The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-10-26
6DALLAs,fTE AS.
TUESDAY MORNING i;t OCT. 49,
FAILURES IN THE UNITED STATES
Messrs. Ra 9. Dem 4 Co.'s report Of

i
1875, aggregate 1884 failures, with
liabilities amounting to Sl3l ,l72,5O3.
The agency goes on to say, nregard
to the causes OF failures and the BUSH
ness outlook in the future, that while the
figures presented aboye wear n OBSCURE
aging aspect, it must not be forgotten
that these failures are largely the re-
suit, OF previous misfortunes, with
which the trade Of the past three
months is not chargeable: rrs -,gr.
The effects Of the panic of 1868, OF
rather of the excuses Of which that
waslthe climax, are seen in great
mum berof the casualties included IN
the foregoing figures Certainly the
increase In the amount of the liabili-
ties 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 0bll-
CATIONS, and otherwise postponlng the
evil day, in thebope Of II revival Of
business and Il return OF better times,
when their assets would become more
reahzable. Then it must he borne in
mind that just such a period as this
tests very severely the stability Of all
whose affairs are at all expanded,
while those whose claims to credit rest
only on previous reputation, and who
haye only the shell or poor remains of
lost or diminished fortunes, are utterly
unable to Withstand the searching, re-
alizing spirit Of the day. The times
are unfavorable to such rs these, and
the consequences are to be seen In a
largely increased list of failures and
heavier liabilities than in the average
Of years. Departure from legitimate
business principles, perhaps in former
years, or evel OF more recent occur
renee, is the cause to which not few
of the failures Of the last quarter can
be traced, aud these results are more
properly chargeable TO the indlscre-
tons of individuals, or their want Of
Judgment, than to a disorgahized or
unsafe condition of trade.
The above considerations may in
some measure account for the increased
number Of failures still, there is no
denying the fact that the reduction in
thes Volume OF business, the seeming
impossiblility of largely reducing ex-
penses, and, above all, the enormous
number engaged in business, in pro-
portion to the trade to be done, even
in the best of years, and which periods
like4the present Tweed out y most
efieetually these are causes for an in
creased failure list, which may be
justly attributed to the p!gre,;sssqrsnf tbs
evil.
While the above, figures seem to in
dictate a much worse condition of af-
fairs thanwas supposed to exist, it is
apparent that the disease with which
the commercial community IL affected
has been one of slow development :;
aud 1t by no means follows that, be-
cause the symptoms are now becoming
more marked. than, formerly, the. re-
covery ofthe patient is any the more
remote, On the contrary, there are
many indications of returning health
and vigor Chef among the hopeful
signs of the times IL the disposition to
rapidly realize upon the abundant
crops which have been so successfully
harvested land which must greatly in
crease the purchasing and debt-paying
power of a large class of the conimu-
nifty. In anticipation of this move.
ment in crops aud currency. q very
fairtfade hRs been done at almost all
Jobbing centres, and though business
by no means attains its former volume
or proftableness, the results of the au-
tumn trade, are in the main encourage
IL is true, thatnumerousi Interests re-
main depressed; that capital continues
timid and hence idle; that many man
uiactories are only partially employed;
that some staple articles Of merchan-
disc show no profit, while others can
only besold at a loss; and that there is
much which prevents hopeful view
OF business matters. But, as compared
with the condition of things at this
date last year, there Is certainly an
improved prospect. Notwithstanding
the figures presented above, the year
has been by no means one Of disaster,
and, though the process seems a slow
one which leads on to prosperity, it ia
none the less u sure one. ~ srs., III
That this is general conviction In
the. minds of distributors Of goods is
best evidenced by tendency which,
while 1t is encouraging, is none the
less dangerous. We refer to the grad.
ual increase In the time of credit given,
and the great advance in the amounts
granted. An undue ex panson Of cred
its for the purposeof inducing business
Is an evifpollcy at any time, but it is
peculiarly so, when economy, restricted
trade, and gradual reduction of exist
ing indebtedness should be the features
of the hour.E Cheap creditis the sure
precursor of disaster; and, while the |
strongest element IN the financial fab
ric IN these trying times has been the
small indebtedness, il is not difficult to
see that, ifthe lines of credit become
lax, IN time, amount. OF, character, all
That now promises favorably viii only
contribute to hasten an unhealthy and
an unsafe condition of business. If, OIL
the contrary, q wise conservatism il
IN this respect If the stand.
ara of credit Is elevated rather than
lowered, vandarigid scrutiny made into
the Claims of all who seek lt-the pros
perity for which all pray will come MS
soon, and be far more likely TO stav
when come it does.
The Texas proportion of the above
SHOW an aggregate for the past nine
monthsofll9S. failures with 81, $40 2s9
liabilities, of which North Texas furn-
ishes very srnall amount 2 asa /
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