St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-05
DROP OF 5 1-2 PER CENT
During the Year, While Wages
Show a Falling Or Of
Only 1.2 Per Cent.
FEW FAILURES RECORDED
Compared With '93--Big In
crease Of Failures in
Canada.

NEW YORK, Jan. 4.-R. q. Dun q
Co.'S weekly review of trade, which
issues tomorrow, will say: Failures for
1894 are fully reported this week, being
1885 in the United States and 1856 in
Canada. Liabilities in the United States
were Sl73, 992, $50 and in Canada Sl7,6l6,-
2l5. Neither ihe decrease of over half
in this country nor the increase of over
40 per cent in Canada is surprising, but
the statements show that most OF the
decrease in the United States is in
manufacturing liabilities, while the en-
tire increase in Canada is in liabilities
of trading concerns. A few states, in
GLIDING New York and PennsyI-
vania, show more failures than
iii '93, and in 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 la
bilities have been larLer than in 1894,
though FOR this year and 1898 the state
ment is confined TO commercial failures,
as it was not in former years. The fail
ures have been 1913 in every thousand
firms doing business; the liabilities have
averaged $l32. II to each firm in trade,
and in proportion TO the volume of sol
vent business represented by ali clear
ing houses exchanges 1858 for every
LOCO.
The complete review of different
branches of business places in clear
light the fact that prices OF commodities
are at the
Lowest Level Ever known.
Eight years ago in July prices aver
aged only 70 90 per cent Of the prices
fur the same articles and in the same
markets on Jan. J, 1860, and this re
NAMED the lowest point ever touched
until Aug. Is, 1893, when the average
fell to 10, but early this year prices
droppGd below all previous records ana
have never recovered, the average Dec.
20 being only Us. Is per cent Of The prices
In 1860 lie range was very little
higher at the end Of the year and about
as low Oct. %. The fail since a year
ago has been So per cent, but very UNI
equal in different branches. In iron
and steel products, II per cent, and "a
per cent IN WOOenS, and cOttOns about
Is per cent. These changes contrast
sharply with the decline of wages paid
per hours WORK. which averages only
1.2 per cent less than year ago.
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 is
fairly measured by the increase of 0.24
per cent in hours of work done in Nov.
ember, compared with previous year.
ltnaS been The controlling feature in al.
most every important industry that con-
sumption 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 known, the de-
mand calling for less than the
creases IN many other branches, though
probably The use of structural forms
was larger in 1894 than ever before.
The wGoIen Industry records pIoduc-
ton Tor the year about quarter less
than in 1892 in quantity of wool con-
Sumeu, but III value of product. the
decrease was, of course, greater.
The year has been especially notes
worthy Tor the lowest prices OF wheat
and cotton on record. Both suffer from
wholly unprecedented accumulation OF
stocks, the crops being large. Outside
this country wheat production has not
increased enough to justify a price of
6Oc at New ork. and the accumulation
is largely due TO false reports of yield,
intended 10 brighten BUYERS and raise
prices.
The same influence has been felt In
cotton, which is also affected by world
wide depression in business and de-
crease in consumption of goods. lii
other produce markets the year has
been relatively less important.