REVIEW OF THE DRY GOODS TRADE OF NEW-YORK,

FOR THE YEAR 1893.

THE year 1893 has proved one of the most extraordinary in the history of the dry goods trade. It opened with an active business doing in all branches, with a buoyant tone and very firm prices; it closes with business reduced to a minimum, with depression prevailing throughout and prices weak at material declines from the best points of the year. During the first quarter sales were unusually large, and production in both the cotton and woolen industries was pushed well nigh to its limit. The second quarter saw a heavy shrinkage in sales with steady accumulations of stocks, while the past six months have been signalized by the smallest business on record for many years past for corresponding period, and such a curtailment of manufacturing as has not been witnessed since the war. The dry goods trade, in this respect, does not present a singular record; other trades were likewise affected. It has thus been under the influence of general conditions, such as the effects of the silver policy prevailing up to the repeal of the purchasing clause of the SHERMAN Silver Act, the financial panic and the uncertainties attendant upon the proposed tariff reform. Further than this, the trade has undoubtedly been suffering from the effects of over-production. Even without other drawbacks, this would probably have become evident, although neither so quickly nor so acutely as it has done this year. Overstocking was evident as early as May, when general cancellation of orders threw back upon the hands of manufacturers much merchandise produced upon definite contracts. In June a number of Southern mills, turning out plaids and other colored cottons, shut down. In August, Eastern mills began to adopt a similar policy, in both the cotton and woolen branches, and from that time up to the end of the year production has been heavily curtailed. It is estimated that during the past four months there has been a decrease in the manufacture of cotton goods of about forty per cent., and of woolens of about sixty per cent. Even with this curtailment, the market shows the presence of considerable unsold stocks still on hand. And that, despite, too, the distribution secured by two of the largest auction sales of cotton goods ever held, the Amoskeag sale in September and the BLISS, FABYAN & Co. sale in November. A review of prices shows that, with the exception of print cloths, the market is closing at the lowest level of the year, and the decline from the prices ruling in January, when the market was at its highest, is from 5 to 7 per cent. in brown cottons, 5 to 10 per cent. in bleached cottons, 5 to 12 per cent. in colored cottons, 10 to 15 per

cent. in prints, 15 to 20 per cent. in ginghams, 25 per cent. in print cloths, and in woolen goods of the more staple order, from 10 to 15 per cent. In one respect, the year's record is comparatively satisfactory; the contribution of the dry goods trade generally to the abnormal list of failures being much smaller than might have been expected from the enormous interests involved, while in New-York there were hardly more failures than in an ordinary year, and none of first-rate importance.

Cotton Goods.-The year opened with an active demand for staple cotton goods of all kinds in full swing, the impetus given to business during the closing months of 1892 being unchecked. With the continued demand there was a buoyancy in tone, and prices were exceedingly firm at the material advance secured immediately before the opening of the year. Mills East and South were well sold ahead on both plain and colored cotton goods, and up to the middle of March prospects were of the brightest character. From that point there was a gradual change of a most unfavorable nature. By the middle of April the demand had fallen away materially, and by May the market relapsed into a condition of absolute inactivity, from which it did not emerge during the balance of the year. Many contracts were cancelled by buyers, and stocks rapidly accumulated in manufacturers' hands, inducing much pressure to sell and consequent weakness and irregularity of prices. Reductions were made all round without stimulating the demand, and towards the close of the summer many of the leading cotton mills suspended operations for several weeks. Even this failed to relieve the market, and in order to reduce accumulations two of the largest auction sales in the history of the cotton goods trade were held, the Amoskeag sale in September and the BLISS, FABYAN & Co. sale in November, prices subsequently settling down on to the basis of those established at the sales, closing at the lowest point touched during the twelve months, with business still in a state of inactivity. The decline in brown sheetings and drills, from the best point of the year, ranges from to c. per yard; in bleached goods, from to lc.; in wide sheetings, from 14 to 34c.; in denims, ticks, plaids and other colored cottons, from to lc. per yard. These are open reductions in leading makes, but there is much irregularity, and heavier declines in a number of outside lines in both Eastern and Southern goods.

The full results of so complete a change have not yet been shown in the returns made by the various mills and manufacturing corporations East and South. Most of these have had contracts running at prices taken during the strong period of the market, some have been almost fully employed on such, so that the decline in the value has not always fallen upon the producer. Relatively the Southern mills have done better than the Eastern, but it seems as though both would, with the new year, have to face new conditions of manufacturing of a perplexing nature, involving wage reductions and other readjustments rendered necessary by the very low price level to which the market has settled down.

The following shows the course of prices during the year for a few leading makes of staple cotton goods and wool flannels:

Export Trade in Cotton Goods.-The export business was again handicapped by the unsettled state of silver and the unfavorable condition of the exchange market. The demand for Asiatic markets for brown goods has been restricted thereby, and the shipments, notwithstanding late low prices, kept down to quite moderate figures. A similar cause has operated with silver using South American countries, with the added restrictive influences of political troubles in Brazil and elsewhere, keeping exports of colored cottons below last year's figures. The aggregate thus makes an unfavorable comparison in both volume and value with 1892.

The exports of cotton cloth from the United States during the fiscal year ending June 30, 1893, were as follows:

The following statement shows the quantity and value of cotton cloths exported from the Port of New-York during the fiscal year ending June 30, 1893, compared with other ports of the United States for the same period :

Print Cloths.-Print cloths at the opening of the year were quoted on the basis of 4c. for "extras," and remained without change until near the close of March, when, in common with other textiles, they began to give way. Fluctuations were frequent, but the tendency was preponderatingly downward, until the lowest point of the year, 2ğc., was touched in September. From that there has been some recovery, the closing price being 23c. The sales for the year show a heavy falling off from last year, and with some mills closed and others running short time part of the year, production is much smaller also. At the close the market is easy and but lightly under contract, compared with a year ago.

The production at Fall River for 1893 was 9,665,000 pieces, against 10,045,000 pieces in 1892, and the unsold stock on December 31st was 142,000 pieces, against 7,000 end of 1892; 90,000 pieces end of 1891, and 566,000 pieces end of 1890. The sales of the year at Fall River were 4,245,000 pieces odd counts, and 2,874,000 pieces 64 x 64s. The year opened with prices 4c. for 64 × 64s, and closed at 23c. 64 × 64s. The opening was the highest price during the year; the lowest was 2gc. for 64 x 648; the average for the year, 3.2860c. Last year the average was 3.4180c. At the close of the year 2,950,000 pieces were sold for future delivery at Fall River. The stock of print cloths in the country (outside of printers) at the end of the years 1884 to 1893, inclusive, were as follows:

Prints and Printed Dress Goods.-A considerable portion of the spring business had already been done when the year opened, on the basis of 64c. per yard for fancy calicoes of standard grades, but still sales were good and prices very firm for the first two

months of the year. Then buying fell away, and to market the balance of spring stocks agents broke prices c. per yard in many instances. Fall printings were nominally opened at 6c., but business continued poor, and this price was realized in rare instances only, and then only right at the opening of the season, most makes breaking to 5c. before it closed. There has been little spring (for 1894) trade done so far, and prices are hardly yet definitely fixed, but 5c. for standard fancies is probably the best that can be expected, and this is a decline of 1c. per yard on the year. Staple prints have declined to 14c., with business limited. Indigo blue prints were strong, earlier in the year, Americans being raised as high as 6c. in January, but weakened with the rest of the market, giving way as much as 1c., although recovering c. at the close, while shirting prints have dropped 1c. per yard from the highest price of the year. Fine specialties, such as satines, silk and other specially finished fabrics, fine lawns, challies and the like, have sold with comparative freedom, but there has been even greater irregu larity of prices in these than in goods of more staple order.

Ginghams and Woven Wash Fabrics.-Ginghams and woven patterned cotton fabrics of that order were singular in being in dull demand, even during the early months of the year, when the rest of the market showed much activity. Throughout the spring months business dragged heavily, and in order to effect clearances of stocks prices were seriously cut in May and June in all grades, the summer winding up with a most irregular market. Fall business is little more than incidental in this department in any year, and this year it was reduced to very limited dimensions, with further reductions in dress styles and staples. Business for the spring of 1894 has made little progress up to the end of the year, although the new range of prices shows fine grades previously 104c. (nominally most of the year) reduced to 84c.; dress styles, previously 8 and 8c, reduced to 7c. and 64c.; and staples previously 7c. reduced to 6c. per yard. The production of ginghams was seriously curtailed during August and September, and supplies for the coming year can hardly be over-abundant, but still the tone at the close is poor, especially in staple ginghams, free sales at auction not improving their position apparently. Of the finest grades of woven fabrics there have been some beautiful productions in the market, but these have fared no better than the more staple varieties.

Hosiery, Knit Underwear, &c.-The year opened with business in excellent shape in both hosiery and underwear, with every prospect of a more profitable trade generally than had been experienced for a considerable time before. Stocks were practically cleaned up, and orders on hand were sufficient to take care of production for the balance of the season, and at very fair prices. There was no break in these conditions until the first quarter of the year had passed, then they changed quickly and disagreeably. Buyers in many instances repudiated contracts where goods were undelivered,