losing all hope of their being reduced during succeeding weeks, they also ost confidence in their property, and threw themselves on the tender mercies of buyers, which of course proved to be "cruel." Buying commenced late, owing to the vacillation of holders respecting prices, and, being late, was consequently of a character unsatisfactory to the sellers. After the beginning of March, however, the receipts began to decline, and continued to do so steadily until at the beginning of May the imports for the four months showed a slight decrease on the same period of 1859. This, of course, was too late to effect any material recovery in the tone of trade. During the mean time goods had been selling very heavily, and in many instances at ruinous prices. Jobbers, perceiving the fears of importers, were determined in bringing them to the auction room, which they effected without much difficulty, so that the public sales were unusually early, and large almost beyond precedent.

Dress goods, shawls, and silks especially, were crowded rapidly upon the market, and buyers finding they were to have prices according to their own ordering, took advantage of the occasion, and bought the major portion of their supplies at a heavy discount from the cost of importation. Probably not less than $25,000,000 of various kinds of goods was sold at auction, at an average loss of from 15 @ 20 per cent., making a total loss to the importers of not less than four million dollars. It was generally acknowledged by the trade that this ruinous procedure was very largely attributable to the unwise haste of sellers in resorting to public sale. Had a little more firmness been shown by holders, they could with perfect ease have made from 15 @ 20 per cent. more on their sales. There was nothing whatever in the state of the general trade of the country to shake the confidence of the market. The Southern jobbers commenced the season with heavy purchases, and good expectations were cherished respecting the West; whilst every other section of the country was in a fine condition for buying. In the prospect of the demand there was everything to encourage holders; but because they had chanced to stock themselves a month earlier than usual, they threw overboard all their chances, and squandered their capital where they might have increased it. It is a most unfortunate circumstance that the importer should have so little control over the value of his property. It may be that, from the peculiarities of the market, the importers could not have acted otherwise than as they did in the case in question; it must be admitted, however, that if they are surrounded by such sensitive influences as render it dangerous to make a liberal importation, the only wise policy for each merchant is to carefully keep within the strictest moderation in making his importation.

The lessons suggested by the experience of the spring trade are—that the market is peculiarly subject to the control of sensations; that a great sensation may be created out of very trivial causes; that holders of goods are themselves the first to yield to an unfounded sensation, instead of being the last; that sensations tend to the auction room; and that auctions, under such circumstances, are disastrous to the importer.

These costly lessons of the spring business appear not to have been lost upon the importing interest, for the course of the fall trade has presented a perfect contrast in these points to that of the spring. The early importation was moderate, so that the season opened with stocks as light as in spring they were heavy. On the 1st of August the imports of fall

the season.

goods were $6,000,000 less than for the same period of 1859, and this decrease upon the last year was steadily maintained up to the close of The result was that business opened with a firm tone and an active movement. Jobbers came early into the market, and importers sold a large portion of their stock during the early weeks at excellent profits. They were as late in their resort to public sale as in the spring they had been premature, and no general break down in prices was experienced throughout the season. The auctions commenced about a month later than usual, and the offerings being unfrequent and in many cases light, a scale of prices was sustained throughout quite equal to those of private sales. About the middle of the season the receipts of French worsted goods increased considerably, owing to the abolition of the export bounty on cotton and woollen fabrics by the French government; and this, causing a surplus of such stock to be offered at auction, produced a partial depreciation of its value. With that exception, however, the value of property at public sale was as good at the close of the season as at its commencement. These facts show the inspiriting tendency of a moderate importation.

The general failure of the Southern demand appeared to have little effect on the feeling of the market, although the volume of trade with that section did not amount to more than one-half of its usual extentstill further showing the sustaining tendency of a safe importation. It is also worthy of note, as showing the importance of a moderate aggregate of imports, that a certain class of goods have made handsome profits through the season, although the amount has been beyond all precedent. The receipts of silks for the fall of 1859 were unusually heavy, causing importers to lose all confidence in such goods and sacrifice upon them very heavily. The importation of silk manufactures for the present fall have been, however, over two million dollars, or eleven per cent. larger than last year; and yet, strange to say, silks have been the most desirable property of the season, and have sold down to a very low balance, excepting certain passé styles brought over from 1859. This difference between the results of the two seasons is not to be accounted for by the existence of any better demand this fall than last, especially considering that the South, which takes so many silks, has bought very sparingly this season; it is undoubtedly the result of the moderation of the aggregate importation having given confidence to holders generally.

It will be seen from the above statement that the total importation for the twelve months is $101,880,406, against $112,970,944 for 1859.

The general result of the year's business has not been such as to add materially to the capital of importers. The fall trade has been almost without exception satisfactory; but it is doubtful whether its profits have been sufficient to cover the losses made during the spring.

The panic consequent on the political crisis came too late to affect seriously the general result of the fall trade. The balance of stock on hand at the beginning of November was quite light, which enabled im

porters to hold their property at about the same prices as were obtained earlier in the season.

The woollen trade was generally unsatisfactory during the spring months. The clothing houses bought sparingly throughout the season, providing only for immediate wants; whilst the jobbers, having imported on their own account more freely than usual, wanted but little from the regular importers. The importation of fancy cassimeres was especially abundant, large amounts having been sold from samples previous to arrivals. Low and medium grades sold at very low rates, and in order to be pushed off had to be sold on terms much beyond the usual date. Fine French styles, however, were in fair demand throughout the season, and generally brought good prices. The general result of the season's trade in cassimeres showed that our own manufacturers are gaining very rapidly upon foreign goods in the estimation of buyers, and the probability is that their spring experience has taught importers that they must look to the further exclusion of foreign styles from the market. Some exception to these remarks should be made in the case of silk mixtures, in which the German fabricants undoubtedly excel our own, both as respects the make, color and price of the goods. The importation of German cloths and doeskins was very considerable, which caused holders to press their stock on buyers to the ruin of prices; and the consequence was, that although the demand throughout the season was steady, yet prices were in many cases below cost.

The experience of the fall business has been in contrast with that of the spring. Importers began the season with moderate stocks, and the jobbers, having been induced by the adverse result of their spring importations to buy less direct than then, were early in the market, giving a good tone to the beginning transactions. Prices opened at fair rates, and have been sustained throughout the season, having in some cases advanced. The trade in British woollens, though somewhat better than for the same period of last year, has not been generally satisfactory. The lower grades of coatings, which have hitherto been chiefly supplied from the West Riding of Yorkshire, are now being largely produced by our own manufacturers, whose goods are preferred by many clothiers in consequence of their reputed superior strength and honesty. As the season advanced, and finer grades came more into demand, there was an improved request for beavers, pilots, &c., of British make, but even then importers were not able to make much profit on their transactions. The importation of sealskins and mohairs was considerable, and the demand for them good through the season; but prices were generally below those of the previous fall, though sufficient to leave a fair profit. German tricots, beavers and heavy cloths have sold well since the middle of the season, the demand from the cloaking trade having been well sustained. The year closes with a light stock of foreign woollens generally. We apprehend that importers have been taught a lesson of caution to be exercised in their future importations of goods competing with American styles. The following are the comparative importations of woollen manufactures for the years 1858, 1859 and 1860:

1858.
$18,73,6075

1859.
$ 37,329,041

1860.
$34,532,922

FOREIGN DRY GOODS TRADE OF NEW-YORK.

From the U. S. Economist and Dry Goods Reporter.

VALUE OF FOREIGN DRY GOODS ENTERED FOR CONSUMPTION AT THE PORT OF NEW-YORK DURING THE YEARS 1857, 1858, 1859 AND 1860.

MANUFACTURES OF WOOL.

MANUFACTURES OF COTTON.

MANUFACTURES OF SILK.

VALUE OF FOREIGN DRY GOODS WITHDRAWN FROM WAREHOUSE DURING THE SAME PERIOD.

MANUFACTURES OF SILK.

1860. 1857

1858.

1859.

1860.

5,210,220 4,661,004 2,940,019 3,245,259 3,011,516 8,499,297 1,588,623 2,374,427 4,210,836 3,281,805 19,728,183 16,463,299 38,691,020 30,050,579 14,469,046 10,068,646 22,431,488 13,867,416 22,481,651 17,099,931

32,467,460 32,525,604

24,938,403 21,124,303 36,631,039 33,295,838 17,480,562 13,567,943 24,020,111 16,241,843 26,691,987 20,881,786 83,400,923 34,048,002