The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-05
LOWEST EVER KNOWN
PRICES OF COMMODITIES ONLY 6s.73
OF THE PRICES IN 1860.
Dun IL Co.'s Review Analyses tue
Failures and Condition Of Trade
Bradstrect's Report.

BE1uStfect Report
NEW YORK. Jan. Ar. c. Dun & Co.'S
weekly review of trade. which issues to-
morrow. VIII say: Failures for 1897 are
fully reported this week, being l., SS5 in the
United States and 1856 in the Dominion of
Canada. Liabilities in the United States
We're S172992, $50. and in Canada ST. 616,2i5
Neither the decrease of over half in this
country nor the increase CT 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 iiabil-
tiles, while the entire increase in Canada
is in the liabilities Of trading concerns. A
few States. including New York and Penn
sylvania. show more failures than in 1892
and in 4 few Southern States the amount
of liabilities is larger, but in Central and
Western States very, much smaller In
eleven of the last thirty-eisht years reported
liabilities have been larger than in 1884,
though for this year and 1893 the statement
is confined TO commercial failures, as it was
not in former years. The failures have been
12.5 in every thousand firms doing business
In the liabilities they have averaged $132 II
to each firm in trade, and in proportion
to the volume of solvent business repre-
scented by all clearing house exchanges, 81. So
for every $1,000
The complete review of different branches
of business places in a clear light the fact
that prices of commodities are a the lowest
level ever known. Eight years ago. in July,
prices averaged only 1863 per cent of the
prices for the same articles and in the
same markets on Jan. l, 1850, and this
manned the lowest point ever touched until
Aug 10, 1885, when the average fell to 72.76,
but early this year prices dropped below
all previous records, and have never re-
covered the average, Dec. 26. being only
6S73 per cent. of the prices in 1860. The
range was very little higher at the end of
the year, and about as .ow Oct. %. The
fall since year ago has been 51s per cent,
but very unequal in different branches In
iron and steel products IA 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 IL per cent less
than a year ago.
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 S.24 per cent.
in hours of work done in November, COM
pared with the previous year, it has been
the controlling feature in almost every i'm
portant Industry that consumption has not
kept pace with the output and has not
sustained prices. In iron and steel the low
and the lowest ever known the demand
calling for less than half the usual guam
other branches. though probably the use
of structural forms was larger in 1894 than
ever before. The. wooden industry records
a production for the year about a quarter
less than normal and for the last four
months 2S47 per cent. less than n 1892 in
quantity of 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 and cotton
on record Both suffer from wholly unpre-
cedented accumulation of stocks. the crops
being large. Outside this country wheat
hos unf inor SpA oh ms
tify price of 60 cents at New York, and
the accumulation is largely due to false
reports of yield intended to brighten buyers
and raise prices The same influence has
been felt in cotton, which is also affected
by the worldwide depression in business
and decrease in consumption OF goods. In
other produce markets the year has been
relatively less important
Bradstreet's Interesting Summary.
NEW YORK, Jan. 4.-Bradstreet's report
tomorrow will say: There has been no
material Improvement in general trade
within a week. Jobbers and other whole
salers are sending out, or are about to send
out commercial travellers, and in many in
stances have not finished the years ac-
counts and stock-taking. A tabulation of
Bradstraets Geographic reports from the
more important trade centers does not
reveal specifically hopeful news as to an
Improvement in business in the near flu
ture. In MANY INSTANCES IfaQe revival is
declared to depend on a settlement of the
currency question. The most encouraging
expressions of opinions are that merchants
are hopeful. Among more favorable condi-
lions are reports that stocks of goods of
all descriptions in the hands of jobbers.
manufacturers and retailers, West and
Northwest are generally smaller than usual
at this season; that the business in dry
goods, hats, shoes and millneries has been
generally satisfactory and that bad weather
has stimulated demand for coal and sea-
sonable fabrics. Geographic communica-
ton in the Northwest on the Pacific coast
has been interrupted by storm, and the
Louisiana is checked along with demand
Less favorable is the announcement of
the lowest price on record for iron and
steel, bessemer, pig iron and steel biilets.
each having declined IL cents ton. The
silver lining is found in an advance of %
cents ton III shipping rates to Northern
production. Print cloths weaker and
sell at a shade under last weeks quota
tions Coal, too, is fractionally lower; pig
tin is lover as are pork, raw sugar, live
cattle and hogs.
Foreign competition with American wool
dress goods for spring deliverey is sharp
and domestic fabrics are rather neglected,
although many mills are busy on orders
for mems wear woolens. Following the list
of decreases in prices are leather, lumber,
coal, naval stores, coffee oats and cotton,
for which quotations have been maintained
Cheaper grades of shoes at Eastern fac
tories are higher, as are wheat and lard.
Total clearings at sixty-nine cities in the
United States, officially reported to Brad
streets, aggregate for the calendar year
1894, S44 $685. 900, 6 per cent. less than in
the panic year 1893. and % less than in 1892,
the year of the largest volume of bank
clearings Clearngs for 1894 constitute the
smallest aggregate for nine years.
Total exports of wheat, -four included
both coasts United States tthe telegram
from Portland. Ore not yet received.
amount to 2,6Si.000 bushels. against $4,000
bushels a week ago; 3.S96000 bushels in
the week year ago; 3.ooS, coo bushels two
years ago: 2.521 SIS bushels in 1892. and com
pared with 2e76,Oo0 bushels in 1891. Availa-
BILE wheat, United States and Canada Jan.
|. aggregated 127.009,0oO bushels, 100000
bushels more than one year before, 11,000,-
600 bushels more than two years ago and
~. 600 900 bushels more than three years ago
Wheat afoat for and IN Europe on the 1st
inst aggregated 57,7ii0o0 bushels a falling
off of -, 200, goo bushels from year ago
IL, 500 900 bushels from two years ago and
90, 700, 900 bushels from three years ago. The
most bullish feature of BradstreetS regu-
lar monthly report of American wheat
stocks is found in the net decrease of 6S9.-
600 bushels in available supplies in the
United States and Canada during December
last, whereas in four preceding years De-
cember available stocks of wheat here and
in Canada each increased average of
between 1000. coo and 5000, coo bushels Avail
able wheat in the United States Canada
Europe and afioat for Europe, Jan. l. in
creased only $4,000 bushels in December