The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1894-01-04
A COLLAPSE or INDUSTRY.
DUN's REVIEW OF TRADE
For the Past Year. A Drop in Business
Which is Almost Without
Preceden..

r. g. Dun 4 Co.'S Weekly Review Of
Trade, New York, says, under the caption,
The Year 1897:
Starting with the largest trade ever known,
mills crowded with work and all business
stimulated by high hopes the year 1898 has
proved, In sudden shrnkage Of trade, In
commercial disasters and in depression OF in.
dustries. the worst for 50 years. Whether
the final results of the panic of 1887 were
relatively more severe. the scanty records OF
that time DO no. clearly show The year
closes with the prices of many products the
lowest ever known, with millions OF workers
,eeking in vain for work. and with charity
aboringt TO keep back suffering and starva-
ion in all our cities. All hope that the
uew year may bring brighter days, but the
dying year leaves only a dismal record.
The review Of different departments of
trade exhibits collapse of Industry
anu business which is almost without pre-
cedent. The iron industry sustained a week. \
ly production Of Isl ,35l tons pig May l. but
by October the output had fallen to73. s95
tons. end the recovery TO about 100. 900 De
cember l still leaves 10 per cent OF the
force unemployed.
o!er balfth woolen manufacture is idle.
and, excepting brief recovery in Novem-
Der, has been ever since new wool came in
May, for all sales al the three chief IN rkets
III the eight months have been but lO0, 1885,
4oO pounds, partly for speculation. the price
having fallen - per cent for fleece to the
lowest point ever known. aginst 2l2, $50 003
pounds in the same months last year. Sales
OF cotton are fully quarter below the usual
quantity. The small advance ATTEMPTED in
boots and shoes year ago, was not sustain
ed. but with prices as low as ever. the
shipments Of boots and shoes from Boston
are "a per cent less than last year in Deem
Der.
Not only manufactured goods of q whole,
but the most important farm products are
so low that farmers find little comfort.
Official and other reports deuded traders
with the no'ipn that crops 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 collaJse tf
wheat. pork and cotton pools
Disastrous failures helped TO produce tie
alarm, which soon made money impossible
butget; but even at the worst hour of pane
prices were scarcely lower than they a;e
now.
Wheat has repeatedly sold here and at Chi
cagO at the lowest price ever known and IL
j. half a cent above IL now. Pork fell e. In
an hour when the speculation burst, biz
sells lower today. Cotton was lifted Cd Il
with accounts of the scarcity III Septemhfr.
but has lost most Of the gain and sells bel,e
cents. Thus, unreasonable Speculation,
by preventing the sale OF surplus producp,
have proved great injury 10 farmers aLh
time when their enforced curtailment Y
purchases is disastrous 10 all other indut !
tries. y
Clear evidence of The shrinkage in differ
ent branches Of business IS afforded by an
swcrs already received Ia several thousand
circulars -squesting figures on sales during
the last halt Of 1898 and 1892 Full infor-
nation Of the results will be given hereaf
ter, but returns of the textile goods alreac
VOW sales amounting To S43 s93,s II
:, against t'o,5lb IS! last year, deere.
Iron returns thus far aggregate si0,e.y..
against s65. .5l0. .92l last year, q decrease OF
50 per cent. Reports thus far of jewelry
show a decrease Of % per cent, OF furniture
% per cent; OF drygOods, % per cen,;of hats.
~ so per cent: of hardware. II per cent; OF
shoe manufactures, lSper cent. and by
dealers per cent, aud Ot clothing, ~ per
cent.
II is curious that the only trade showing
any increase as yet IS IN groceries, the ag-
eregate sales being per cent. larger than in
the last half OF 1892
In 81 years, covered by the records Of this
agency, the number OF failures has only
once risen little above 1860 in n year.
In 1893 the number reported has been l9,O5O
The aggregate Of the liabilities in all fail
urea reported has in six years risen above
5000, 100000. THIS year the strictly COM
mercal liabilities alone have exceeded
s33l, ,422, $50 the liabilities of banking and
financial institutions have been 500. 056 s64
and the liabilities of railroads placed in the
hands of receivers about Al. 2l2 2l7,03i
As all reports hitherto have been 10 some
extent erroneous through inclusion OF ial.
ures not strictly commercial the classified
returns show 8, ,226 manufacturing failures
with liabilities OF Sl6i 7O7 ii9; lD6s3 fail
ures in legitimate trade with liabilities of
ss5. 5g7, $50, and 800 other failures including
brokers and specula,ors, with liabilities of
6.663, 535. The average Of liabilities in
manufacturing Is $4,000; in legitimate