Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1894-01-04
THE YEARS REVIEW
Groceries the Only Line That Did
Not Shrink.
WHEN THE BLIGHT FIRST STARTED.
Seems to Have Come On Soon After the
Year Commenced and to Have Com
tinued Right Down to
the End.

NEW YoRK, Dec. 8O.-R. q. Dun &
Co. Weekly Review OF Trade says un-
der the caption THE Year 1s03:"
Starting with the largest trade ever, known,
mills crow cd with work and al bu ines slim
ulated by high hopes, the year 1898 has proved,
In sudden shrinkage OF trade in commercial
disasters and depression OF industries, the
worst tor atty years. Whether the final results
OF the panic OF 1857 were reativel more severe
the scanty records that exist do not clearly
show. The year closes with prices Of many
produ Il the lowest ever known. with millions
Of workers looking in vain for work. and with
charity laboring to keep back suffering and
starvation In all our cities, All hope the new
year ma bring brighter days, but the dying
year leaves only smal record
The review Of different departments Of trade
given TO day exhibits a collapse OF industry aud
buslness which is almost without precedent
The Iron industry sustained weekly produo-
tion OF 1881 tons pig May /, but by October
the output had fallen to ~ sa5 tons, and the re.
GOV ~ to about 1000 December still leaves
80 per cent OF the force unemployed Over
half the woolen manufacture 10 idle, excepting
brief recovery In November, has been since
new wool In May, for all sHles at the three chief
markets: in ,he eight months have
been but lO5,5j,'O pounds partly for
speculation, the price having fallen 20 per
cent Tor fleece, to the lowest point ever known,
against 2l2,3l9.0 pounds In the same months
last year Sales Of cotton goods are FUZZY ono
fourth below the usual quantity The small
advance attempted In bo u and shoes year
ago was not sustained, but with prices as low
as over tho shipments OF boots and shoes from
Boston are ~ per cont less than last year in
December, and though IN November tho de-
crease was but Us per cent, II has been % per
per cent for the last four months Not only
manufactured goods as whole, but the most
important farm produ'ts are so low that pro-
duc'rs ini little comfort
ohci"l SUI other reports give the notion that
tho crops OF last yoar were 40 short that famine
pric could be reallz on purchases Enor-
nous stocks were bought and held with the aid
Of banks til heavy receipts in the spring
caused q collapse OF wheat . rk and cotton
pools Disastrous 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 Wheat has repeatedly sold higher, and
at Chicago at the lowest price ever known and
Is but 4 cent above It now Pork fell 81 in an
hour when the speculation burst but sells
lower vet o.day Cotton was liftod a cent with
accounts Of scarcity IN september hut has lost
most OF the gain and sells b'lo cents Thus
unreasonable speculat onB, b. preventing 1he
sale Of surplus products, have proved great
injury to rmcrs at u tim when their en- orced
curtailmcnt OF purchases is disastrous TO all
other Industries
Monetary anxietlos appeared to cluse the
panic and became epidemic when doubts were
raised in Apr about ro1em tion Of treasury
notes In silver Western banks had -giyen
r,Hson for distrust by connection with real
estate produce and sto;k ventures Deposits
in national banks aionu declined In 1--WE months
nearly OLO1i,uIl Purchases for consumption
shrunk SO much, 30 man hands wero
out OF work or earning reduced
wa cs, and business Of oil kinds was
80 reduced that the accumulation OF idle money
became the greatest ever known, exceeding
: d n no
through the clearing houses outside New York
In January were l9.5 per cent larger than last
3 ear, a1d 40 per cent larger than for the first
quarter, 7 per cent smaller in the third quar-.
ter and 2! per cent smaller In the last quarter.
Clear evi iiencc OF the shrnkage in different
branches Of business Is Afforded by answers al.
ready rgceiyed't to several thousand circulars
requesting figures Of sales during the last half
OF lss and ls9! Full Information OF the rail.
roads will be given hereafter but returns Of
textile goods already show sales amounting 10
Aasl $50 this wear, against 1881, So last year
a decrease of "a per cont
Iron returns thus far aggregate stLsiaIsl
against 40 tb!O92 last wear, u decrease Of 3s
per cent reports thus far OF jewelry shows de.
crease OF " per cont Of furniture, 20 per cent.
Of dry goods, ~ per cent OF ats 10 por cent;
Of hardware 10 per cent OF shoe manufacture
Is per cent and by dealers, 8 per cent and OF
clothing 10 per cent II Is curious that the
only trade showing an increase is In groceries,
tho aggregate 81 ~ bet ng per cent Iat ger
than ih tho Inst half Of l-J1
In thirty- seven years, covered by the records
Qf his agency, the number Of failures has only
once risen n little above iB6iI In a year In
1893 the number reported his been TO- 80 The
agsr,Rlt, OF the unbll'ics in all failures ro
"ortod AMI In sx YEARS h,v' not risen above
OL0n 80, an his year the strictly CONNER
iai liuhIlir c- u'u0" h ave Exceeded 3l.42 $50;
mo liuhil a IS ui BANKING ami rnlucal institu.
lions have huru t!i1pbiNil, md the liabilities
railroads V.nced In ;he hands ~ receivers
about SlIetgiTs'. As all reports hitherto
have been o SOM extent erroneous through
inc usion Of failure, not strictly commercial.
ihe e 81. sifei returns SHOW 3,2li minufactur.
ing failures with 'i,Hlitics OF Z GL7iT, 40 i0,-
is3 failures In le'i m tc trade, with liabilities
~ $50 Z 80 and ~ other failures including
brokers, spec llatorL etc, with liabilities of
.3h8ia i5 Tne average ot Il bllitos In manu-.
featuring Is $50, % "a lcsitimato trading ~, 90
and other ia lures tli o.