The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1895-01-10
DsyN's REPORT.
The Price OF Commodities the Lowest Ever
RECOMMENDATION of Industries Gev.
erned BY tho Fall In Prices.

NEW YORK, Jan. 5.-R G.. Dun d
Co.'S weekly review Of trade Saturday
says:
Failures for lS9f are fully reported
this week, being 1885 in the United
States and 1856 in'!skc Dominion Of
Canada. Liabilities in the United
States were ST.. 49,. $50, and in Canada
S17,616,2l5. Neither the dccreaxe Of
over half in this country nor the In.
crease of over 40 per cent. in Canada
is surprising, but the statement shows
that most of the decrease in the United
States is in manufacturing liabilities
while the entire-increasc in Canada 10
liabilities of trading concerns.
1.-The complete review OF differens
branches of business given Friday
places IN clear light the fact that
prices Of commodities are ut the lowest
level ever known. Eight years ago, ia
July, prices averaged only 1850 per
cent. of the prices for the same articles
and in the same markets January l.
1860, and this remained the lowest
point ever touched until August 10,
1893, when the average fell to ':.7d,
but early this year prices cropped be-
low all previous records, and have
never recovered the average Deem
Der o6 being only G0.T13 per cent OF the
price in 1860 The range was very little
higher at the end Of the year. and
about as low October 35.
The fall since year ago has been
81 per cent, but very unequal in dit"
ferent branches. In iron and steel
products, II per cent; in wool, 1874 per
cent; in woolcns and cottons, about Is
per cent. These changes contrast
sharply with the decline of wages paid
per hours work, which, as was shown
last week, average only 1.o per cent.
less than year ago.
Railway tonnage closed the year at
Chicago 20 per cent. smaller than last
year, but at Indianapolis and St. Louis
larger than a year ago, and earnings
since the frs. ."eell of December have
been about as large as last year. For
the year all United States roads have
thus far reported ll.o per cent lees
than last year for the same weeks or
months, and 1915 per cent less than
1892. the decrease opening from 1877
per cent. in January to 81 per cent in
June, while August showed slight in.
crease over last year and Decembes
thus far slight increase.
prices of stocks have varied during
the year comparatively little, except
for trusts. During the greater part OF
the year business has been disturbed
by monetary approximations, the gold
reserve in the treasury having fallen
dangerously low. Two sales Of $780,
600, coo per cent bonds gave only tenn
porarily relief, and at the end Of the
year the free gold had again dropped
to about ss3, 394,G 322.
1.-THE exports of Si,550,0 900 in gold
this week are not because of merchan.
disc movement, for the excess OF OK.
ports over imports Of merchandise has
been from $50 600 900 to $40, 600, 600 per
month. PROFESSIONALLY large with.
drawals of foreign capital, through
sales of securities and otherwise, have
caused the outgo, the duration and cx-
tent of which therefore depends upon
other than commercial elements.
Extraordinary abundance OF money
has resulted from the general dullness
of trade, and the movement to this
center has been unprecedented In
volume.
The condition of industries has been
largely 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 S.o4 per cent. in hours of work done
in November, compared with the pro-
vious year, it has been the controlling
feature in almost every important in
dustry that consumption has not kept
pace with the output and has not sus-
tanned prices.
I'm iron and steel the lowest prices
of the year are at the close. and tho
lowest ever known, the demand cali
ing for less than half the usual guam.
tity of rails, with large decrease in
many other branches, though probably
the use of structural forms was larger
in 1894 than ever before.
The wooden industry records pro-
duction for the yearof about a quarter
less than normal, and for the last four
months os.47 per cent. less than in 1899
in quantity Of wool consumed, but in
value of product the decrease was, OF
course, greater.
'The cotton industry. while mater
ally close to the cheapest point ever
known, keeps most Of the mills at
work, but by selling goods ut 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 records there has been a general
preference for the lower priced goods,
and the attempted advance in prices
on account of the rise in leather caus-
ed a marked decreased 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-
tions 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 false
reports Of yield, intended to frighten
buyers and raise prices. The same in
/ fuence has been felt in cotton, which
is also affected by worldwide depres.
sion in business and decrease in con-