The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-10-23
Referring to these statistics the Agency re

4eCACXllus W enOSO oeoelobiCo bH0 AS0LCy AC"
Marks
"While the figures presented above wear q
discOuraging aspect, it must not be forgotten
that these failures are largely the result Of pre-
vious misfortune, with which the trade of the
past three months are not chargeable. The eff
fects of the panic of 1873, or rather of the ex-
cesses of which that was The climax, are seen
in great number of the casualties included in
the foregoing figures Certainly the increase in
the amount of the liabilities is traceable to the
attempt, on the part of some of the heaviest
houses who have succumbed, to float them
selves along by increasing their obligations, and
otherwise postponing the evil day, in the hope
of a revival of business and return of better
times, when their assets would become more
realizable. Then it must be borne in mind that
just such period as this tests very severely
the stability of all whose affairs are at all ex.
banded, while those whose claim to credit rest
only ON previous reputation, and who have only
the shell or poor remains of lost or diminished
fortunes, are utterly unable to withstand the
searching realizing spirit of the day. The
times are unfavorabe to such as these, and the
consequences are to be seen lin largely in
creased list Of failures aud heavier liabilities
than in the average OF years. Departure from
legitimate business principles. perhaps in form
er years, or even of more recent occurrence,
is the cause to which not few of the failures
of the last quarter can be traced, and these re-
suits are more properly chargeable to the indis-
ment, than to disorganized or unsafe condi-
ton of trade"
1t is apparent that the foregoing figures and
other indications, that the disease with which
the commercial community has been affected is
one of slow development; but it by no means
follows that, because the symptoms are now
becoming more marked than formerly, the re-
covery of the patient is any more remote. On
the contrary, there are many indications, re-
ferred to in the circular, of returning health
and vigor. Chief among the hopeful signs of
the times, ls'the disposition to rapidly realize
upon the abundant crops which have been so
successfully harvested. and which must greatly
increase the purchasing and debt paying power
of large class of the community. In antici-
patton of this movement in crops and currency,
the Agency reports that a very fair trade has
been done at almost all jobbing centres and
though business by no means attains its former
volume or pro6tableness, the results of the au-
tumn trade are in the main encouraging.
The circular goes on to state that numerous
interests remain depressed; that capital con-
tinues timid, and hence idle; that many manu-
factories are only partially employed; that
some staple articles of merchandise show no
profit; while others can only be sold at loss;
and that there is much which prevents a hope
full view of business matters" These consid-
erations no doubt, account for the increased
number of failures. There is no denying the
fact that the reduction in the volume of bust
ness, the seeming imposibllty of largely reduc-
ing expenses, and above all the enormous num-
Der engaged In business, in proportion to the
trade to be done, even in the best of years, and
which periods like the present "weed OUT
most effectualy-these are causes for an in
creased failure list, which may be justly attri-
buted to the pressure of the times. But; after
all, as the Agency suggests, it may be doubted
if this process is an unmixed evil.
As to the future condition of the trade of
the country, there are, as above alluded to,
some hopeful signs, and the conviction seems
to be that ''as compared with the condition of
things at this date last year, there is certainly
an improved prospect. Notwithstanding the
figures prest nted above, the year has been by
no means one of disaster, and, though the pro.
cess seems slow one which leads to prosperity
it is none the less sure one.'