The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1886-02-20
How the Trade of New York is
Declining.

The New York correspondent of the Phila-
delphia Ledger, under date of February II,
writes: 1t was long while before our New
York merchants could be got to acknowledge
that very large proportion of their once lu-
crative dry goods jobbing trade had slipped
away to Chicago, but the acknowledgement
at length is an old story. What concerns
them now is the not less unpleasant fact that
other business is also drifting away from
them in the same direction. Take the once
great speculative trade in bacon and mess
pork for example. Time was when nearly
the whole of this was concentrated here, but
that has gone by. A leading dealer at the
Produce Exchange is quoted as saying:
''There has not been a speculative contract
made here for three or four years past on pork,
nor on bacon for even greater length of
time. The fact is the business has gone to
Chicago, where the stocks are held. The
losses of the New York men on commits
sions in this line of trade are very consider
able, but these are now beyond recovery, as
pork and bacon have doubtless gone to the
Lake City to stay"
Meanwhile from the other exchanges there
is loud cry for government help as regards
the shipping interests. On Monday or Tues
day next a numerous deputation of merchants,
representing the Chamber of Commerce and
Maritime Association, will again proceed to
Washington to argue before the Shipping
Committees of both Houses of Congress in
favor of the 80 cents per mile subsidy scheme
in other words, the adoption of the French
bounty plan. Unless this plan is accepted,
these gentlemen contend, we may as we'll
abandon all expectation of restoring the old
flag to its former position on the seas. 1t
must also be recorded, however, that accom-
panying the deputation from the chamber is
J. E. Miller, a prominent member of that
body (who says he is the part owner of upwards
of sixty vessels), who will oppose the grant
ing of subsidies in every form, and contend
that the only effective policy to accomplish
what is wanted is to admit foreign bottoms to
American registry, and to reduce the cost of
ship building by lowering the tariff on every
thing that enters into the composition of a
ship.
Another thing that troubles them is the
steady increase of Western grain shipments
at Newport News by the Chesapeake and Ohio
Railroad land some ofthem, am assured, have
even gone so far as to intimate to Mr.. Hunt
ington that they do not see how a great
capitalist who has so many financial in
terests identified with New York can justify
this diversion of commerce from the latter.
1t is a pity that the response of Huntington
has not been noted down, but believe it ran
York is great port, but it is a mis-
take to suppose that it is the whole coun-
try. True, l have important interests
centering here, but these interests are closely
identified with a trunk railway system that
stretches nearly across the continent and
when this is fully developed, as it soon will
be, | expect the bulk of the foreign grain
trade of the West will find its natural deep
water outlet through the terminus at Newport
News. Port charges there, compared with
those of New York, you know, are bagatelle,
and our storage facilities at all seasons of the
year are, or will be, ample enough to accom-
modate the commerce of continent. Steam
ships of the heaviest draught can come right
up to our wharves and elevators and take on
their cargoes at all stages of the tide, and
with such ready access to the sea that they
can come in and go out without the assistance
of pilots, a very important consideration when
the question is one of cost" The New York
Produce Exchange merchant who had delud-
ed himself into the belief that this port was
the "be all and the end all' of our foreign
trade is beginning to revolve these things in
his mind, and at last he begins to have a
glimmering suspicion that, as New York is
one of the dearest places in the world to do
business in, something must be done to re-
lieve trade from the manifold impositions put
upon it if it is to maintain its reputation as
the leading commercial port of the country.