The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-01-04

the panic of 1873 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
workers seeking 10 vain for work aud
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
Review of the different d, apartments
OF trade given today exhibit collapse
of industry and business almost with
out precedent. The iron industry sus-
tanned weekly production of 1871. SOL
tons of pig to May l, but by Oct. |, the
output had fallen to 1885 tons aud
recovery to about 100000. Dec still
leaves 40 per cent of the force unem
| ployed.
Over half the wooden manufacturers
are idle and only brief recovery has
been made since November. Sales OF
cotton goods are fully IA below the
usual quantity. The small advance
attempted in boots and shoes a year
asgo was not sustained, but with price
a low as ever shipmen-s Of boots andS
shoes fIom Boston were "a per cent
less than last year in December
Not only manufactured goods as a
whole, but the most important farm
products are so low, farmers find little
comfort. Enormous stocks bought and
held with the aid of banks until heavy
receipts in the spring caused a collapse
OF wheat, pork and cotton pools.
Disastrous failures helped produce
alarm, which soon made money i'm
possible to get, but even at the last
hour of the panic prices were scarcely
lower than now. Wheat was repeat
eddy sold here and at Chicago at the
| lowest price ever known, and but 2
cent above it now. Pork Tell 81 in aD
hour when speculation burst, but sells
lower yet today.
Cotton lifted cent with accounts Of
scarcity in September, but lost most of
the gain and sells below 8 ceuts. Thus
unreasonable speculations by prevent
ing sale of surplus products have
proved great injury to farmers at
time when their enforced curtaiImenC
of purchases was disastrous to all other
industries Clear evidence of shrink
age in different branches of business
is afforded by answers already received
to several thousand circulars request
ing figures of sales during the last half
of 1893 and 1892 Full information of
results will be given hereafter, but re
turns of textile goods already show
sales amounting to $43, S93,S75 this
year, against $7G,347,SS last year,
decrease of 81 per cent.
Iron returns thus far aggregate $40
S63, $50 against $50, 1903 last year,
decrease of 80 per cent. Reports thus
far of jewelry snow decrease of 20 per
cent, furniture 26 per cent, dry goods
20 per cent, hats 10 per cent, hard
ware 10 per cent, shoe manufactured
IS per cent and by dealers per cen,
and clothing 10per cent
1t is curious the only trade showing
any increase as yet is III groceries, az
gregate sales being per cent larger
than in the last hall of 1892. In 81
years, covered by records of this
agency, numbers OF failures have only
year. In 1898 the number reported
has been 49, $50. Aggregate liabilities
in all failures reporter has in six years
risen above $500, 100000. This year
strictly commercial liabilities exceeded
1881 422, 800 Liabilities of banking
and financial institutions have been
1910, 056, 1884, and liabilities of railroads
placed in the hands of receivers about
$l,2l2, 217033 AS all reports have
hitherto been to some extent erroneous
through inclusion of failures not strict
ly commercial, classified returns are
more complete and instructive than
any hitherto published. They show
1926 manufacturing failures with liza
bilities OF $164,7O7, 449, TO- 83 failures in
legitimate trade with liabilities of $S5,
527,S96, and 302 other failures, includ
ing brokers and SPECTATORS with liza
abilities of $S6, 662, 735. Average liabili-
ties in manufacturing $50, 0O0 In legiti-
mate trading $4,000, and in other fail
ures $11, 600.