The Continental Monthly , Vol. 2 No. 5, November 1862. Various
we now suffer from. We want a word for the opposite of a compliment. Not that this is as great a defect as the lack of the word compliment would be in these smooth-spoken times, but still the want is felt, and the feeling is shown by such awkward expedients as the expression 'a left-handed compliment.' Then, besides, they might give the seal of legitimacy to a fine lot of words and phrases, the need of which is shown by their being spontaneously invented, and universally adopted by the vulgar; but which are not classic, have never been written except in caricature, and are therefore inadmissible to the writings of us cowardly fellows who 'do' the current literature. For instance: the word onto, to bear the same relation to on and upon, that the word into does to in and within, has no synonyme, and if we had once adopted it, we should be surprised at our own self-denial in having had it so long in our ears without taking it for the use of our mouths and pens.
The judiciary department should have full power to try all defilers of the well of English, be they these offenders we have been talking of—spendthrifts and drunkards in the use of its strong waters—or be they punsters, or be they the latest development of miscreants, the transposers. To the punsters shall be adjudged a perpetual strabismus, that they may look two ways at once, forever—always seeing double with their bodily eyes, as they have been in the habit of doing with their mental ones. Even so to the transposer. Let him be inverted, and hung by the heels till healed of his disorder.
If this idea of an association is seized upon, I should be happy to suggest well-qualified persons for all the offices except the highest. The most appropriate incumbent for that, modesty forbids my mentioning. But the matter must not be let drop. Unless there can be some check put to the present extravagance, we shall all take to swearing, for I am sure that is the first step beyond it.
STEWART, AND THE DRY GOODS TRADE OF NEW YORK
Those who have watched the growth of New York, have found a striking criterion of its gradual advance in the different aspects of the dry goods trade. We select this branch of business as a better illustration of the progress of our metropolis than any other, since in breadth, as well as in enterprise, it has always taken the lead. What grocer, hardwareman, druggist, or any other of the different tradesmen of the metropolis, ever wrought out of nothing the majestic structures or the enormous traffic which is represented by some of our dry goods concerns.
Dry goods originally held their headquarters between Wall street and Coenties slip. In those days Front street for grocers, and Pearl for dry goods men, within the limits above mentioned, sufficed for all the demands of trade, and in many instances the jobber lived in the upper part of his store. The great fire of 1835 put an end to all that was left of these primitive manners, and the burnt district was in due time covered with new brick stores, of a style vastly superior to those of the past. At the same time the advance in the price of lots fully made up the loss of insurance on buildings which was inevitable from the universal bankruptcy of fire offices. As trade appeared to be firmly established in that section, a mammoth hotel was built near Coenties slip for the accommodation of country merchants, and was long famous as the 'Pearl Street House.' A jobbing concern at that day might be satisfied with the first floor and basement of a building twenty-five feet by sixty to eighty, in which a business of from one hundred thousand to two hundred and fifty thousand dollars could be done. Such a business was then thought of respectable amount, and few exceeded it.
The trade even at that early day was remarkable for its precariousness—and while a few made fortunes, whole ranks were swept away by occasional panics. In 1840, Hanover square was the dry goods emporium of New York, and there a few years earlier Eno & Phelps commenced a thriving trade which grew into famous proportions. As an illustration of the risks of trade, we may mention that we know of no other concern engaged in that vicinity at that time which escaped eventual bankruptcy. Near Eno & Phelps stood the granite establishment of Arthur Tappan & Co., while lesser concerns were crowded in close proximity. The first disposition to abandon this section was shown by opening new stores in Cedar street, which soon became so popular as a jobbing resort that its rents quadrupled. The Cedar street jobbers would in the present day be considered mere Liliputians, since many of their stores measured less than eighteen by thirty feet. They were occupied by a class of active men, who bought of importers and sold to country dealers on the principle of the nimble sixpence. Of this class (now about extinct) a few built up large concerns, while others, after hopelessly contending year after year with adverse fortune, sunk eventually into bankruptcy, and may in some instances now be found in the ranks of clerkship. From Cedar street, trade moved to Liberty, Nassau, and John streets, while as these new emporiums prospered, Pearl street gradually lost its prestige, until the general hegira of trade in 1848, which left that ancient mart deserted. The Pearl street hotel, which once was thronged by country dealers and city drummers, was then altered into a warehouse for storage, while the jobbing houses, where merchants were wont to congregate, fell into baser uses, and property sunk in value correspondingly.
The 'hegira,' to which we have referred, led from the east to the north side of the town, and was so exacting in its demands, that at length no man could hope to sell goods except in the new locality. Meanwhile, property in Cortlandt, Dey, Vesey, and the neighboring streets, rose immensely, and old rookeries were replaced by elegant stores. The chief features in this improvement were increased size and enlarged room. L.O. Wilson & Co. took the lead in this by opening a store extending through from Cortlandt to Dey street, whose spacious hall could have swallowed up a half dozen old fashioned Pearl street concerns.
It was Mr. Wilson's ambition to break the bondage of antiquated habit, and inaugurate a revolution in trade. He had been a prominent Pearl street man, and had retired with a snug fortune, but had too active a mind to be satisfied with the quiet of retired life, and hence returned to trade with renewed energy. The new concern created a decided sensation, and for several years was successful, but we regret that we cannot record for it any other end than that which is the general fate of New York merchants. The movement which had now been inaugurated, continued with rapid progress until Barclay, Warren, Murray, and Chambers streets were transformed from quiet abodes of wealthy citizens to bustling avenues of trade. With this change the demand for size and ornament still continued, and was accompanied by enormous increase in rents. A newly-built Pearl street jobbing house in 1836 might be worth $1,500 per annum, while $3,000 was considered enormous; but now rents advanced to rates, which, compared with these, seemed fabulous. To meet these expenses, the consolidation of firms was resorted to, and the standard of a good year's trade extended from $250,000 to a million and upward.
From 1848 to 1860 the principle of extension was in active operation. From Chambers street the work of renovation progressed upward, until even Canal street was invaded by jobbers, and until a space of a half mile square had been entirely torn down and rebuilt. Vast fortunes were made in the twinkling of an eye. A German grocer, who held a lease of the corner of Warren and Church streets, received $10,000 for two years of unexpired lease. The fellow found that the property was needed for the improvement of adjacent lots, and made a bold and successful strike for a premium. The church property, corner of Duane and Church streets, one hundred feet square, was sold for $28,000, and within a week resold to a builder for $48,000. The widening of streets now became popular, and a spot long famed for the degradation of its inhabitants, was thrown open to the activities of trade, and its rookeries replaced by marble palaces. What a transformation for Reade, Duane, Church, and Anthony streets, once synonymous with misery and crime, thus to become the splendid seats of trade!
The growth of the dry goods trade had by 1860 assumed proportions which twenty years previously could not have entered into the wildest dreams. Indeed, had a prophet stood in Hanover square at that epoch, and portrayed the future, he would have been met with the charge of lunacy. $30,000 rent for a store was not more absurd than the idea that trade would ever wing its way to a neighborhood chiefly known through the police reports, and only visited by respectable people in the work of philanthropy. The enterprise of New York houses, in either following or leading this movement, is admirably illustrated, and as the merchants of New York are among her public men, we purpose a brief reference to a few leading houses. As it is nothing new to state that only three per cent. of our mercantile community are successful in making fortunes, the results of these examples need not surprise the reader.
Among