The Wilmingtonian. (Wilmington, Del.) 1882-188?, 1884-07-26
WHY TRADE is DULL.

general sense of insecurity in higher com
mercial circles which leads many large
firms in New York, Philadelphia and Balti-
more not only to limit their credit but to
| require the payment Of notes OF maturity,
where at other times an extension could
| have been obtained without difficulty.
There is reason for everything and in
the present case we have not far to look for
it. To begin with, the disgraceful Grant y
Ward swindle to which General Grant lent
his name has shaken the confidence Of cap
italists, who naturally begin to feel tlat the
highest social reputation may lack basis
of financial integrity. The Grant Il Wand
firm in the grardest style on u borrowed
or rather stolen capital. The merchants
who trusted them may well ask If handsome
equpages, elaburately furnished dwellings,
and never-cnding round of social gather
ings are not being supported elsewhere on
the same fraudulent basis. They grow sud
denly cautious, refuse credit demand the
payments of notes to the day and the hour,
and-well- the sheriff tells the rest of the
story in his own too impressive style.
II we look carefully at the state OF trade
in this city for the past two years we shall
see abundent tokens of the crisis that was
to come, even though no Grant & Ward
swindle had stepped in to hasten the end.
Trade has been artificially inflated and con-
Quoted on unsound commercial principles
both by buyer and seller. By the buyer,
because he has been tempted by the install
ment principle and by the dangerous facili-
ties for credit to obtain goods in excess of
his requirements. and of the means actually
at his disposal to pay for them. The seller,
enjoying the same facilities Of easy credit
and the renewal of notes, gave orders in
excess of his actual needs, and saddled HIM
self with stock which underwent rapid
depreciation, even TO the extent of becoming
unsaleable. Lastly the storekeepcr mis-
taking the briskness of trade under this ar
tificial stimulus, for genuine naturl and
progressive development. increased the eX-
penses Of his domestic establishment to an
extent altogether unwaIranted by the actual
profits Of his business OF his real social ros
tion.
These are facts, which cannot be gainsaid
by any businessman who keeps his head
above water in these pancky times. We
have not the slightest intention of pointing
moral at the expense of any individual
whose misfortune it has been to '.,o-undel' at
time like the p. esent. But We do say un-
hesitatingly, that the chief cause Of the
stagnation in trade at the present time is
| the check put upon the purchases of men
aud women who had for two or tlnec years
mast not stopped to think whether they
wanted an article or not, and the question of
ability to afford it was quite miner consid.
| Grafton.
| Gases have been brought under our notice
where the wives Of men, by no means of
first-rate position in this city, have ordered
six or eight dresses to be made mp for them
ready for the summer holiday tour. The
family must 60 to the seaside, at any cost,
and they must have dresses to wear. Ii the
husband objects he can stay at home and
plod on at his desk, but go the family
must. And in such instanc s the goods are
in the majority of cases purchased in Phila-
delphia, because the dry goods stores there
can not only supply good article for less
money, (by cutting the pricesl but will also
allow the cost of the railway journey to and
credit and the lower milestone of compet
tion Wilmington is assuredly in a bad way
To cite another instance, we can reca
the ease with which jewelry, trinkets and
articles OF gertu could be purchased at many
stores in the christmas season of the pas
two years. A small payment down and 50
much per week sufiiced to allo8 " any thought
less young man to provide himself with
: ring a watch or some present for his lady
love, at price altogether beyond his means
actual or prospective. 1t was urged that ii
this way he could procure goods he coult
not otherwise have obtained. The unsound
ness of principle is manifest because til
purchaser was induced to buy what he cou
not afford, and either to pinch himself 10
payment, or to increase the heavy list {
= bad debts already on the books Of the sellel
The obvious remedy for this state
things is for storekecpers to give as lit
9 credit as they receive. 1t is hard to face
deserted store, day after day, with gas ar
+ taxes running on, and rent to pay. But
d is harder to be sold out by the sheriff
it commit fraud which shall not even lea,
# the consolation-'All is lost bat honor.
,r The domestic expenses must be cut dowl
b. the holiday trip abandoned the evil tim
resolutely faced. Three months of su,
economy would enable trade to recuperal
~ and the lesson learned in the past won
r be not Improbable in the future.
to -
How to Escape Disease.
The Board of Health of Philadelphia, h
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