The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1894-01-27
THE RECORD OF I02.
Reca ituiation OF the Consequences of the
Nations Most Disastrous Panic-StatIs-
tics OF Failures, Receiverships,a
and DECREASED Trade.

NatiOn'S MOST DisaStrous fsshic-Siatls-
tics OF Failures, Receiverships,2
and Decreased Trade.
The following review of the business
record of 1893, is taken from the New
York correspondence of the PhiladSl
bkia Ledeer, and affords every reflect
i've reader an instructive summary of the
history of the past year.
All accounts agree that 1898 was the
most disastrous year i'll the history cot
the country so far as its business inter
ests are concerned. r. G. Dun & Co.
declare it to be the worst in so years,
which is equivalent to saying that it is
the worst ever experienced, for the area
and the population OF the country are SO
much greater that there can be no COM
parison with the business depresslonS
in the first half of our national existence
Braashest'S says that the losses OF 1898
are more severe than have experienced
in So wears. Chauncey M. Depew, IN an
address to the Hospital Association,
declares he has been through all the
panics of the last 80. years, and he has
never seen one in which the distress has
been SO widespread as in this panic OF
1903. Henry Clews, whose career IN
Wall Street covers period OF over 80
wears, says that he regards this panic as
the worst ever experienced. his IS the
testimony of all observers The year
started with wide prosperity and an
enormous volume Of trade, but closes
amid the wreck of banks, railroads,
business houses, with stagnatlon IN
trade with great declines in prices, with
reduced production and widespread
distress among the unemployed. Even
the United States Treasury is confronted
with deficit, and its balance, SIS, GA
o4o, of which $50, o24 79o is gold, IS the
smallest on record. The Secretary OF
the Treasury is obliged to ask for
authority to issue bonds to supply the
necessities of the Government A re
capitulation of the years business
record is of interest to the statlstlclan,
bnt it makes gloomy reading. The
failures, according to Dun numbered
1860. which has not been exceeded
but once in 81 years. The failures are
90 per cent more numerous than they
were last year, and the liabilities 400 per
cent greater. Two hundred and forty
banks have suspended. Seventy FIVE
railroad systems have gone into the
hands of Receivers, comprising nearly
"A 900 miles of road, and capitalization
of over SI,o5I 900, 600. Twenty four
per cent of the entire railroad mileage
of the country is now in charge OF Re-
ceivers. Bank clearanCeS were over
| - per cent less than in 1892, which, in
connection with the great losses IN the
amount of railroad earnings is a clear
proof of the immense decline i'll volume
of trade. In the speculative arena the
transactions in stocks, wheat corn. oats
| and coffee have fallen off greatly. In
cotton, however, there have been an
increase. In the field of regular bust
ness and manufactures there has been
| even severer losses. The output OF iron
decreased 40 per cent; of wool so to SC
per cent; of cotton goods IS per cent
| and it is said that the only increase " as
in groceries and that was very small
Prices of almost everything have ex
| perienced extraordinary declines. II
stocks eight trunk line shares have de
| clined s6.I2I2 &C. %; II grangers, 81. sc
| "a 26 so; eight Pacific lines, S7.25 a. 49
six Southern roads, $751; a. 34.25, l:
express telegraph and other mlscell
aneous stocks. $3.50 a. 55.25 while
| three coalers have declined SIS "a
35.I2I5 a share, and two have advanced
s. "a s. No red wheat is I23Sc. lower
| than it was a year ago, and the prlce |:
| the lowest since 1881. No. corn 81
| lower; oats 51sc lower; flour soc lower
| cotton &c lower; wool 5 Gt Ioc lower
and at the lowest point on record; print:
I-I6c lower; sugar q lower; iron s.
| lower, but coffee. butter and oCear
freights are higher.
| The number of wage earnerS out o
| employment is estimated at two million
! with five times as many depending OF
them for support, and thus suffering witt
| them. In all quarters appeals for helI
| are heard, and relief committees art
being appointed in all the large cities
| There has been a large reduction in the
volume of foreign trade. Receipts from
| customs duties are the lowest in 80 year
at New York Nevertheless the year
imports have greatly exceeded th'
| exports, so that the balance OF trade ha
| been against us. In the money marke
| there has been the widest extreme O
stringency and plethora. Until the lat
ter part of August there was an extra
ordinary stringency. The banks los
three hundred millions of deposits. Cal
money commanded as high as 4 pc
cent, and interest. Time money wa
practically understandable for a long time
and commercial paper ruled at II to I
per cent. The New York banks issuet
about forty millions of loan certificates
and thus averted terrific commercial
smash. Gold began to be boarded, ant
then all kinds of money and currenc
was unobtainable except at premium
But with an attainment of the panic, ant
with an extraordinary liquidation ant
reduction in business operations, tn
deposits of the banks have enormously
increased; the surplus reserve III Nes
| York is nearly $4,000 900. the hlghes
in the history. of the Clearing House
was offered fiat in the Stock EX
change this week. and time money
obtainable at a 4 per cent. The latte
extreme of glut is almost as bad as tn
former extreme of StringenCy. Even tn
Worlds Fair, splendid though it was
and attended by millions OF America
citizens and foreign visitors, was never
theless, according to one leading tinan
cial authority, cause of depression {
trade, as millions who spent money d
the Fair have been obliged to econo
mize in other directions. and have thu
| purchased 1883 III ClOtlliilS dlld OtlS
necessities and luxuries of life. The fai
has left the Municipal Government {
Chicago nearly bankrupt. As if thi
record of misfortune was not enough,
is estimated that the losses by fire thi
year have been 20 per cent. greater tina
in 1892. Out of all this gloom, there i:
however one great shining light, namely
the repeal OF the Sherman Silver law
thus placing the currency of the Countr
for all time to come on gold basi:
But the year ends with business pa
alyzed by the Wilson Tariff bill, whic
apart from its proposed radical redu(
tons in duties is unsettlng trade b
adding to the uncertainties of the stu;
ton.
: GOOD ADVICE.