The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-01-12
OUN'S COMMERCIAL REVIEW.

80 u
Prices of Com.ncd ities at the Lowest
level Ever Known-The Outflow Of Gold.
NEW YORK, Jan. 5.-R. &. Dun &
Co.'S weekly review of trade, issued to-
dav, says:
Failures for 1894 are fully reported
this week, being Is, 1855 in the United
states and 1.S56 in the Dominion of
Canada. Liabilities in the United
States were S172. 9s2, $50, and in Canada
BIZ, 616, 215. Neither the decrease of
over half in this country, nor the
increase of over 40 per cent in
Canada, is surprising, but the
statement shows that most of the
4 decrease in the United States is in
manufacturing liabilities, while the
increase in Canada is liabilities of trad
ing concerns. few states, including
New York and Pennsylvania, show
5 more failures than in 1895, and in a
few southern states, the amount of
liabilities 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
rs confined to commercial failures,
as it was not in former years. The
failures have been 12.5 in every 1000
firms doing business: the liabilities
have averaged S132. II to each firm in
trade, and in proportion to the value
of solvent business represented by all
clearinghouse exchanges S2.63 for
every $1,000.
The complete review of different
branches of business given to-day
places in a clear light the fact that
prices of commodities are at the low
est level ever known. Eight years ago
IN July, prices averaged only 1885 per
cent of the prices for the same arti-
ticles, and in the same markets Janu-
airy 1, 1860, and this remained the low
est point ever touched until August 10,
1893, when the average fell to 72.76.
but early last year prices dropped
below all previous records and
have never recovered, the av-
serage, December &c, being only
'5S-7S per cent. of the price in 1860. The
range was very little higher at the
END of the year and about as low Octo-
Der %. The fall since q year G has
been 81 per cent; but very unequal in
different branches. In iron and steel
products Il per cent, in wool 1874 per
cent. and in woolens and cottons
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 1.2 per
cent less than n wear AGO.
The volume of business represented
by exchanges at the principal clearing
houses was S156, $50, 900 daily in Deem
Der, against Sal, GOA, 900 in January:
but 81 per cent. larger at the end than
last year, while 35 per cent. less than
last year in January. Comparing with
1892. a year of general prosperity, the
decrease for December was 26.1, and
ranged from 21.7 to 29.2 below that
year since June; but at the beginning
of the year vas 1913 per cent. below
1892, and ranged from % to 81 per cent
below that year, for the first five
months.
The exports of $3.50, 900 gold this
week are not because of merchandise
movement, for the excess of exports
over imports of merchandise has
been from $50, 600, 900 to $780, OO,-
90 per month. PROFESSIONALLY large
withdrawals of foreign capital,
Through sales of securities and other
wise have caused the outgo, the dura-
ton and extent of which, therefore.
depends upon other than commercial
elements.
Evtranrdipar mundane of mnnav
mas resulted from the general dullness
Of trade, and the movement to this
center has been unprecedented in vol
ume.
The condition of industries has been
largely governed by the fall in prices.
and while production is much greater
than Il year ago, the aggregate in
crease being fairly measured by the in
crease of 8.24 per cent. il hours of
work done in November, compared
with the previous year, it has been the
controlling feature in almost every i'm
rportant industry that consumption has
not kept pace with the output, and has
not sustained prices.
The WOODEN industry records 4 pro-
al duction for the year of about a quarter
less than nominal, and for the last
four months 2S.47 per cent. less than
in 1892 in quantity of wool consumed.
but III value of product the decrease
was, of course, greater.
The cotton industry, while materially
close to the cheapest point ever known.
keeps most of the mills at work, but
by selling goods at prices quite un-
Jprecedented.
The output of boots and shoes has
been the largest known in number of
pairs, but besides a fall in price below
all records, there has been a general
preference for the low-priced goods.
and the attempted advance on account
q of the rise in leather caused a marked
decrease in orders.
The year has been especially note
worthy for the lowest prices OF wheat
and cotton on record. Both suffer
from wholly unprecedented accumula-
ton of stocks, crops being larger.
Outside this country, wheat produc-
ton has not decreased enough to JUS
-sify 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 in
fuence has been felt in cotton. which