The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-05

now. Wheat has repeatedly sold here
and at Chicago at the lowest price
| ever known, and is but half cent
above it now. Pork fell 81 in an hour
when the speculation burst, but sells
| lower yet today. Cotton was lifted a
cent with accounts of scarcity in Sep
| TENDER. but has lost most of the gain
and sells below cents. Thus unreal
sonable speculations, by preventing the
sale of surplus products, have proved
a great injury to farmers, at time
when their enforced curtailment of pur-
chases is disastrous to all other indus
| tries.
Monetary anxieties appeared to cause
the panic, and became epidemic when
doubts were raised in April about re-
demption of Treasury notes in silver
Western banks had given reason for
distrust by connection with real estate
produce and stock ventures. Deposits
in national banks alone decreased in
five months nearly three hundred mill
lions. Purchases for consumption
shrunk so much, so many hands were
out of work or earning reduced wages,
and business of all kinds was so reduc-
ed. that the accumulation of idle mon
ey became the greatest ever known,
exceeding 200,000,000 at New York The
transactions through all clearing
houses outside New York in January
were 125 per cent. larger than last
year, and 81 per cent. larger in the
first quarter, slightly larger in the
second quarter, 23.7 per cent smaller
in the third quarter, and % per cent.
smaller in the last quarter
Clear evidence of the shrinkage in
different branches of business is af-
forded by answers already received to
several thousand circulars requesting
figures of sales during the last half of
1893 and 1892. Full information of the
results will be given hereafter, but re-
turns of textile goods already show
sales amounting to $4S,89S,S75 this year
against 70,347.8S2 last year, a decrease
of 81 per cent. Iron returns thus far
aggregate $40,S53,1S0 against SOS, $50, 921
last year, a decrease of 3S per cent:
reports thus far of jewelry show de-
crease of 20 per cent; of furniture 26
per cent; of dry goods 20 per cent; of
mats 1S.5 per cent; of hardware 10 per
cent; of shoe manufacturers IS ner
cent and by dealers 8 per cent; and
That the only trade showing any in
cease as yet is in groceries, the aggre-
gate sales being per cent. larger than
in the last half of 1892
In thfrty-seven years, covered by the
records OF this agency, the number of
failures has only once risen a little
above 1850 in a year. In 1893 the
humber reported mas been 16, 800 The
aggregate liabilities in all failures re-
ported has in six years risen above
5000, 100000 This year the strictly com
mercial liabilities alone have exceeded
1881, 422, 939. the liabilities of banking
and financial institutions have been
$2lO, 956,S64, and the liabilities of rail-
roads placed in the hands of receivers
about 1,212,217033. AS all reports
hitherto have been to some extent
erroneous, through inclusion of failures
not strictly commercial, the classified
returns given on the next page will
be found more complete and instruc-
tive than any hitherto published.
They show 1926 manufacturing fail
ures. with liabilities of 1854, 7O7, 449; TO-
6S3 failures in legitimate trade, with
liabilities of $S5,527. 1876, and 3O2 other
failures. including brokers and specu-
lators, with liabilities of S36, 1852, 735.
The average of liabilities in manufac-
turing is $50,O0O in legitimate trading
$4,000, and in other failures $11, OOO