Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1859-01-17

BUSINESS FAILUREs.-By the annual circu-
lar of b. Douglass & Co., of the New York
Mercantile Agency, we have comparative
statement of the number of failures in the
United States for the years 1857 and 1858, and
of the total amount of the liabilities of bank
rupts for those years. 1t appears that during
1857 there were 1882 failures in the country,
and the total liabilities 1921 $50 900. Last
year the failures were 1925 in number, and
the liabilities S95, 1862. The failures in
New England were 272 less last year than in
1857 in the State of New York, they were
720 less in Pennsylvania Ill less. In Vir-
ginia they increased l49, and in fourteen of the
Southern and Western States there were more
failures last year than in 1857 Connecticut
was the only Eastern State in which the fail
ures last year increased over 1857.
In the cities of Cincinnati, st. Louis, New
Orleans, and Chicago, there were less failures
last year than during the previous season.
In Ohio the failures decreased eighteen and a
half per cent; in Indiana, nearly twenty-seven
per cent; in Iowa, seventeen per cent In
Michigan, the failures in 1858 are nearly equal
to those of 1857, and the State is slowly re-
covering from her prostration. In Illinois, the
failures increased twenty per cent in 1885, but
they were mostly in the rural portions of the
State, to which the full effect of the panic did
not extend until after the close of 1857; and
what is true of Illinois, in this respect, applies
also to most of the Western States. In the
Southern States, the effects of the panic were
not fully experienced until 1858, and the fail
ures in that year show a large increase over
those in 1857 but from the general absence of
wild speculation in the South, it maintains
good degree of steady prosperity.
The following extracts from the documents
above named will be of interest to business
men:
The accounts from all parts of the South,
except portions of Virginia, are uniform in
their testimony that trade is in a healthy CON
dition. The crops produced were good prices
remuneratiye, and prospects generally are
very encouraging. We have excepted the
State of Virginia. Accounts from that State are
more discouraging. Last years crops fell far
short of an average, while for several years
previous they had been, as general thing,
deficient. Money is still scarce, and consider
able financial distress prevails The number
of failures, as per table, is large increase up
on 1857, and although to some extent account
ed for above, it still bears out the Responding
tone of our remark II
The result of this carefully prepared analy-
sis, we think, justities us in assuming that there
is ground for congratulation in the present as
pect of commercial affairs. 1t is somewhat
checkered, it is true, but announcement is the
prevailing feature; indeed, were it less so, we
should have abundant cause for thankfulness
when we consider the severe trials we have
passed through. The conclusion is justifabe
that we shall have safe, if not an extensive
trade, this year; and that the country at large
needs but one or two good crops more from
the hands of a bountiful Providence, to place
us in as good a condition, pecuniarily, as the
panic found us occupying, with the additional
advantage of a valuable lesson from ifs inf1ir
ton. The great evil connected with the cred
it system lies in the fact that competition in
duces too long credits; but, with a judicious
and discriminating credit system, we see no
reason why these periodical injuries may not
be avoided.