Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1894-01-04
WORST FOR OVER FIFTY YEARS
The Dismal Record Of 1893 In tho Conn
merclal World. 1,

The Dismal Record Of 1898 In tho Conn
mercial World.
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 1893 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 scanty records of that time
do not clearly show. The year closes with
prices OF many products the lowest ever
knew n, with millions of workers seeking in
vain for work, and with charity laboring to
keep, back suffering and starvation In all our
cities. Ala the new year may bring
brighter hol,,. he dying year leaves only
dismal rs but. The review OF different
departments OF }trade given exhibits q
collapse OF industry and business which is
almost without precedent The iron industry
sustained weekly production OF 1851 tons
pig May l. but by October the output had fall.
en- to 70 895 tons, and the recovery to about 100
OOo December l still leaves 40 per cent of the
force unemployed. Over half the wooden man
ufacture is idle, and, excepting 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 l06,1O5, 4eO pounds, partly for specu-
lation. the price having fallen 20 per cent for
fleece to the lowest point ever known against
2l2, $780, DOB pounds in the same month last year
Sales Of cotton goods are fully a quarter below
the usual quantity.
The small advance attempted in boots and
shoes 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, and though in
November the decrease was but 1913 per cent
1t has been ~ per cent. for the last four
months Not only manufactured goods as "a
whole, but the most important farm products
are SO low that producers find little comfort
Official 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
q collapse Of wheat, pork and cotton pools. Dis
astrnus 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. b.
Monetary anx1eties appeared to cause the
panic and became epidemic when doubts were
raised in Al ril about redemption Of treasury
notes in silver. Western banks had given
reason for distrust by connection with roal
estate, produce and stock ventures. De-
posits in national banks alone decreased in
i've months nearly $4,000. 600 Purchases
hands were out Of work or earning re-.
duced wages, and business Of all kinds was %
reduced that the circulation Of idle money be-.
came the greatest ever known, exceeding 600.
0OO, 900 in New York. The transaction through
all clearing houses outside New York In jan
uary were l25 per cent larger than last year
and 6.5 larger than the hrst quarter, slightly
larger in the second quarter, 81 per cent small
er in the third quarter and ~ 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 1893 and 1892 Returns Of textile goods show
sales amounting to $40, s73 this year, agstns
81, 1882 last year, q decrease OF 81 per cent
Iron returns thus far aggregate 60 S58, 49,
against s65 49, 2l last year, decrease Of SO per
cent reports thus far OF jewelry show q de-
crease Of 20 per cent: OF furniture, 2e Der cent;
OF dry goods 81 per cent of hats. 1875 per
cent; OF hardware, 10 per cent; Of shoe manu-.
facturers 10 per cent; and BY dealers, per
cent, and OF clothing, 10 per cent
It Is curious that the only trade showing IN
increase is in groceries, the aggregate sales be.
ing l per cent larger than in the last half
Of 1892 In thirty-seven years covered by
the records of this agency the number OF fail
ures has only once risen little above 10 go
in year. In 1898 the number reported has
been 16 $50. The aggregate Of the liabilities
in all failures reported has in six years risen
above s2J0 000OOO and this year tho strictly
commercial liabilities alone have exceeded
1891. 422 $50, the liabilities Of banking and dnan
cia institutions have been s2l0, 0b5, 1884, and the
liabilities of railroads placed In the hands Of
receivers about II, 2l2,2l7. $685.
AS all reports hitherto have been to some et.
tent erroneous through inclusion OF failures
not strictly commercial the CLASSIFIED returns
show 8, 226 manufacturing failures. with Habit
ties Of sl64 707 449: l06S3 failures in legitimate
trade with liabilities Of tso, $685. and S02
o Their failures, including brokers and speculat
ors, with liabilities OF e36 662 7S5. The average
Of liabilities in manufacturing is 10000; In
legitimate trading, $4,000, and other failures,
Sll 0U0