
eers and Retail Dealers.

Wnat are called the LAWS OF IraueH nave
caused and viii cause great discussions among
political economists aud commercial philosopher
the ebb and flow OF the great rides OF business
the causes which lead TO panicS In trade and
finance, the cure for all the Ills that aflict the
merchanr-will ever be subjected to grave dis
cusson by thoughtful men who become students
OF trade problems, as others become students OF
medicine. These persons, however they may DIFF
fer on questions OF policy In regard to business
ameli0rat10ns agree on certain facts In relation
to the present situation OF trade, the principal
OF which are as follows:-
FSrst-The country is passingi through crisis
which only has been paraleled by the pantcs or
1887 and 1857; and that, while the "railroad
pancp OF last September affected the commercial
interests but little at that time, the storm burst
upon them this spring and summer, resulting In
shipwrecks all over the country.
Second-rhat the liquidation was surely and
steadily going on, and that before long doubtful
ana struggling firms would be eliminated rom the
list OF sound merchants, and trade assume once
more sound ana healthy condition.
htrd-That as, IN the history Of former panics, It
to Oe re-established, 1t fair to assume that
business was surely although slowly recovering
would md every channel Of trade prosperons As
Fourth-That as Wall street, the great money
centre cent o. the country struck ast year the first
sound the t0csin OF restoration.
With the view, therefore, to ascertain how far
these pleasant predictions OF Improvement were
justified by the condition Of the dry goods trade,
and to lay before the readers OF this journal nior
nation Of SO vital character to the business COM
munity. representative OF the HERALD was
directed to visit the most
PROMINENT HOUSES IN THE TRADE
and receive from the principals or managers a
synopsis OF their views. The first establishment
| visited was the
WHOLESALE STORE OF A. T. STEWART L CO.,
| where, although the manager declined to give
more than general "details, every sign OF active
revival Of business was apparent. The great open
| cases or dry goods were surrounded by buyers,
and the clerks were busy in the various depart
ments Of the warehouse.
COMMERCIAL AGENCY
! In Broadway was the next place where informa-
| tion was sought. One OF the proprietors OF this
bureau very courteously replied to HERALD inqui.
| RES, that he thought the wholesale dry goods
trade Of New York was nat, but the retail business
| quite active; yet to get broad and intelligent
opinion, he should prefer to send to each section
| or branch connected with the agency throughout
| the country and from that make report; adding,
| in conclusion, that their business was more III
rectly concerned In getting the history OF individ
| MEssRs. wILMERDING HOGUET co.,
| dry goods auctioneers we're next visited. The
| gentlemen or this firm seem to have very decided
opinions OF the situation, and did not hesitate to
express them Us iOuOws:-.'Tne present unsatiS-
factory condition OF wholesale trade is, OF course,
the result OF the war-genera lquidatiOn. causing
great shrinkage in values the Unfortunate trade
strikes throughout the country and the mistaken
policy OF the trades unions in adopting the eight
hour system OF labor. Yet we think, considering
everything. business. is getting every day upon
more sound basis and In q healthier condition..
| credits are scarcely changed from what they were
last year, ana good live business houses are buy
| ing them at ninety five CENTS while those who are
doing but little are standing out, for larger
In the value foreign goods OF twenty nve per cent
from lS7s, and although our imports decreased, 1t
was said, $1l 900 000 IN one month this year. We
this was more apparent than real, considering the
| depreciation In value we mention. The liqu-
dation through which the country IS passing we
think Offers better security for sound business
for the luture."
| MEssRs. JAMES r. WHITE 4 60.
| are linen importers and commission merchants.
| They sell principally to jObbers. Upon an inquiry
at their place OF business-whch was ull OF goods,
| but barren OF customers-a clerk remarked that
/ business mlserably dull. and as that seemed
to be good condensed report Of the situation
/ there the HERALD agent lett, to visit the immense
| dry goods establishment of
! MEssRs. II. b. CLAFLIN Il co.
This firm are well known all over the country for
| the large volume OF business they transact and
! 1t was almost Dewidering TO pass through the
| ana see The army Of statesmen attending TO what
! seemed regiment OF customers. Making his
way TO the SECOND door, to the spacious offices Of
the firm, the HERALD representative was received
by the son OF the proprietor; who was in
dorsing ream or two OF checks and drarts for
| busy with Q bOtter. Mr.. John Claim, scarcely
pausing at his work, informed his interlocutor
complaints to make whatever and he thought the
prospects for the all and winter very good indeed.
| MEssRS. E. $. JAFFRAY Il co.
were mex: VISITED. and one OF tine intelligent men,
bers Of the firm said that he did not think the con-
dlt0n Of the wholesale dry goods business entirely
! satisfactory; there were very good reasons lOr
| tins lact 1t took eighteen months l0r business TO
revive after the panics OF the past and 1t seemed
that II was Impossible that trade should be healthy
| and sound much before next spring. At that
time, however, he looked for good business in all
| departments. There were many reasons for the
| present stagnation; the railroad interests OF the
| country are still under cloud; the cotton crop
wlIl be perhaps only three and one-quarter millions
| OF bales (wnen much larger estimates were made
of the production) and the price is very low. The
| wheat crop IS immense in the West, but the price
OF wheat IN Chicago is only ninety cents and still
| falling. 1--WE are undoubtedly passing through
severe trade crisis, and cannot see that we wiil
have sound and Improving condition before the
MEssRs. HALsrED HAINEs co.,
whose store seemed quite deserted OF buyers, were
| next visited. A junior partner OF this house said
lie knew nothing about the trade, had no lnOrna-
to give an1 tsSed 70 sse HERALD
sthat they liked to see their names IN the papers"
The representative 81 this Journal eit tne junior
| partner to mis- seventeenth century reflections.
| AT LORD TAYL0R'S
| wholesale establishment none OF the principals
could be found in the office; but the saesroom on
the first floor had Saba larian quiet tnat would
| have been pleasant for hashsh eater. but apt TO
| give the dyspepsia TO a New York merchant.
| But it must ne confessed that when the whole
| sale houses were left behind by the HERALD re-.
| porter the trade assumed more cheerful aspect
the small dealers seemed busy, and gosspng
| CROWDS OF city women IN middle life and country
| women looking ior bargains thr0nged the
| tnoroughIare.
/ THE BOwEKY MERCHANTS
| complained OF dulness during the summer, but
| generally seemed satisfied that trade was impTov
ing. as their city business was increasing every
| day.
| CANAL STREET DEALERS
| conarmed the reports OF improving fan business,
and, indeed, the retailers generally concurred In
| the opinion that the signs OF the times pointed
decidedly TO revival OF the dry goods trade.
| THE SHOPS IN UNION SQUARE
| and upon Broadway, dealing III ladies' dress
goods Tor full and winter wear, reported, almost
| uniformly, renewed activity. II the large im.
| porters and wholesale merchants III the lower
part OF the town had exhibited such healthy signs
OF trade as these the most inveterate croaKer
| about a hard winter and the scarcity OF M oney
| would be compelled to hold hts peace.
| AtTKEN MiLLRR.
importers OF novelties In dry goods, &c, said, in
| response to questions, that certainly wnuo their
| fraue had not been what they cOuld have wished