Effect of the Panic Upon the Warehousing Business
"It is almost like Sunday." In 1873 a financial crisis caused the first modern "Great Depression" in America and Europe which lasted until 1879 and in some places much longer. With money in short supply very few goods were shipped to and from the stores of Red Hook, or anywhere else.
Effect of the Panic Upon the Warehousing Business Scare.
The effects of the "Wall street " panic are felt along the river front, among the warehousemen, to as increase of the dull times that have prevailed during the past few months. At the Red Hook Naval Stores, the proprietors say "it is almost like Sunday." Scarcely any orders are coming to, while at the border warehouses very few goods are being taken out of bond. Merchants find it difficult to spare the money for duties, and business men are waiting until the financial atmosphere clears a little before giving further orders for goods.