The New York herald., 1875-07-16
FINANCIAL and COMMERCIAL.
The Stock Market without Feature and TAX
ing Care Of IlSslf-A Business
Outlook for Six Months.
G OLD 114 "a A 115.
Government Bonds Weak, Foreign Exchange
Steady and Money on Call at Usual Rates.
WALL STREET.


THURSDAY. July 15-6 +. M.
The failures for the har year ending with last
month, for the entire United States are stated 70
be a377, WITH liabilities not quite $7s,eooooo This
number Is only slightly In excess OF the average
OF years, while the amount OF liabilities is re-
ported lower than Tor any six months In the past
tour years. These are very gratifying statements.
especially bearing in mind the extreme depres-
sion In all interests and the peculiarly trying cir
cumstances OF the past season. These ngurss are
all tho more gratifying contrasted with those Iur.
nished OF the state or things abroad. In England
the failures in cities alone for the past three
months show liabilities OF f2S 00o, 900. or over
100000 900. This amount exceeds by twenty i've
per cent
THE TOTAL LIABILITIES OF ALL FAILURES
among $50 900 traders In the United States during
twice the time. In Canada, near by, the failures
in the six months are 800, with liabilities Of
$12, ,00o, ,000-far greater in number and amount
than any State OF the Union Tor the Same period.
excepting New York, with ten times the number OF
traders. The source from which these interesting
figures are derived-the semi-annual circular or
Dun, Barlow & Co.'s mercantile agency-attrib-
utes the limited number OF failures IN the United
States TO the comparatively small mercantile In
deDtedness tnat has prevailed since the war, and
which, since the panic Of 1878, has steadily de-
ciEei. Notwithstanding these apparently favor
than positive character, the agency goes on to
remark
The expectations which were INDUCED in at the
early part OF the year. that the business OF the
Compared with this time twelve months ago there
Is but little. ir any, Improvement perceptible
either In the volume or proftableness or trade.
TIE EFPKCTs OF THE PANIC,
or rather OF the excesses IN business which caused
II, have lasted longer than was anticipated im-
mediately after tnat climax mad Been reached,
and the enduring evil results are becoming more
ana more apparent These results, however, as
sumo the Character more OF depression than or
disaster, ana though IN the end. the evii may be
"a fatal IN the one case as in the ether the pro-
covery. and to permit the operation OF all clrcum-
stances that favor 1t. Thus we have
products pro- 1uSI since the the panic, and the promise
Is now so certain OF another abundant
Stimulate the purchase Of goods in anticipation Of
the trade sure rv follow It's realization. Again. We
have nad nearly TWO years OF enorts IN the the Girec-
Used Is oest indicated by the restricted sales OF
merchandise III all quarters: OF course tnls re-
duced business In merchandise Is TO be largely at
triouted to the limited purchasing power oI oper-
arives and others dependents on interests that
have lanxushed during these hard times; but
aside from these. and IN sections OF the country
where these specific Influences have not pre-
less expenditure for the luxuries OF life. But
even with the results OF three years. abundant
reductions in the expenditure shat have peen
effected, the fact remains that the trade OF the
u
ous condition than It was year or eignIeen
months ago."
THIS latter conclusion is hardly justified by the
Information which the circular iurther contains.
Brief but comprehensive reports from thirty lead
ing centres OF trade are furnished Dy the repre-
sentatlves OF the agency at these points as the
result OF careful inquiry, not only from prominent
business men, but from an army OF correspondents
in all sections The result appears TO contain
much That 10 encouraging. Remarking upon
these reports the circular conciudes:-
Whatever an abundant agricultural product win
accomplish toward restoration OF prosperity WILL
certainly this year be contributed.
THE PURCHASING AND DRBT-PAYNG POWER
OF the people ~ vast sections or the country VIII
he improved, while c0nsiueraDie activity must be
provoked during the autumn In repenishlng the
small stocks OF merchandise neld In all hands.
Otner things tnan agricultural success may oe
needed TO restore universal prosperity. ExpectA-
tion founded on that basis has already led TO dis
appointment. But whatever else may be needed,
IL seems hardly possible in the nature OF things
that q revival can be very much longer delayed.
Every day must bring US nearer TO the commence
elements OF wealth at hano abundant anu varied
resources unrivalIed means OF transportation,
a large surplus OF unemployed capital, well Tried
aud successful monetary system. and above
all. people who have experienced far worse
cess IL may be Lnat tue one hundredth annI-
versary or the nauon Will both come and 20 be-
lore we can chronicle permanent ACTIVITY anu
pront In business. but If no worse comes to Us In
the interval than has befallen Us IN the SIX
concentration. The great lessons Of patience
and economy, and the practice OF such business
principles as will equally apply 10 poor as well
as prosperous conoition or trade. WILL at least
NOT have been taught In vain.
THE STOCK MARKET
presented no important features. Pacific Mail
declined from S9A to 3sA, Union Pacific from 70 TO
72x, and Western Union from 79x to 70X. ST. Paul.
Northwestern Lake Shore and Rock Island were
comparatively firm. An evident desire exists to
create large short interest. and when this is
reached q sudden change will doubtless take
place. The market IL extremely unsettled and
there are lew outside OF permanent investors
who nave any well established faith. The large
operators are absent from the street ana most OF
the byplay IL made by brokers, who take RISKS on
fractional charges. 1t Ia scarcely worth while
than to quote the