The star. (Reynoldsville, Pa.) 1892-1946, 1895-01-09
TRADE REVIEW.
The Number and Extent of Failures Com
pared With Former Years.


r. q. Dun & COS Weekly Review
Failures for 1894 are fully reported this
week, being 1855 In the United States and
1856 in the Dominion OF Canada Liabili-
ties in the United States were si72, ,90l, $50,
and in Canada sl7,Gi6,2i5.
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 tho decrease in the United
states IL In manufacturing liabilities, while
the entire increase In Canada is In liabilities
OF trading concerns. A few states, including
New York and Pennsylvania. show more
failures than In 1893, and In a Few Southern
States the liabilities are larger but In Central
and Western States very much smaller.
In II Of the last 80 years, reported liabii.
ties have been larger than 1894 though. for
this year and 1898 the statement is confined
to commercial failures, as 1t was not in form.
er years.
The failures have been 1916 in every 1000
firms doing business. The liabilities have
averaged 1882. II to each firm in trade. aud
in proportion to the volume OF solvent bust.
ness represented by all Clearing House OK.
changes, S2.63 for every $1,000.
The complete review OF different branches
OF business places in n 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. o. the
prices for the same articles. and in the same
markets, January /, 1860, aud this remained
the lowest point ever touched until August
10. 1898, when the average foil to 72.76; but
early In the past year prices dropped below
all previous records and have never recov.
cred, the average December 20 being only
Gs.73 per cents of the prices in 1860 The
range was very little higher at the end OF the
year. and about Us low October 25
a full l-in h.a
cent. but very unelu Il In different branches.
In iron and steel products. II per cent in
wool, 1874 per cent; In woolens and cottons,
about Is per cent. These changes contrast
sharply with the decline OF wages paid per
hours work, which average only l.2 per
cent less than year ago.
The condition OF industries has boon large.
ly governed by the fall In prizes, and while
production Is much greater than year ago,
the aggregate increase being fairly measur-
by the increase Of S.2i per cent in hours OF
work done In November compared with the
previous year. II has been the controlling
feature in almost every important industry
that consumption 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
know, the demand calling Tor less than hall
the usual quantity OF rails, with large Hecreasc
IN many other branches, though probably
the use Of structural forms was larger In 1891
than ever before. The woolen industry rec.
ords n production for the year about a quarter
less than normal, and for the last four months
2s47 per cent. less than in 1892 in quantity o
wool consumed, but in value Of product the
decrease was, OF course. greater.
The year has been especially noteworthy
for the lowest prices OF wheat aud cotton OF
record. Both suffer from wholly unprece
dented accumulation Of stocks, the crop.
being large.
Outside this country wheat production ha;
not increased enough to justify price OF 6
cents at New York, and the accumulation IL
largely due to false reports OF yield intended
to frishten buyers and raise prices. The
is also affected by worldwide depression IL
business and decrease In consumption o.
goods. In other produce markets the yeal
has been relatively unimportant.