The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-30
A YEAR OF BAD BUSINESS.
Dun Looks Upon the Record as the
Worst in Fifty Years.

Ever Known, and Millions of Work
ers Seeking in Vain for Work.
shrinkage of Sales Reported in
Every Branch of Commerce.
New York, Dec 29.-t. G. Dun & Co.'S
weekly review of trade tomorrow will
say, under the caption, ''The Year 1S93:''
"StartinR with the largest trade ever
known, mills crowded with worIx
and all business stimulated by high hopes,
the year 1893 has proved, in sudden
shrinkage in trade, in commercial disas-
ters and depression Of Industries, the worst
for fifty years. Whether the final results
of the panic of 1887 were relatively
more severe the scanty records of that
time do not clearly show. The year
closes with prices of many products the
lowest ever known, with millions Of work.
ers seeking in vain for work, and with
charity laboring to keep back suffering
and starvation in all our cities. All hope
the New Year may bring brighter days,
but the dying year leaves only dismal
record.
ALMOST WITHOUT PRECEDENT.
''The review Of the different departs
ments of trade given to-day exhibits q
collapse of industry and business which is
almost without precedent.
"The iron industry still leaves 40 peg
cent Of its force unemployed.
."Over half the woolen manufacture is
idle, and, excepting a brief recovery in
November, has oeen ever since the new
wool came in in May, the price having
| fallen 20 per cent. for fleece to the lowest
point ever known.
"The sales of cotton goods are fully a
quarter below the usual quantity.
"Ihe small advance attempted in boots
and shoes year ago was not sustained,
but, with prices as low as ever, the ship
ments of boots and shoes from Boston are
"a per cent less than last year in Decem-
ber.
mot only manufactured goods as a
whole, but the most important farm pro-
ducts are so low that producers find little
comfort.
sHRNKAGE OF SALES.
"Clear evidence OF the shrinkage in the
| different branches of business Is afforded
| by the answers already received to sew
| eral thousand circulars requesting figures
of sales during the last half OF lS93 and
1892 Full information Of the results will
be given hereafter, but the returns OF
textile goods already show a decrease OF
| "a per cent. The iron returns thus far
show decrease of 80 per cent. the res
ports thus far OF jewelry show decrease
II
dry goods, 90 per cent hats, lbs per
| cent; hardware, 10 per cent. shoe manu-
| features, lS per cent. and by dealers 3
per cent. and Of clothing, 10 per cent.
ut is curious that the only trade shows
ing any increase as yet is in groceries,
| the aggregate sales being l per cent.
larger than in the last half OF 1899.
THE FAILURES.
"ln the thirty-seven years covered by
| this agency the number of failures has
only once risen little above 1860 in a
year. In 1898 the number reported has
| been 1850. The aggregate of the liabili-
ties in all the failures reported has in sia
years risen above s2OO,000oOO. This
year the stictly commercial liabil-
tiles alone have exceeded 1881. .422,-
| 930, the liza bilities of banking and
| financial institutions have been n$210, ,056,-
| S64 and the liabilities of railroads placed
/ In the hands Of receivers about 81 ,2l2,~
| 2l7, ,S33 AS all reports hitherto have been
| to some extent erroneous through the in
clusion Of failures not strictly commer-
| cial, Q the classified returns
| show 1926 manufacturing, with liabili~
ties Of Sl64. .707, ,449; 10,6S3 failures in le-
| gitimate trade, with liabilities of S85, ,527,-
500, and BOZ other failures, including
/ brokers and Spectators, with liabilities
of S86, ,G62, ,785 The average of liabilities
in manufacturing is $4,000, In legitimate
| trading 5000, and in other failures Sll,-
0O0.n
| HOLIDAY TRADE DIsAPP oINTINa.
| New York, Dec 20.-Bradstreet's to-
morrow will say: "An absolute decline
in the volume of general trade this week,
the week in the year in which dullness in
| Wholesale circles is most conspicuous,
merely emphasizes the conditions pre-
viously reported. With few exceptions
! the holiday trade has been disappointing.
| Restriction of production in Industrial
| lines continues as severe as heretofore
Noted, the tendency being to add TO
| rather than to subtract from the total
| number of wage earners in enforced idle
ness throughout the country. In the moro
| important lines Of manufacture OF tex
| tiles and metals the restrictions OF outpuE
reported the past six months have ranged
| from 25 to 40 per cent, the larger share Of
4 which is still maintained.
: GOOD SHOWING FOR AUGUSTA.
"The Augusta, Ca, cotton mills, fully
| employed during the year, have recently
declared about S30 0O0 in divi dends.
| "At Philadelphia wool manufacturers
are doing very little, with no improve
ment in their prospects.
"Four-hfths of the employees of the
| leather factories are idle, and dullness
reigns in petroleum, lumber, tobacco and
iron.
THE orders for spring delivery at Bal
timore are Of smaller volume than usual,
and the outlook is not as favorable as an
\ ticipated.
sat Richmond stock-taking empha-
sizes the recent dullness and keeps COM
mercial travellers Off the road.
There is no improvement in trade cir
cles at Charleston or Memphis.
"At Augusta the relative prosperity OF
the cotton mills raises the condition Of
general trade above the average.
BETWEEN SEASONS AT ATLANTA.
CAT Atlanta few purchases are being
made and old supplies have been largely
disposed OF. Stock taking and dullness
in general trade rule.
| Business is only fair at Savannah the
| prices of cotton and of naval stores hav.
ing greatly reacted.
Business seems quiet at Birmingham,
but is better than expected at Mobile,
where the prospects are bright.
while trade is dull at New Orleans,
the outlook is for an earlier improvement
than was anticipated, and sugar men re-
joice at the prospects of 1,250,0O0 bar
rels.
''Unreasonabiy mild weather lends to
further depression at Galveston and other
Texas points"
Gen W. A Quarles Dead.