River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-01-10
HOW WE STAND.
Dun and Bradstreet Feel the Pulse of
Trade and Finance.
New YORK, Jan. 5.-R G. Dun &
Co. weekly review OF ira te savs:

Co. weekly review OF trafe says:
1.-The complete review OF different branches
OF business given Friday places in clear
light the fact that prices OF commodities are
at the lowest level ever known. Eight years
ago, IL July, prices averaged only 73 60 per cent.
of the prices for the same articles and in the
same markets January l. 1860 and this remained
the lowest point ever touched until August 10,
1898, when the average fell to 1916. but early
this year prices dropped below all previous
records and have never recovered the average
December 70, being only 6 20 per cent of the
price ia 1860 The range was very little higher
at the end of the year and about as low
October 25. The fall since a year ago has been
So per cent; but very unequal in different
branches. In iron and steel products II per
cent, in wool 1874 per cent. in woolens and cot
tons about II per cent. These changes con-
trast sharply with the decline of wages paid
per hours work which as was shown list
week average only one-half per cent. less than
a year age.
THE volume OF business represented by ex-
changes at the principal clearing houses was
fi56450 900 daily in December, against sl4l COL
900 in January, but 81 per cent larver
at the end than last year, while
80 per cent. less than last year
in January. Comparing with 1892 year
of general prosperity, the decrease for
December pol and ranged from PIT to 29.2
below that year since June. but at the begin
ming Of the year was 81. 3 per cent. below 1892,
and ranged from % TO 81 per cent. below that
year. for the first five months.
During the greater part of the year busl-
ness has been disturbed by monetary appre-
tensions, the gold reserve in the treasury hav-
4 ing fallen dangerously low. Two sales of $50
| 100000 per cent bonds gave only tenn
4 pOrary relief. and at the end of the
/ year the free gold had again dropped
| to about $50 39i,032 The exports of "a
/ $4,000 gold this week are not because of
merchandise movement for the excess of ex-
/ ports over the imports OF merchandise has
/ been frcm S20O00Ol0 to $50 600 90 per month.
/ Unquestonably large Withdrawals OF foreign
/ capital. through sales of securities and other
/ wise have caused the outgo, the duration and
4 extent of which therefore depends upon other
+ than commercial elements. Extraordinary
I abundance of money has resulted from the
+ general dullness of trade. and the movement
/ 20 this center has been unprecedented in vol
ume
The condition OF industries has been large
| ly governed by the fall in prices and while
production is much greater than year ago,
/ the aggregate increase being fairly measured
/ by the increase of a24 per cent in
4 hours OF work done in November, COM
pared with the previous year it has
4 been the controlling feature in almost every
/ important industry that consumption has not
/ kept pace with the output and has not sus-
/ tanned prices. In iron and steel, the lowest
+ prices OF the year are at the close. The wooden
/ industry records production for the year Of
/ about quarter less than normal and for the
4 last four months, 2sT per cent. less
] than in 1892 in quantity OF wool con-
sumed. but in value of product the
decrease was of course greater The cotton
/ industry, while materially close to the cheap
est point ever known, keeps most of the mills
/ at work. but by selling goods at prices quite
4 unprecedented. The output Of boots and shoes
/ has been the largest known in number Of
/ pairs, but besides fan In price below all rec
cords there has been general preference for
/ the lower priced goods.
I 1.-THE year has been especially noteworthy
/ for the lowest prices of wheat and cotton on
/ record. Both suffer from wholly unprecedent-
ed accumulation of stocks. crops being larger
Outside this country wheat production
has not increased enough to justify a
price of sixty cents at New York. and
/ the accumulation is largely due 10
/ fa.se reports of the yield intended to frghten
/ buyers and raise prices. The same influence
1 has been felt in cotton VII Oh is also affected
/ by worldwide depression in business and de-
4 crease in consump ion OF goods. In 9th r
J produce markets the year has been relatively
/ less important
Failures for 1894 are fully reported this
week. being 10 So in the United States, and
/ $50 in Dominion of Canada. Liabilities in
/ the United States were Sl72 992s56, and IN Cam
| ada S27.6l62t5. Neither the decrease OF over
/ half in this country, the Increase OF over 10
9
/ ment shows that most OF the decrease in the
| United States is in manufacturing liabilities,
| while the entire increase In Canada is liabilt-
I ties of trading concerns. few states, includ-
! ing New York and Pennsylvania. show more
! failures than in 1893, and in few southern
/ states the amount Of liabilities is larger,
| but in central and western states very
much smaller. In eleven of the last
| thirty-eight years, reported liabilities have
! beon larger than in 1894 though for
/ this year and 1898 the statement is confined to
! commercial failures as il was not in former
! years. The failures have been 1875 in every
/ thousand firms doing business. the liabilities
| have averaged Sl32-U to each firm in trade,
| and in proportion TO the volume OF solvent
! business represented by all clearing house ex-
! changes, g. 63 for every 81 600
| Bradstreets says:
There has been no material improvement
| in general trade within n week A tabulation
| OF Bradstreet's telegraphed reports from the
4 more important trade centers does not reveal
specially hopeful views as to an improvement
| in business in the near future In many in
! stances trade revival is declared to depend on
! settlement of the currency question The
4 most enc ouraging e. pressions OF opinion are
| that merchants are hopeful"