Morris tribune., 1895-01-09
HOW WE STAND.
Dun and Bradstreet Feel tho Pulse Of
Trade and Finance.

Dun and Bradstreet Feel tho Pulse Of
Trade and Finance.
New YORK, Jan. 5.--R 6. Dun s.
Co. weekly review OF trade says:
1.-THE complete review Of different branches
| of business given Friday places in q clear
| light the fact that prices of commodities are
at the lowest level ever known. Eight years
ago, in July prices averaged only 20 90 per cent.
| Of the prices for the same articles and in the
same markets January /, 1860 and this remained
! the lowest point ever touched until August 10,
| $685. when the average fell to 72.T6. but early
this year prices dropped below all previous
| records and have never recovered the average
| December &c. being only 68 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 %. The fall since year ago has been
| 5a 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
q year age.
THE volume of business represented by ex-
changes at the principal clearing houses was
1856 $50 900 daily in December against SAL COL
600 in January, but 81 per cent. larger
ut the end than last year, while
IS per cent. less than last year
in January. Comparing with 1892, year
of general prosperity, the decrease for
December was 28.1 and ranged from 21.7 to 292
below that year since June. but at the begin
ming Of the year was 1878 per cent. below 1899,
and ranged from % to 81 per cent. below that
year. for the first five months
During the greater part of the year busl-
ness has been disturbed by monetary appre-
tensions the gold reserve in the treasury hav-
Foil DOM w low TyU0C cal
100000 per cent bonds gave only tenn
porary relief, and at the end OF the
year the free gold had again dropped
to about 1888, 1874 032. The exports of $4.-
$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 $50 100000 to $50, 600 0G0 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.
1.-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 824 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 Tor the
last four months, 28.47 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 at 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 unprecedept-
ed accumulation of stocks, crops being larger
Outside this country wheat production
has not increased enough to justify
price of sixty cents at New York, and
the accumulation is largely due to
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
1856 in Dominion of Canada. Liabilities in
the United States were $172, S92 S56, and in Can
ada $27,616.215 Neither the decrease of over
half in this country. nor the increase of over 40
per cent in Canada, is surprising but the 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.a 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 125 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. SO for every 81, 600
Bradstreet's says:
There has been no material improvement
in general trade within week. A tabulation
of Bradstreet's telegraphed 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 encouraging expressions OF opinion are
that merchants are hopeful"