The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1895-01-10
puN.S REPORT.
The Price OF Commodities the Lowest Ever
Known Condition of Industries Gov
erned by the Fall In Prices.


erned by the Fall in Prices.
New YORK, Jan. 5.-R g. Dun q
co., weekly review Of trade Saturday
says:
Failures for 1894 are fully reported
this week, being 1ass5 in the United
States and 1856 in the Dominion, OF
Canada. Liabilities in the United
States were sire, 992, ,s56, and in Canada
,s17, ,616,215. Neither the decrease 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 increase in Canada Is
liabilities of trading concerns.
THE complete review of different
branches of business given Friday
places in clear light the fact that
prices of commodities are at the lowest
level ever known. Eight years ago, in
July, prices averaged only 1890 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,
1898. when the average fell to 1915,
but early this year prices dropped be-
low all previous records, and have
never recovered, the average Decem.
Der &c being only co., per cent. of the
price in 1scO The range was very little
higher at the end of the year and
about as low October 25.
The fall since year ago has been
So per cent, but very unequal in diff
fercnt branches. In iron and steel
products, II per cent; in wool. 1874 per
cent; in woolens and cottons, about IL
per cent. These changes contrast
sharply with the decline of wages paid
per hours work. which, as was shown
last week, sycr:yc only 1.o per cent.
less than year $50.
Railway tc:,-age closed the year at
Chicago 90 per cent. smaller than last
year. but at Indianapolis and St. Louis
larger than year ego. and earnings
since the first week of December have
been about as large as last year. For
the year all United States roads have
thus far reported 11.9 per cent less
than last year for the same weeks or
months, and lG.5 per cent. less than
1892, the decrease opening frcrl 1877
per cent. in January to 81 per cent. in
June, while August showed slight in
crease over last year and December
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 apprehensions, the gold
reserve in the treasury having fallen
dangerously low. Two sales of $780,
0OO 600 per cent. bonds gave only tenn
porarily relief, and at the end of the
year the free gold had again dropped
to about $50, 3,394,O32.
''The exports of S4,55O,0OO in gold
this week are not because of merchan-
disc movement, for the excess of ex-
ports over imports of merchandise has
been from sec, 900. 600 to $50. 900. 600 per
month. Unquestionably large with.
drawals of foreign capital, through
sales of securities and otherwise, have
caused the outgo, the duration and ex.
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 SPA per cent. in hours of work done
in November, compared with the pre-
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 the
lowest ever known. the demand call
ing for less than half the usual quan.
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 "a pro-
duction for the year of about a quarter
less than normal. and for the last four
months %. ~ per cent. less than in ls9.
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 eve,
known. keeps most of the mills al
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 a fall in price below
all records there has been general
preference for the lower priced goods
and the attempted advance in prices
Oh 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 q
price of sixty cents at New. York, and
the accumulation is largely due to false
reports of yield, intended to frighteu
buyers and raise prices. The same in.
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