The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1875-10-29
The Failures Of 1875.

r. G.. Dnn 4 Co., have issned a report
of the business failures for the first
three-quarters of 1875, from which we
learn that the number was 1869, and
cover liabilities to the amount of S21,
91I, ,544. The report further shows that
failures are on the increase, indicating
tendency to get down to "hard pan" as
soon "a possible. In the quarter ending
April there were reported 366 failures,
covering 81, Ia, $40 of liabilities; in the
second quarter, to July /, there were
1872 failures, covering 81. .876, 104. and in
the third quarter, to October l. there
were TAI failures, covering $9.S94, 100.
The greatest number of failures in any
one State was in New York. 1922; the
next largest number in Massachusetts,,
564; the next in Pennsylvania, 4l9; the
next in Illinois, 277; the next in Ohio
26O; and the next in Indiana, 236. In
no one of the other States does the
number for the nine months reach 200.
and range from 1913 downward TO l.
The report sets forth that
Owing to the fact that this is the first
year in which quarterly returns of fail
ures have been compiled, there can be
no accurate comparisons with cores
ponding periods in the past. Bnt with
the total failures of previous entire
years, divided by three fourths, an ap-
proximate result is reached, showing
the average failures in the first nine
months of the last four years were 4, ,l60,
being an excess of ,174 for the past
nine months. The average o. liabilities
for nine months for four years was S127,
442, 900, being an excess for the past
nine months Of $3,73O.OOO. While the
| figures of the last quarter were dis
coHraging aspect it must not be forgot
ten that these failures are largely the
result OF previous misfortunes, with
which the trade of the past three months
| is not cbargeable. The effects of the
panic of 1872, OF, rather, of the excesses
of which that was the climax, are seen
| ina great number of the casualties in
cluded in the figures of the current year
| Certainly the increase in the amount oi
the liabilities il traceable to the attempt
on the part of some Of the heaviest
houses who have succumbed, to AOat
themselves along by increasing their OBJ
legations, and otherwise postponing the
evil day, in the hope of revival o
business and n return of better times
The times are unfavorable to such a.
these, and the consequences are to bt
seen in largely increased list of failures
and heavier liabilities than in the aver
age of years. Departure from legiti
mate business. principles, perhaps il
former years, or even of more recent oc
currence, is the cause to which not few
of the failures of the last quarter can b.
traced, and these results are more prop
erlv chargeable to the indiscretiOns o
individuals, or their want of judgment
than to a dlsorganized or unsafe condi
tion of trade.
The above considerations may il
some measure account for the Increased
number of failures-still, there is NJ
denying the fact that the reduction il
the volume of business, the seeming i'm
possibility of largely reducing expenses
and, above all, the enormous number en-
gagged in business, in proportion to tn
trade to be done, even in the best o
years. and which periods ike the pres
ent tweed out" most effectually--thes
are causes for an increased failure list
which may be justly attributed to tn
pressure of the times. But after all,
may be doubted if this process is an un
I rrswoI a1sl