Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-01-10

ing legislation foreign to them They were
settling a banking theory. They expected the
retirement OF the greenbacks and legal tend
erS.
Mr.. Catchings spoke in support OF the sound
ness Of state banks. The assertion that state
bank supporters OF the south and west those
who demanded more money. represented peo-
pie who had nothing to exchange for money
was erroneous. There was not enough money
for the banks to supply the needs OF his sec
ton.
HOW WE STAND.
Dun and Bradstreet Feel the Pulse Of
Trade and Finance
New YORK, Jan. 5.-R G. Dun &
Co. weekly review OF trade says:
1.-The complete review OF different branches
OF business given Friday places in a clear
light the fact that prices of commodities are
at the lowest level ever known Eight years
ago, in July, prices averaged only % So per cent
OF the prices for the same articles and in the
same markets January /. 1850, and this remained
the lowest point ever touched until August TO-
1893 when the average fell to 1915 but early
this year prices dropped below all previous
records and have never recovered, the average
December rs, being only 6S 70 per cent. of the
price in 1860 The range was very little higher
at the end of the year and about as low
October Is. The fall since year ago has been
5h per cent; but very unequal in different
branches In iron and steel products IA per
cent, in wool 1874 per cent, in woolens and cot
tons about IS per cent. These changes con-
trast sharply with the decline OF wages paid
per hours work, which as was shown last
week average only one-half per cent. less than
a year age.
The volume OF business req. esented by ex-
changes at the principal clearing houses was
n 6ai " in non oha~, jnct
900 in January, but 81 per cent. larger
at the end than 5. last year, while
IS FER cent. less than last year
in January Comparing with 1892. year
OF general prosperity, the decrease for
December was pol and ranged from PIT to s9.2
below that year since June. but at the begin
ming Of the year was 80 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 BUSH
ness has been disturbed by monetary appre-
tensions. the gold reserve in the treasury hav-
ing fallen dangerously low Two sales of $780,
o0O.OO) per cent bonds gave only tenn
porary relief. and at the end OF the
year the free gold had again dropped
to about $50 .S94032 The exports OF 81
$4,000 gold this week are not because Of
merchandise movement, for the excess Of ex-
ports over the imports of merchandise has
been from ss0,0O00)O to $50 900 900 per month
Unquestionably large Withdrawals OF foreign
capital. through sales OF securities and other
wise have caused the outgo, the duration and
extent of which therefore depends upon other
than commercial elements Extraordinary
abundance of money has resulted from the
general dizziness OF trade and the movement
to 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 s.24 per cent. in
hours of work done in November, COM
pared with the previous year, it has
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
last four months, 2s47 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 sat prices quite
unprecedented. The output of boots and shoes
has been the largest known in number OF
pairs, but besides fall in price below all rec
cords, there has been general preference for
the lower priced goods.
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 q
price Of sixty cents at New York, and
the accumulation is largely due to
false reports of the yield intended to brighten
buyers and raise prices. The same influence
has been felt In cotton, which is also affected
by worldwide depression in business and de-
crease in consumption OF goods In other
produce markets the year has been relatively
less important.
Failures for 1894 are fully reported this
week, being 1882 In the United States, and
1855 in Dominion OF Canada. Liabilities in
the United States were S172 1872 $50, and in CAM
ada 81 ,6l6,2l5. Neither the decrease Of over
half in this country. nor the increase Of over 40
per cent. in Canada, is surprising but the state-
ment shows that most of the decrease in the
United States is in manufacturing liabilities.
while the entire increase in Canada is liabili-
ties Of trading concerns. A 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
been larger than in 1894, though for
this year and 1893, the statement is confined to
commercial failures, as it was not in former
years. The failures have been 1875 in every
thousand firms doing business; the liabilities
have averaged s132.U to each firm in trade.
and in proportion to the volume OF solvent
business represented by all clearing house ex-
changes. s. 63 for every 81 1000
Bradstreet's says:
There has been no material Improvement
in general trade within a week. tabulation
OF Bradstreet's telegra pied reports from the
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
most enc ouraging expressions Of opinion are
that merchants are hopeful"