The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-01-10
HOW WE
Dun and Bradstreet Feel the Pulse OF
Trade and Finance.

AVE-" iohh. o"h W. go ~ |
Co. S weekly review OF trade says:
THE complete review Of different branches
Of business given Friday places in a clear
light the fact that prices OF commodities are
at the lowest level ever known. Eight years
ago, in July, prices averaged only 70 6g per cent.
OF the prices for the same articles and in the
same markets January l, 1850, and this remained
the lowest point ever touched until August III,
1893, when the average fell to ~ IS. but early
this year prices dropped below all previous
records ana have never recovered, the average
December 26, being only IS 70 per cent. OF the
price in 1860. The range was very little higher
at the end of the year and about as low
October %. The fall since a year ago has been
81 per cent; but very unequal in diserent
branches. In iron and steel products Ia per
cent, in wool 1874 per cent, in woolens and cot
tons about Is per cent. These changes con-
trast sharply with the decline OF wages paid
per hours work, which as was shown last
week average only one-half per cent. less than
a year age.
The volume Of business represented by ex-
changes at the principal clearing houses was
Slj6.45 900 daily in December, against Sal COL
900 in January, but 81 per cent. larger
at the end than last year, while
80 per cent. less than last year
in January. Comparing with 1892, a year
OF general prosperity, the decrease for
December was 26.l and ranged from 2l.7 to 2S.2
below that year since June. but at the begin
ming of the year was 81 per cent. below 1892,
and ranged from % to 81 per cent. below that
year, for the first five months.
During the greater part Of the year busl-
ness has been disturbed by monetary appre-
tensions, the gold reserve in the treasury hav-
ing fallen dangerously low. Two sales of $50
O0O.OOD 5 per cent bonds gave only tenn
porary relief. and at the end OF the
year the free gold had again dropped
to about $50, 1874 ,032. The exports OF 81
So. 900 gold this week are not because OF
merchandise movement, for the excess OF ex-
ports over the imports OF merchandise has
been frcm $50, OoO0oO to $40, 900 600 per month.
PROFESSIONALLY large Withdrawals OF foreign
capital. through sales Of securities and other
wise have caused the outgo, the duration and
extent 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 vol
ume.
The condition of industries has been large
ly governed by the fall in prices, and while
production is much greater than a year ago,
the aggregate increase being fairly measured
by the increase of S24 per cent. in
hours OF work done in November, COM
pared with the previous year, it has
been the controlling feature in almost every
important industry that has not
kept pace with the output, and has not sus-
tanned prices. In iron and steel, the lowest
prices OF IHe year are dt JIc Slosc' luc "ooiSh
industry records a production for the year OF
about a quarter less than normal and for the
last four months, 2S per cent. less
than in 1892 in quantity OF wool con-
sumed, but in value OF product the
decrease was Of course greater. The cotton
industry, while materially close to the cheap
est point ever known, keeps most OF the mills
at work, but by selling goods at prices quite
unprecedented. The output Of boots and shoes
has been the largest known In number OF
pairs, bukbesides a fall IN price below all rec
cords, there has been a general preference for
the lower priced goods.
The year has been especially note worthy
for the lowest prices of wheat and cotton on
record. Both suffer from wholly unprecedeDt-
ed accumulation of stocks, crops being larger.
Outside this country wheat production
has not increased enough to justify a
price of sixty cents at New York, and
the accumulation is largely due to
false reports of the yield intended to ~frighten
buyers and raise prices. The same influence
has been felt in cotton, which is also affected
by worldwide depression in business and de-
crease in consumption OF goods. In other
produce markets the year has been relatively
less important.
Failures for 1894 are fully reported this
week, being 1882 in the United States, and
1856 in Dominion of Canada. Liabilities in
the United States were $l72 49, 1856, and in Can
ada 81, 6l6.215. Neither the decrease OF over
| ildIl ii lis tOuLll1 y NJ hhC Va oNSi ~
per cent. in Canada, is surprising, but the state
ment shows that most OF the decrease in the
Unit, d States is in manufacturing liabilities,
while the entire increase in Canada is liabili-
ties OF trading concerns. A few states, includ-
ing New York and Pennsylvania, show more
failures than in 1893, and in "A 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 liabilities have
been larger than in 1894, though for
this year and 1898, the statement is confined to
commercial failures, as IL was not in former
years. The failures have been 125 In every
thousart firms doing business; the liabilities
have averaged $i32.71 to each firm in trade,
ana in proportion TO the volume OF solvent
business represented by all clearing house ex-
changes, s.. t3 for every 81 ,000.
Bradstreet's says:
There has bAn no material improvement
in general trade within a week. A { lbulation
OF Bradstreet's telegraphed Iepor S from tn,
more important trade centers does not reveal
specially hopeful views as TO an improvement
in business in the near future. In many in
stances trade revival is declared to depend on
a settlement of the currency question. The
most encouraging expressions OF opinion are
that merchants are hopeful"