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.

What are called the claws OF Trader have
caused and Will cause great discussions among
political economists and commercial philosophers
the ebb and flow or the great rldes OF business.
the causes which lead TO panicS In trade and
finance, the cure for all the Ills that aflict the
merchant-will ever be subjected to grave dis
cussion 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
amelioratons, agree on certain facts In relation
to the present situation OF trade, the principal
OF which are as fOllows-
F1rst-The country is passingi through q crisis
Wnicn only has been paraneled by the panics OF
1887 and 1857; and that, while the "railroad
interests but little at that time. the storm burst
upon them tins sprng and summer, resulting III
shlpwrecks all over the country.
Second-That 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.
Third-That as, IN the history OF former panics, It
required about one year ana hail for confidence
to De re-established, 1t fair to assume that
business was surely although slowly recovering
its old tone and activity and that next spring
would ind every channel OF trade prosperous.
Fourth-rhat, as Wall street, the great money
note Of warning 80 this autumn It Was the drst to
sound the t0csn 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
nation OF SO vital a 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 O
synopsis OF their views. The first establishment
visited was the
WHOLESALE STORE OF A. T. STEWART CO.,
where, although the manager declined to give
more than general "details, every sign OF an active
revival OF business was apparent. The great open
cases OF 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-
rles, 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 u report; adding,
in conclusion, that their business was more di-
recty concerned IN getting the history Of tndivid-
ual responsibility.
MRssRs. wILMERDING. HoGUEr 4 CO..
dry goods auctlOneerS were next visited. The
gentlemen OF this firm seem to have very decided
opinions OF the situation, and did not hesitate to
express them as lOil0ws:-.'The present unsatis-
factory condition OF wholesale trade is, Of course
great shrinkage in values the uniortunate trade
strikes throughout the country ana 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 9
more sound basis and In healthier condition.
Credits are scarcely changed from what they were
last year, ana good live business houses are buy
ing goods eighty-1ve ana ninety cents ana sell
doing but little are standing out for larger
profits. There has been depreciation
from 1873, and although our imports decreased, 1t
was said, $11, ,00O, ,00O IN month this year, vet
this Was more apparent tnan real, considering the
depreciation IN value we mention. The hqui-
dation through which the country Is passing we
think offers better security for sound business
tor the Iuturc."
MEssRs. JAMES r. WHITE 4 co.
are linen importers and commission merchants.
They sell principally to joDbers. Upon an inquiry
at their place OF business-whch was ull OF goods,
but barren OF cust0mers-a clerk remarked that
business was miserably duh. ana as that seemed
to be q good condensed report Of the situatlon
there the HERALD agent lelt 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
crowded asles, between the open cases OF goods,
ana see The army of statesmen attending TO what
seemed regiment oil customers. Making his
way TO the second noor, to the spacious ofices OF
the firm, the HERALD representative was received
by the son OF the proprietor; who was i'm
busy with blotter Mr.. John Claim, scarcely
that business was drst rate, collections good, no
complaints to make whatever, ana he thought the
prospects for the all and winter very good indeed.
AEssRs. e. $. JAFFRAY co.
were mex: VISITED. and one OF the intelligent men,
bers Of the rm said tnat he did not think the con-
diti0n OF the wholesale dry goods business entirely
salts lact0ry; there were very good reasons iOr
thus act. IL took eighteen months lOr business TO
revive after the panics OF the past and 1t seemed
that Il was Impossible that trade should be healthy
and sound much before next spring. AT that
tlme however, he looked Tor q 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
viii be perhaps only three and one-quartcr millions
OF bales (when much larger estimates were made
OF the production) and the price is very low. Ihe
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 l cannot that we will
have sound and improving condition before the
spring OF 1875"
whose store seemed quite deserted OF buyers, were
next visited. junior partner OF this house SAID
lie knew nothing about the trade, had no oinlorma-
ton to give, ana supposed because Messrs. Claim,
Jafrav and others mad talked to the HERALD
..that they liked their names IN the papers,"
The Representative ol this journal left the Junior
partner to mis- seventeenth century reflections.
AT LORD & TAYLOR'S
wholesale establishment none OF the principals
could be found in the ofce; but the saesroom on
the first floor had a Sabbalarian quiet tnat would
have been pleasant for hashsh eater. but apt TO
give the dyspepsia TO New York merchant.
But 1t must be confessed that when the whole.
sale houses were left behind by the HERALD re.
porter the trade assumed o more cheerful aspect.
IN GRAND STREET
the small dealers seemed busy, ana gossiping
crowds OF city women IN middle life and country
women looking out 10r bargains thronged the
tnoroughare
THE BOwEkY MERCHANTS
complained OF duness during the summer but
generally seemed satisfied that trade was improv-
ing as their city business was increasing every
day.
CANAL STREET DEALERS
confirmed the reports OF improving fail business
and, indeed, the retailers generally concnrred In
the opinion that the signs OF the times pointed
decidedly TO a revival OF tho dry goods trade.
THE SHOPS IN UNION SQUARE
and upon Broadway, dealing III ladies' dress
goods Tor fall 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 or III oney
would be compelled to hold his peace.
AITKEN MILLER.
imn0rtora Of noyeltiea In dry goods. &c. said. In