The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-01-12
HOW WE STAND.
pun and Bradstreet Feel tho Pulse OF
Trade and Finance.

Dun and tradstreet Feel the huiee oh
Trade and Finance.
NEW NoRK, Jan. 5.-R @. Dun 81
Co. weekly review OF trade says:
..The complete review Of different branches
OF business given Friday places In clear
light the fact that prices OF commodities are
az the lowest level ever known. Eight years
ago, IN July. prices averaged only 70 on per cent
OF the prices for tho saso articles and In the
same markets January I, 1890. and this remained
the lowest point ever touched until August ~
1898, when tho average fell 20 12st. but early
this year prices dropped below all previous
records and have never recovered, the average
December 20, being only o. Ts per cent OF the
price ia 1890 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 dinerent
branches. In iron and steel products IA per
cent. In wool 1874 per cent. In woolons and cot
tons about 10 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
year age
THE volume OF business represented by ex-
changes &C the principal clearing houses was
$3.50. $50 90 daily IA December. against Nil .uOL-
600 In January, but per cent larger
at the end than last year, while
IS per cent less than last year
In January Comparing with 1892. year
December was % and ranged from 2i.7 20 sP2
below that year since June but at the begin
ming Of the year was as.3 per cent below 1872,
ana ranged from % 90 81 per cent below THAI
year. for the FIRST i've months
During the greater part OF tho year busi-
ness has been disturbed by monetary appre-
tensions, the gold reserve In the treasury hav-
ing fallen dangerously low. Two sales OF $50
0O0O0J 3 per cent bonds gave only tenn
porary relief, and at the end OF the
year the free gold had again dropped
10 about Ss339t,032 Tho exports OF a.
$4,000 gold this week are not because OF
merchandise movement for tho excess OF ex-
ports over the imports OF merchandise has
been frcm SO O00O)O TO t30OOo0O0 per month
UnQuestionably large Withdrawals OF foreign
capital. through sales OF securities and other
wise have caused the Cutg0, the duration ana
extent OF which therefore depends upon Other
than commercial elements. Extraordinary
abundance OF money has resulted from tho
general dullness OF trade, and the movement
10 this center has been unprecedented In vol
ume.
"'rhc 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 SPA per cent In
hours OF work done Ia November, COM
pared with the previous year, IL 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 az the close. The wooden
industry records production for tho year OF
about a quarter less than normal and for the
last four months. 2sT per cent less
than In 1899 ia quantity OF wool con-
Sumcd. but In value OF product tho
decrease was OF course greater. The cotton
industry, while materially close TO the cheap
est point ever known keeps most OF the mills
nj bftf nv al mt
unprecedented. Tho 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 a general preference for
the lower priced goods.
THE year has been especially noteworthy
for the lowest prices OF wheat and cotton on
record Both suffer from wholly unpreccdent-
cd 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
tho accumulation Is largely due to
false reports OF tho yield intended 10 frlshten
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 1852 In the United states, and
1856 ia Dominion OF Canada Liabilities in
tho United States were sl72 ~. $50, and IN Can
ada S,76l6.2l5 Neither the decrease OF over
hair 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 tho
United States IS In manufacturing liabilities.
while the entire Increase In Canada Is iiabiii-
ties OF trading concerns. few states includ-
ing New York and Pennsylvania. show moro
failures than In 1893 and lin "a few southern
states, the amount OF liabilities is larger.
but In central ana western states very
much smaller In eleven OF tho last
thirty-eight years. reported liabilities have
been larger than in 1894, though for
this year and 1903. the statement IN 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 Sl32U TO each firm In trade.
snd In proportion 10 tho volume OF solvent
business represented by all clearing house ex-
changes, g. O3 FOR every $1,000
Bradstreets says:
There has been no material improvements
In general trade within week A tabuation
OF Bradstreet's telegraphcd reports from tho
more important trade centers does not reveal
specially hopeful views as TO an Improvements
ia business IN the near future. In many In
stances trade revival is declared TO depend on
a settlement OF tho currency question The
most encouraging expressions OF opinion are
that merchants are hopeful"
a VACANT CHAIR