The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1894-01-01
WORST In so YEARS
R. G.. Dun Il Co.'S Review of the
Years Business Shows Remark
able Condition of Affairs.
Starting With Bright Prospects II
Has Proven the Most Disastrous
i'm Half q Century.
Aggregate Of Liabilities i'm Financial
and Business Failures Over $780,
~ 900, 0,000-Railr0ads.

NEW YORK, Jan. THE Weekly
Review of Trade, published by R. G..
Dun & Co., shows remarkable and
almost unprecedented condition of af-
fairs in this country. 1t is as follows:
Starting with the largest trade ever
known, mills crowded with work and
all business stimulated by high hopes,
the year 1893 has proved, in sudden
shrinkage of trade, in commercial dis
asters and depression of industries, the
worst for 90 years. Whether the final
results of the panic of 1887 were rela-
lively more severe the scanty records Of
that time do not clearly show. The
year closes with the prices OF many
products the lowest ever known, with
millions of workers seeking in vain for
work and 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.
The review of different departments
of trade exhibits collapse of industry
and business which is almost without
precedent. The iron industry sustained
weekly production of 1sl SOL tons of
| pig iron May l, but Oct. l the output
had fallen to 1885 tons, and the recov-
cry to about 100000 tons Dec. still
leaves 40 per cent of the force unem-
ployed. Over half the woolen manu-
facture is idle, and, excepting brief
recovery in November, has been ever
since May. Sales of cotton goods are
/ fully quarter below the usual guam
| tity. The small advance attempted in
boots and shoes 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.
Low Price of Farm Products.
/ Not only manufactured goods 40 q
whole, but the most important farm
products are 50 low that farmers find
little comfort. Official and other re-
i ports deluded traders with the notion
that crops of last year were so short that
famine prices could be realized on pur-
chases. 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 helped to produce the
alarm, which soon made money impos,
sible to get, but even at the worst hour
of the panic prices were scarcely lower
than they are now. Wheat has repeat
edly sold here and at Chicago at the
lowest price ever known, and is but Is
q cent above it now. Pork tell $7 in an
hour
il When the speculatiois Burst,
J but sells lower yet today. Cotton was
lifted cent with accounts of scarcity
in September, but has lost most of ths
, gain and sells lelow 8 cents. Thus, un
reasonable specuiations, by preventing
the sale oil surplus products, hav,
proved great injury to farmers at
time when their enforced curtailment O
purchases is disastrous to all other in
dustries.
Clear evidence of the shrinkage il
different branches OF business is afforde,
by answers already received to severa
thousand circulars, requesting figures o
sales during the last half OF 1892 an,
1898. Full information of the result
will be given hereafter, but return
of the textile goods show sales of $40,
S93675 this, year, against $40, ,347, ,S8
last year.
A Decrease of 81 Per Cent.
Iron returns thus far aggregate $4O, 1853
D 1870 against $65 $50, 1881 last year, Dc
J crease Of 38 per cent; reports thus far q
j jewelry show decrease of 80 per cent
D Of furniture 26 per cent, of dry goods .
! per cent, of hats 1875 per cent, of hard
/ ware ID per cent, Of shoe manufacturer
. ~ per cent and Of clothing 10 per cen
II Is curious that the only trade shown
i any increase as yet is in groceries, til
j aggregate sales being per cent large
! than in the last half of 1902. In j
years, covered by the record of thi
agency, the number of failures has onl
once risen little above II, $50 In yea,
In 1893 the number reported has bee
. 16, $50.
The Aggregate Of Liabilities
IN all failures reported has In six year
risen above 500, ,00O, 900. This year th
! strictly commercial liabilities alone hay
exceeded $382, 40, ,939, the liabilities q
banking and financial institutions hay
been $2l0, ,956, 864, and the liabilities Z
railroads placed in the hands Of receiy
! ers about $1,212, al, 1888. The classiie
( returns show 1925 manufacturing fai
/ ures with liabilities of e164, ,7O7, ,449; 10
. 66S failures in legitimate trade with Ii,
4 bilities Of So, ,527 ,896 and 3O3 othe
failures, including brokers and specr
lators with liabilities of SIG, ,662, 73,
The average liabilities in manufacturin
!. : Is $4,000, in legitimate trading $500
!. and In other failures gil 900.
. Posses Returning Home.
FRESNO. Jan. Word received 1