New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-11-12
PRICE FOUR CENTS.
FINANCIAL INTERESTS.
CAUSES or RECENT FAILURES.

CAUSES Or RECENT FAILURES.
| SMALL HOUSES ASSERTED TO BE FEELING srIIJ. IHE
EFFECTS or THE PANIC OF 1S73-sysPESsIOS
ALWAYS NUMEROUS IN THE FALI~-IyFLUEscs
OF THE FLCCTUATrNG CURRENCY.
Inquiry was made yesterday of prominent
business in the city by TRIBUNE reporter regard
to the OF The failure. that have occurred this
prominent dry goods merchant admitted that
there had been numerous failures for small
amounts, tho cause OF which De attributed
in all cases-except where improbable outside
specuatons had been ndnged into the panic ., 1879.
Tho large dealers the first 10 feel the effects OF tho
panic he said, but the continued durces in trade has
finally reached tho small operators and those oan-
not live on q small business must succumb IN many
they carrying fun stock OF goods two years
ago, and as their sales have since been small owing TO
the general practice OF economy the country,
they have not been able 70 do enough business pay
current expenses, but by making light pur
chases and allowing the stock 10 low,
they have succeeded in Keeping fhcir bssds,
30 TO speak above water until the present season. 10
other words, experiencing the remote
Effects OF the troubles OF two years ago, and 10 rot
gard in any other ght than indication return
OF more healthy condition of business affairs. There
is question but tnat have touched bottom Indeed,
1t cannot 30 otherwise. Nearly all cotton goods cell
ing to-day low lower than they before war
and certainly at as low figure the manufacturer can
afford to produce them The sales generally during the
present season have been fully az large and
perhaps larger than they year AGO, and while
must wait for return TO specie basis before
expect the confidence and stability ia business that
much be desired, | believe we shan sec some iil-
prOyement next Spring and that business viii continue
to improve from this time forward, If Congress
will let the financial question alone The
merchants are much more generally ia favor
Of early return 10 specie bass than they two
years II they had not raised such q great howl
against McCuloch's contraction scheme, the panic Of
1878 would never have occurred and we should have
been back 10 n gold basis before this time The thought
fnl portion of them have since seen their mis-
take, and would now be glad to take
back what they have done. The fact IT,
as they now see, the prompt return 10 gold basis by
contraction of the legal tenders would not affect the
commercial OF the country ~ serou-y one
years 1uctuatOn in the price OF gold and the continual
uncertainty that exists in regard 10 the action OF Con
Mr. McKilop OF the NfcKillop sprague Company
Commercial Agency sad 1t was mistake 10 suppose
that there had been larger number 81 failures recently
than during the corresrondng months of other YEAR,
O otptcmper i. J. numbered o3 against % IN lrIoi
the number for October, s7i. was 7G against 20 for
We're for the time indicated, do not think
they have been rs large this year during for
is undoubtedly owing 10 the fact t5at the news
papers ere beginning 10 publ me sns-
time OF year when failures expected @en who have
run through the year, they have not done profitable
I.re are always many more failures during nc Fail aud
be borne in mind THAT % per cent Of The honses
that were III business 40 years ago have
since failed. 7 count my fingers
all tie dry goods houses that have been doing husiness
NcWlork Tor 80 ycar, and that have JAILED dur
inR that time. The N"WYOrl merchants nave done
good business this The sales Dy foot up
largely in value Df them anticipated buf IL must
be remembered hat goods have beeu cheap and took
moro yards 10 mato dollars worth t1an formerly:
! nave 10 doubt there yards Of
goods sold IN NrW-IJrA this Fail than q year ago
regards the buEuoss ~ The coming Winter there Is
no reason suppose there will be aiuree than
have occurred ~ fOner yearE while there good reason
think the ahtC may not be ~ large tie. ave been
al other tunes There 3 n general feeling that have
touched bottom and Congress Will do nothing 10 In
fate prices shall stay there; otherwise We may have
the bottom agsin There would br difficulty
returning To specie payment II the legal tenders
IN the way. A1 IL > to-day, merchant buying
goods in Europe Is compelled 10 receive daily sdyces
from this country regarding the fluctuations in gold and
after all rhis eXpes. and annoyance his profits liable
be entirely swept away by slight caange in It's
values foreign to his brancn Or hlsDess tnat
he cannot be expected TO nave an intimate knowledge OF
circumstances controlling the price A. long his
condition o things continues healthy, legitimate buell.
ness must remain comparatively duN.'