River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1894-01-04
WORST FOR OVER FIFTY YEARS
The Dismal Record of 1898 In the Corr-
mercial World.
New YORK. Jan. 1.-R. G. Dun &
Co. s weekly review of trade saNs:

New YORK. Jan. 1.-R- G. Dun &
Co.'S weekly review of trade says:
Starting with the largest trade ever known.
mills crowded with work, and all business slim
ulated by high hopes. the year 1888 has proved,
in sudden shrinkage OF ira lie, III commercial
disasters aud depression of industries. the
worst for Atty years Whether Ire final re-
suits of the panic OF 1897 we're relatyeiy more
severe the scanty records of that time
do not Gle Fly STOW. The year closes with
prices OF many products the lowest ever
known, with millions of workers seeking In
vain for work, AMI with charity labori1g to
keep back suffering and arVation in all our
cites All hope the ne. year may briug
brighter days. hut the dy.ag year leaves onlg
a dismal record The review of different
departments " trade given exhibits
collapse of industry aud business which IS
almost without precedent The iron industry
sustained weekly production OF ISL 81 tons
pig May I. out by October the output had fall
en- TO 20 sl5 tons. and the recovery 10 about I00-
O09 December stiH leaves 40 per cent of the
force unemployed. over half the wooden man.
ufacture is idle, and excepting a brief
recovery in November has been ever
since new wool ia May, for all sales at the
three chief markets in the eight months have
been but iOd, 105 400 pounds, partly for specu-
lation. the price having fallen 20 per cent for
fleece TO the lowest point ever known, against
2i2 Sss 0J3 pounds in the same mon n last year
Sales of cotton goods are fully a quarter below
the usual quantity.
The small advance attempted IN boots and
shoes q year ago was not sustained, but with
prices as low as ever the shipments OF boots
and shoes from Boston - per cent. less
than last year in December, aud though in
November the decrease WAS buJ los per cent
II has been - per cent for the last four
mouths. Not only manufactured goods "a
whole. but the most important farm products
are so low Il al PRODUCERS tnd little comfort
Official and other Reports give the no ion that
the crops OF last year were so short that famine
prices could be realized on purchases Enor-
nous stocks we're bought ana held with the all
of banks I'LL heavy eipts in the spring caused
collapse OF wheat, pork and cotton pools. Dis
astrnus failures helped 10 produce tie alarm.
which soon made money impossible 10 get. but
even at the worst hour Of the panic prices were
scarcely lower than they are now.
Monetary anxieties appeared TO cause the
panic and became epidemic when doubts were
raised in A ril about REDEEM ption 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
1vs months nearly l3O,OOo.0O0 Purchases
for cons mption shrunk much. SO maay
hands out OF work or earning re-
duced wages and business of all kinds so
reduced that tie circulation OF IDLE money be-
came the greatest ever known, exceeding s2OO,-
900 900 in New York The transaction through
all clearing aouses outside New YORK in jan
uary were ~ 5 per cent larger than last year
and SO larger than the first qua ter, slightly
larger in the second quarter. 81 per cent small
er in he third quarter and y per cent smaller
in ths last quarter.
Clear Evidence OF the shrinkage in different
branches OF business is afforded by answers
alrea dy received To several thousand eircu' airs
requesting figures Of sales during the last half
OF 1893 ana 1872 Returns Of textile goods show
"a ga- FK.E-
g7J 81, $50 last year, decrease Of ~ per cent
Iron returns thus far aggregate s4O SIS, isO,
against so5 81 e21 last year decrease Of 80 per
cent; reports thus far OF jewelry show a de-
crease OF 20 per cent: OF furniture, 26por cent;
OF dry goods, % per cent: OF hats. 1910 per
cent; OF hardware, 10 per cent OF shoe manu-
facturers, IS per cent; and b. dealers, per
cent, ami OF clothing, 10 per cent
1t is curious thGI the only trade showing an
increase is in groceries, the aggregate sales be-
| ing per cent larger than ia the last half
of 1872 In thirty years covered by
the records of This agency the number OF fail
ures has only once risen little above 49, so
! in "a year, In 1895 the number reported has
been 10 $50 The aggregate Of the liabilities
! in all failures reported has in six years risen
above a2J0 OO000J and this year the strictly
commercial liabilities alone have exceeded
1891. 422 $50 the liabilities OF banking and Imam
cial instit Jtons have been e2i0 $50 S64. and the
liabilities OF railroads placed In the hands Of
receivers about si.2l2,2I7, sos.
As all reports hitherto have been 10 some ex-
tent erroneous through inclusion Of failures
not strictly commercial. the class fed returns
show 3, 22d manufacturing failures. with lab IL
ties of S64 7J7 449. l06 sS failul es n legitimate
trade, with liabilities OF s65. 81 59o, and 81
o Their failures, including brokers ana speculat
ors, with liabilities OF sse co., 73i. The average
OF liabilities ia manufacturing is s5o.00Oi ir
legitimate trading, $500, anu other failures
slIUuN