Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1894-01-03
UNPARALLELED DISASTER.

The following, from the most reliable
commercial agency in the country,
should be a complete answer to the
cranks who are demanding the reason
for the terrible financial depression ex
listing in our country. While reading
these facts the reader must not forget
that the shrinkage in business and de-
preston of industries have occurred
since the election of Mr.. Cleveland:
New YORK, Dec. Or. G. Dun's
weekly review says: Starting with the
largest trade ever known, mills crowd
ed with work and all business stimu-
lated by high hopes, the year 1898 has
proved, in sudden shrinkage of trade,
in commercial disasters and depression
of industries, the worst for fifty years.
Whether the financial results of the
panic of 1887 were relatively more Sc
we're, 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 in vain for
work, and with charity laboriug 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 a dismal record.
The review of different departments
of trade given today exhibits a collapse
of industry and business which is al
most without a precedent. The iron
industry sustained a weekly production
OF lS1 ,551 tons pig May /, but by Octo-
Der l the output had fallen to 1895
tons, and the recovery to about 100, 900
December /, which still leaves forty
per cent. of the force unemployed.
Over half the wooden manufacturers
are idle, and excepting a brief recovery
in November, have been since new
wool came in, in May. All sales at the
three chief markets in the eight months
have been but 100, 795, AGO pounds, part
ly for speculation, the price having
fallen twenty per cent. for fleece, the
lowest point ever known, against 212,-
$500 0 pounds in the same months last
year. The sales Of cotton goods are
fully a quarter below the usual guam
tity. The email advance attempted in
boots and shoes a year ago was not sus-
tanned, 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.
Not only manufactured goods, as a
whole, but the most important farm
products are SO low that farmers find
little comfort. Official and other re-
ports deluded traders with the notion
that the cropso of last year were so short
that famine prices could be realized on
purchases. Enormous stocks were
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 help
ed 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, aud at Chicago the lowest
price ever known is but one half a cent
above it now.
Pork fell 81 in an hour when The
speculation burst, but sells lower yet
today. Cotton was lifted a cen with
accounts of scarcity in September, but
has lost most of the gain and sells be-
low. Thus unreasonable speculation
by preventing the sale of surplus pro-
ducts have proved a great injury TO
farmers at Il time when their enforced
curtailment of purchases is disastrous