The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-30
Business Record for 1913 The Worst
for Half a Century.
BIG COLLAPSE OF INDUSTRIES
The Closing Year Leaves Behind No Sign
of Coming Improvement The Figures
Are Simply Appalling in Their Mag
nitude.


Nrw YoRK.D Dec ao-R c. Dun 6;
ro.'s review Of trade says Starting with
the largest trade ever known, mills
crowded with work, rnd all business
stimulated by high hcpes, the year 1898
has proved, in sudden shriukage OF trade,
Ia commercial disasters and depression OF
industries. the worst for 30 years. l
That the final results Of the panic
of 1877 were relatively more severe, the
records of that time do not clearly show.
The year closes with prices Of many
products the lowest ever known, with
millions OF workers seeking in vain for
work, and with charity laboring 20 keep
back suffering and starvation in all our
cities. All hope the new year may bring
brighter days, but the dying year leaves
only n dismal record.
Iron. Wool apd Cotton.
The review OF dinereat departments of
trade exhibits collapse of industry and
business which is without precedent. The
iron industry sustained a weekly produc-
OF 1875 tons pig May l. but by Oct, the
output he'd fallen TO 1885 tons, and the
= recovery to abOut 100, 900 Dee. still leaves
40 per cent OF the force unemployed.
Over half the wooden manufacture Is
idle, and, excepting brief recovery in
November. has been ever since new WOOL
came Ia May, for all sales at the three
chief markets in the eight months have
been but lC6,1J5, 100 pounds, partly FOR
speculation, the-price having fallen 20 per
ceat for fleece 10 the lowest point ever
known, against 2l2, ,S99, ,0o3 pounds in the
same months last year.
Sales cf cotton goods are fully q quarter
below fae usual quantity.
Boots and Shoes.
The small advance attempted In boots
aid shoes a year ago was not sustained,
but with prices as low as eyer the ship
ments of boots and shoes from Boston are
"a per cent less than last year in Decem-
: tcr; 5srrrt tforgh III November the de-
crease was but 10S per cent, Il has been
~ per cent for the last four months.
Not only manufactured goods as q
whole, but the most important farm pro-
ducts are so low that producers find little
comfort.
Clear evidence of the shrinkage in diff
ferent branches of business is afforded by
answers already received TO several thou
sand circulars requesting figures of sales
during the last half OF 1893 and 1892. Re
turns OF textile goods alre .y show sales
amounting to $40, ,S93, s15 this year, against
SIC, $50 last year, a decrease of 81 per
cent. Iron returns thus far aggregate
Gao, $50, $780, against s65, ,530.o2l last year, q
decrease of 3S per cent; reports thus far of
jewelry show decrease OF 20 per cent; Of
furniture, 25 per cent; of dry goods, 20 per
cent; of hats, 1875 per cent; OF hardware,
~ per cent; of shoe manufactures, Is per
cent; and by dealers, per cent; and of
clothing, 10 per cent.
1t is curious that the only trade show
ing any increase as yet is in groceries,
the aggregate sales being per cent larger
than in the last half of 1892.
Failures.
In 81 years, covered by the records of
this agency, the number of failures has
only once risen little above 1860 in a
year. In 1893 the number reported has
been 1869. The aggregate of liabilities
in all failures reported has in six years
risen above S2O0.OOO,0O0.
This year the strictly commercial liabili-
ties alone have exceeded SJ3l 400 ,959, the
liabilities OF banking and financial insti-
Intions have been S2l095G,sGi, ana the
liabilities of railroads placed in the hands
- 49,,