Connecticut western news., 1878-01-24
NEW YORK, LETTER.
Failures In New York City, and some of their Peculnrities.-The Prospect for the


 their Peculnrities.--The Prospect for the
 Future. 's -. ,s-..%l lF
 While New York city has it's sensa- tions to occupy the papers for a day, it has periodically something that is not only startling but lasting. The pecu- liarities attending the many failures that have taken place in the clty is the strik- ing feature now. Not that failures of | mercantile houses are not of daily occur. rance, nor that they do not come like a | Spring freshet every year when the bal ance sheets are drawn in January. These | things are looked for in the natural course of human events. After January list, of this year, they have come in num- bers, as usual, and the list has embraced
 old houses that were supposed to stand
 as firm as @ rock of adament. I should
 not write of them were it not that all
 New York is startled that such houses
 should go under with such circumstances
 attached to their taking off. i'd, -ss. D.
 Anote broker whose business it was
 to place the paper of mercantile houses
 on Wall Street, let his checks go to pro-
 test. It would scarcely seem that such
 an event should have & bearing in
 business circles sufficient to attract at
 tention, but when it happened that the
 suspension of a large number of what were supposed to be first-class houses followed, then the secret was out. S.s5 These houses had been, living on the
 note broker. Supposed to have large
 cash capitals at their, backs, and rated , in the agencies as A 1, they were perfect
 shells. They had no capital, notwith- , standing the large business they were doing, and they simply existed from day
 to day, with no other hope than failure f and ruin, and only fighting to keep off
 as long as possible the end that must z inevitably come. r uu- Il One of these houses had $5,OOO to
 pay in day or two, and no probability a of obtaining the money to pay it. They . made out 8 note for $1O,0 ,0OO and gave ii
 to the note broker to place in Wall street The money must come, no mat. !" ter at what 9orifice. The paper was ? passed just as customer could be found that desired to speculate. Per haps one per cent. @ month and the brokers shave was paid-perhaps two ol "A three per cent. In some cases only 7, $5, 900 was realized on note of SIG, ,O0O y and in cases the broker who failed ha6 4 paper to the amount of $50, 900 of some v houses. No business could stand tn. ]. sacrifices necessary to be made to rais.
 money, and down must go the housel
 compelled to resort to such extremities Down they did go, and down they vii
 go, until the last of them has fallen
 While these failures create surpris V that such houses resort to such means V legitimate business does not appear t. Y. suffer seriously, although business wa ,s never known to be as dull as it is now = even in this usually dull season. Tn . . hotels are empty, and the exceptions ar = few where they are not daily. losin " money, and in the wholesale stores clerk n .e and proprietors stand around, waitin '' and signing for customers.
 h Notwithstanding all this, people ger - orally are less Respondent than one woul y suppose. The general feeling is now 6
 it has been for the last three years ths the bottom is reached, and that with tn o' opening of spring trade the good ol 'A tunes will come again. Let us hope ths
 this is the case.
 ut It is certain that the prospect ahea Ill never was better, if we can only reac h. that prospect. With an abundance ,
 grain to supply the foreign demand an e- with that demand large; with largel CT increasing shipments of fresh beef, an 'e. butter and cheese with our Amer CT can manufactures of all kinds success H fully competing at the very door of fo ne eign factories, not only in England an oA Russia, but even in Germany, and wit 'e' our imports largely decreased fro 'A former years, there is no reason why v o7 may not hope that our country will n' 'r, as heretofore be drained of its gold tn no our extravagancies may be satisfied. 'i' In iron work of the finer grades fa 're tories are driven to their utmost to SUI 'n ply foreign demand, and prints ar 'n' threads are shipped now as they we 'm never before. I was told the other d.
 of silk thread factory in Connectic !" that is crow led to it's utmost to supp At the foreign demand. Only think, he ol few months ago it was that we could n nc use silk not made in Europe It is b GIT comlng every day more and more se 'li- evident that not only in prices, owil "S to improved machinery, but in quail
 as we'll, our American houses in mo ,ed manufactures can successfully complc ne, with those abroad. When this is full n., accomplished and a demand is creat 'rt. abroad for all the manufactures in tl
 country, there will be little to fear fire
 hard times. It is no slight comfort
 reflect that the return of prosperity ee" only 8 question of time to count ~. Uu which, in addition to all its other a -n vantages, can, in 8 year of its greatt v failures, produce from the earth sui u cient to yleld 1000 millions of dollar oy which has actually been accomplish Al in the year just closed. The errors so' the present and the mistakes of the D, io can hardly seriously impair the future ,1 g nation possessing so great capaci .u to eventually right itself.
 tar-
 an HUNTING BUFFALo.-The town and Griffin is. the rendezvous of the Te1