The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-01-05
PRICES AWAY DOWN.
Dm'S Business Review Of the
Year 1894.
Prices Have Been the Lowest
Ever Known.
FAILURES WERE LESS.
Not So Great by One-half as in
1898.

NEW YORK, Jan. 5.-R. e. Dun &
Co s Weekly Review OF Trade says:
Failures for 1894 are fully reported
this week, being 1855 in the United
States and 1856 in the Dominion
of Canada. Liabilities in the United
States were $172, 992, $50, and in
Canada, S17, Clio, 215. Neither the de-
crease of over half IN this country nor
the increase Of over forty per
cent in Canada is surprising, but the
statement shows that most of the
decrease in the United States was
in manufacturing liabilities, while
the entire increase in Canada is
in liabilities of trading concerns. A
few states. including New York and
Pennsylvania, show more failures
than in 1893, and in a few Souther
states the amount of liabilities is
larger, but IN the Central and West
ern 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
1898 the statement is confined to COM
mercial failures, as it was not in
former years. The failures have
been 1875 to every 1, 600 firms doing
business; the abilities have averaged
Si 10 GdCu uIUl III dtC, anu III
proportion to the volume of solvent
business represented by all clearing
house exchanges, $2.63 for every
81, ZOO.
The complete review of different
branches of business places in a clear
light the fact that prices of COM
modities are at the lowest level ever
known. Eight years ago in July
prices averaged only 70. 90 per cent of
the prices Tor 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 70. rs, but
early this year prices dropped below
all previous records, and have never
recovered, the average decrease
of 20 being only 6S. 70 per cent of
the prices 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
81 per cent, but very unequal in diff
ferent branches. In iron and steel
products, IA per cent; in wool. 1874 per
cent; in woOlens and cOttons, about
Is per ceut. These changes contrast
sharply with the decline of wages
paid per hours work, which average
only LIZ per cent less than year ago.
The condition of industries has been
largely governed by the fall in prices
and while production is much greater
than q year ago, the aggregate in
crease being fairly measured by the
increase of s. "a per cent in hours of
work done in November, compared
with the previous year, it has been
the controlling feature in almost
every important industry that con-
sumption has not kept pace with the
output and has not sustained prices
In iron and steel the lowest prices
of the year are at the close and
the lowest ever known, the de-
mand calling for less than half the
usual quantity of rails, with large de-
crease i'll many other branches,
though probably the use of the struc-
tural forms was larger in 1894 tnan
ever before.
The wooden industry records a pro-
duction for the year about quarter
less than normal and for the last four
months 2s.47 per cent less than in
1892 in quantity of wool consumed,
but in the value of the product the
decrease was of course greater.
The year has been especially note
worthy for the lowest prices of wheat
and cotton on record. Both suffer
lation of stocks, the crops being
large. Outside this country wheat
production has not increased enough
to justify a price of 60 cents at New
York, and the accumulation is largely
due to false reports of 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 decrease in consumption of goods.
In other produce markets the year
10 " ac
Bank CIearings.