New-York tribune., 1885-01-05
NOTES on Trade AND INDUSTRY.

EXCHANGgs.-The best Indication ot the Voiunle
of business in the aggregate is the report OK ex-
changes at the twenty-,even clearing houses OUT
side of New-YoTk. In this city, where gigahtc
speculatlons in products as well rs In securities
swell the exchanges. the decline in 1884 compared
with 1888 was l7.2 per cent. But the decline III
the aggregate of payments through the clearing
houses at all other cities was only z per cent.
Now, the average prices of all commodities
declined about IL per cent during the year
1854. and prices were also on the down
grade in 1888 so that the average for last year was
probably below the average for 1888 by at least
per cent III So the volume of business outside OF
this city, measured III quantities passing frorWro-
ducer to consumer fully as great IN 1854 as IN
1888 The decline to lower level OF prices is not
an unmxed evil If IL brings loss to some VINO
have stocks Of goods products on hand, IL brings
a benefit to the whole nation OF consumers. Inc
root of the difficulty in 1854 was not that traue
was small. but that it was not generally proHlaoe'
FAuURFs-The annual report of failures IN the
United States, which was published during the
past week was not encouraging IN that II lnciuueu
n greater number Of commercial disasters than
have ever occurred in any other year. and some OIL
great magnitude. Nevertheless, when closely
examined. the report does not warrant very
gloomy anticpatiOns as TO the future. Ihere Is
first the fact that the number of firms upon whch
reports are made now over 100000, IL very much
larger than before, and as the agency broadehs i's
field of inquiry and perfects its means Oh
getting information, the number OF fail-
ures of which it learns must corre-
snond;roIv increase The ratio of failures
10 firms reported in business only about ii in
/ 600; in 1873 It was l5ia in 1000; in 1876 it
was 141a in 1000; and in 1873 and 1877 1t was
over I3 IN 1000. The average liabilities OF firms
failing moreover, were not large as they have
been In times of commercial panic. but amounted
70 only 500 600. In 1873 the average was @22,3oO,
and in every yoar from 1865 To 1873 inclusive
was larger than it was last year. rising to Si1oOo
I'm 1878. In shcrt the number was large in 1881
In part because tho agency. extending lts work.
took cognlzance of many thousand small traders
to whom In other times Of commercial disaster II
had paid little or no attention.
IRON AND SrEfL.-The Bulletin of the Iron ana
Steel Association for January contains review
of the business for 1854 by the secretary MI James
NJ. Swank in which'thc estimate OF the yield OF pig
iron corresponds quite closely with one recently
made in these columns. Mr.. Swank states conn.,
IDENTIFY that the yield will be found as large as 1t
was in 1850 the year of the great boom III non,
but with this important advantage, thai III looo
the consumption of both domestic ana foreign IRON
only about 3.bDU 40 gross loll> iuu Sto'ho VIZ
bonJ both of domestic and 70 eign IRON. were
largely increased. But the stock on hand at the
close of ss4 did not exceed the quantity on hahd
at tho beginning of the year. ana the CONSUMPTION
Mr. Swank believes, was fully equal to the produc-
tion and the small imports, or about 4O6O ,ooo gross
tons In these facts, the review remarks, there Is
,roupd for encouragement. But the depression IN
Lrices during the year 1884 was exceedingly trying
to producers.
NAIIs.-A very important statement OF lIie aver
are monthly price of cut nails has been prepared
for the Ir)u and steel Association, covering each
month from the beginning OF / $50 to the close OF
1884. In January, 1860, So % was the price Tor
the same quality of nails that Is now q~oted al
go 10 with actual sales in this city at even lower
figures. In August and September, 1864, wueh 'ne
currency was greatly deprecated. tho price Oh
nails in currency rose to $40. The lowest price
reached before specie resumption was S2 ID In tne
latter mart of 1873 bat P2 10 was touched Single
month I'm 1879, though the recovery from .hat
poiut was rapid. Practically, therefor, the pres,
ont nrices are the lowest on record, but IL woulu
have considerably astonished the makers IN looo'
if they had been told that within twenty-five
wears steel and iron nails would be selling ut the
same price and more than 33 per cent below inc
price then current.