Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-01-04
TRADE REVIEW.
A Dismal Record Left by the Year
Just Closed.
The Year, Which Opened with Bright
Prospects. Was More Fruitful in Com
merciaI Disasters Than for
Over Fifty Years.
THOUSANDS OF FAILURES.


Co. s weekly review of trade says:
Starting with the largest trade ever known,
mills crowded with work. and all business stim.
ulated by high hopes the year 1898 has proved
In sudden shrinkage Of trade, in commercial
disasters and depression OF industries, the
worst for fifty years. Whether the final re-
suits Of the panic Of 1887 were relatively more
severe the seanty 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 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. The review OF different
departments OF trade given exhibits a
collapse of industry and business which is
almost without precedent The iron industry
sustained a weekly production OF 1871, 55l tons
pig May ], but by October the output had fall
en- to 20, S95 TONS and the recovery to about 100
900 December ! still leaves 20 per cent Of the
force unemployed Over half the wooden man.
ufacture Is idle, and, excepting o brief
recovery IN November, has been ever
since new wool in May, for all sales at the
three chief markets IN the eight months have
been but l06, 705. 400 pounds partly for specu-
lation, the price having fallen 20 per cent for
fleece TO the lowest point ever known, against
BIZ 339, 003 pounds IN the same mouth last year
the usual quantity.
Where the Farmer Suffered.
The small advance attempted In boots and
shoes a year ago was not sustained, but with
prices as low as ever the shipments Of boots
and shoes from Boston are "a per cent less
than last year in December, ana though in
November the decrease was but los per cent
it has been % per cent for the last four
months. Not only manufactured goods as ga
whole, but the most important farm products
are so low that producers find little comfort
Ofcial and other reports give the notion that
the crops Of last year were so short that famine
prices could be realized on purchases. Enor-
nous stocks were bought and held with the aid
of banks till heavy receipts in the spring caused
a collapse OF wheat, pork and cotton pools. Dis.
astrous failures helped to produce the alarm,
which soon made money impossible to get, but
even at the worst hour of the panic prices were
scarcely lower than they are now.
What Caused the Shrinkage.
Monetary anxieties appeared TO cause the
panic and became epidemic when doubts were
raised in April about redempt on Of treasury
notes in silver. Western banks had given
reason for distrust by connection with real
estate, produce and stock ventures. De-
posits in national banks alone decreased in
five months nearly s3O0,000,000 Purchases
for cons Imption shrunk so much, so many
hands were out Of work or earning re-
duced wages and business of all kinds was sc
reduced that the circulation of idle money be-
came the greatest ever known exceeding AGO.
100000 In New York. The transaction through
all clearing houses outside New York in Jan
uary were 1875 per cent larger than last year
and 6.5 larger than the first quarter slightly
larger in the second quarter, 81 per cent. small
er in the third quarter and p per cent smaller
in the last quarter.
Clear evidence Of the shrinkage in different
branches OF business is afforded by answers
already received to several thousand circulars
requesting figures of sales during the last half
OF 1898 and 1892 Returns OF textile goods show
sales amounting to i45, s43,875 this year, against
$40, 347, $50 last year, decrease of 90 per cent
Iron returns thus far aggregate $40, $3.50,
against S65, 320 92l last year. decrease of 80 per
cent reports thus far of iewelry show a de
crease Of 20 per cent: OF furniture, &c per cent
OF dry goods, 20 per cent; Of hats, 1915 per
cent; OF hardware 10 per cent of shoe manu-.
facturers, IS per cent; and by dealers, pei
cent, and of clothing, 10 per cent
Business Failures.
1t is curious that the only trade showing an
increase is in groceries, the aggregate sales be.
ing l per cent larger than in the last halt
of 1892 In thirty-seYen years covered by
the records of this agency the number of fail
ures has only once risen a little above 1866
in a year, IN 1893 the number reported has
been 49, $50 The aggregate OF the liabilities
in all failures reported has in six years risen
above 400 100000 and this year the strictly
commercial liabilities alone have exceeded
1884, 422 800 the liabilities OF banking and flnan.
cial institutions have been 1910, $50 s84, and the
liabilities OF railroads placed in the hands Of
receivers about 81, 212, 2l7 SOS.
AS all reports hitherto have been to some ex.
tent erroneous through inclusion of failures
not strictly commercial, the classified returns
show 8, 226 manufacturing failures, with liabili-
ties OF Sl64 707 49, TO- 683 failures in legitimate
trade, with liabilities of ss5, 1927, $685. and 302
other failures, including brokers and speculat
ors, with liabilities OF $50 662 735. The average
of liabilities in manufacturing is s500OOi in
legitimate trading, $4,000, ana other failures.
$1,000