The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1859-01-14
FAILURES IN 1857 AND 1858
[From lhe New York san. Inn. In

From the New York san Jan. 49,
circular issued by the Mercantile Agency of Douglass
Co. furnishes comparative statement of the number
of failures in the United States in 1857 and 1858 and
of the total amounts of liabilities. IL was i'm the fall of
1857 that the great financial storm swept the Union
and Europe also aud while the weak and rotten
concerns tumbled down during the first weeks Of its fury
Others which possessed better basis resisted for time
and only forced down by the pressure surround
ing ruins 1t is gratifying, however to note that in
nearly all of the Middle and Eastern States in which the
storm ragged at first with most destructive force there
| are marked signs of improvement
In New York city and Brooklyn the number OF failures
in 1857 9l5, the average liabilities of each being
STAT esq., and the total amount of liabilities being sl35
1923, 900 In 1858 the number of failures was 4O6 the
average liabilities of each failure being only sl3 mi and
the total amount Of liabilities being but SIT 7T3 462 In
the whole State the number of failures in 1857 5s6
and the total amount of liabilities $3.50 6l7 900 In
1858 the total number of failures in tho State was T66
and the total amount of liabilities S24 252 900 In Phil
adelpha the total number of failures in 1857 was 2sO
and the total amount of liabilities S32 900 In 1868
the failures numbered 100, and the liabilities amounted
to $40 002 1886 In Boston the failures in 1857 1853
with liabilities TO the extent of 81 900 00 In 1858 the
failures 1873 and the liabilities 81 925 In Gin
cinDati there 96 failures in 1887 with liabilities of
So S9S 900 In 1858 the failures 81 with labli-
ties of 81, 345 $50,
In ST Louis there 40 failures in 1857 with iabil
tiles of So 552 900 in 1858 there ~ failures with
liabilities of 1872, $50. Ia New Orleans there were 5S
failures in 1851 with liabilities Of Sc, 2S5, 900 and in
The total number of failures in the United States in 1857
1872, with liabilities amounting to s291 900
and the total number in 1858 ,225, with liabilities
amounting to S95 TAO G62 making the total amount for
the two years 1887 ,499, 662 In New York State the
failures decreased in 1858, compared with 1857 nearly
forty PEI cent in the New England States, thirty-six
pei cents in PeuIsglyenia they decreased nearly thirty
two per csnt in Ohio, eighteen end half per cent in
Indiana nearly twcptyseven per cent? IN Iowa.
teen pet cent.
In Michigan the failures in 1853 nearly equal to
those 1851 and tho State is recovering but slowly from
her prostitution In Illinois the failures increased TWEEN
y per cent in 1855 but they mostly in the rural
portions of the State to which the full effects Of the
panic did extend until after the close of 1857 and
what Is Of Illinois In this respect applies also to most
OF the western States omiitng Chicago, however, in
which speculation had Wild Illinois has not suffered
very severely In Chicago the failures in 1857 number
ed III with liabilities amounting TO Sc 572 900, and in
1853 there were 81 failures with liabilities amounting to
49, 500 Ge4 In the balance Of the State there 1879
failures in 1857 with liabilities of 81 T66 o00 and in
1853 there 305 failures with liabilities amounting
70 81 97s, 2l0.
In the southern States the effects OF the panic were not
fully experienced until 1853 and the failures In that
year show asrge increase those In 1857 but from
s general absence of wild speculation in the South it
maintains good degree of steady prosperity The Can
adas have suffered severely from the panic but though
business Is st dull, there age signs Of improvement
there well as in the United States