The Coconino weekly sun., 1895-01-10
TRADE REVIEW.
Great Decrease In Failures the Past Year
 Condition of Industries.

| Condition of Industries. NEW YORK, Jan. 5.-R G. Dun & Co. 8
 Weekly Review of Trade says: | Failures for 1894 are fully reported this week,
 being l3,Ss5, in the United States and 1856 in
 the Dominion of Canada. Liabilities in the United States were sl72 992, ,S56, and in Canada, | Sl7,6f6215. Neither the decrease of over half | in this country nor the increase Of over 40 per
 cent in Canada is surprising, but the state- l ment shows that most of the decrease in the 1 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 Pennsyl- vania. show more failures than in 1893, and | in a few southern states the amount of liabili- ties is, larger, but in the 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 1898 the statement is confined to com- mercial failures as it was not in former years The failures have been 13.5 to every 1000 firms doing business; the liabilities have aggregated Sl32. T to each firm in trade, and in proportion to the volume of solvent business represented by all clearing house exchanges, 263 for every bl,000.
 The complete review of different branches of business places in clear light the fact that prices of commodities are at the lowest level ever known Eight years ago in July prices averaged only 1869 per cent of the prices for the same articles and in the same markets Jan uary 1, 1860, and this remained the lowest point ever touched until August 10, 1893, when the average fell to 7276, but early this year prices dropped below all previous records, and have never recovered the average decrease of 26 be- ing only 6873 per cent of the prices in 1860 The range was very little higher at the end of the year, and about as low October 25. 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 woolens and eottons, about l5 per cent These changes con trast sharply with the decline of wages paid hours work which average only L2 per cent. less than year ago.
 The condition of industries has been largely governed by the fall in prices, and while pro- duction is much greater than year ago, the aggregate increase being fairly measured by the increase of S.2i per cent. in hours of work done in November, compared with the previ- ous 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 demand calling for less than half the usual quantity of rails, with large decrease in many other branches though probably the use of structural forms was larger in 1894 than ever before.
 The woolen industry records a production 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 product the decrease was of course greater.
 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, the crops being large. Outside this country wheat production has not increased enough to justify price Of 60 cents at New York, and the accumulation is largely due to false reports of yield intended to frighten foreign buyers and raise prices The same influence has been felt in cotton which is also affected by worldwide depres- sion in business and decrease in consumption of goods. In other produce markets the year has been relatively lessSmportant.