The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-07-20

other countries, 10 the following
paragraph
ala the many adverse circumstances
from which We ara now suffering, 0lh'
OF countries are passing Through q slim
liar experience, over production 10
the feature III the hour all over tue
world, aud depression la trade lack ~
profit, aud want Of confidence arc Ny
n0 means confined ~ the United States
While but little comfort can 10 derived
nom the condition Of things abroad,
there ID some satisfaction Ia knowing
that countries unblessed WIN paper
money, an excessive larlii anl nl0f'
nous railroad expansion, are showing
even mars marked slgns ~ distress
than have been eyiuGed here, We arc
enabled ~ slate, irOn figures 10 our
pOsaension, that The liabilities Of par
lies who have failed Nv London, Leeds
aud Manchester, England, alone, WIN
Ia the last ninety days, foot w the
enormous amount VI over G2l 900 OOOi
Or over one hundred million dollafn,
being twenty-five per cent greater lllan
tho liabilities Of all tho failures that
have taken place IN the entire United
States for the first six months IN The
year, Nearer by, In Canada, the fall
ures have been especially numerous
amounting IN number ~ over eight
hundred, and Ia liabilities a. over
twelve mllll0ns Of dollars, THIS, IN
will be seen by comparison with the
above figirea, far exceeds the disasters
In any State IN the Union, with he
exception Of New York, which has ton
times IN many In business, aud my
times the extent ~ business"
Atlributing the limited number
Of failures In the urlted Statos, Ia
such trying times, 10 tho small In
tornal indebtedness which tho Agen'
Cy haa all aloag maintained was tho
caso, and still further stating that
tho failures, "in prominence and
Significance, have been Of really loss
importance than In former years,
tho circular goee on TO say
"Whllc this may DO subject for oon'
graduation, there IN cause for nppfe'
honHion lhnt all these months ARE 20
Ing ly, not only with no money being
made therein, but II N feared that the
profits OF the limited trade done nro IN
sufficient 10 meet the expenses IN
cured. Judged 10y the standard 0f n
previous generation, or by the figures
that prevail IN Other countries, the OK
pense Of business aud the cost of living,
even In the best Of times, have been
excessive, and, IN IL always the case
with eXtravagant habits, 10 hna been
found most difficult 10 reduce this class
of expenditure In the same ratio that
trade has declined, The expectation OF
improved business, which cnch suc-
Geusive season has held out, has had In
influence In retnrdlng rutrenchmenl In
this respect which now, however, Gan
not loo longer with safety delayed. The
general result of business since the
panic, II IL therefore concluded, has
been TO reduce, rather than augment
the capital employed, especially no II u
rigid valuation of assets ut present re-
liable prices IL made. Prices that now
prevail for the product Of almost all
classes Of industries have steadily de-
cllned, while the extent Of thepr0duc-
ton In many leading lines, though
largely reduced, keeps In advance OF
the demand, Notwithstanding the con.
cessi0n IN values"
The agency concludes It's very
able review by directing attention
to the exhaustive reports which the
circular contains, as TO tho pros
poets Of trade, condition Of crops,
etc, in fifty different localities in the
Union, at which points they have
offices, the largo majority of which
indicate much that is encouraging.
From these the general conclusion
is as follows
"The reports from all the chief CEN
ters OF trade herewith submitted, and
which are derived from the most relia-
ole sources In each locality by our own
representatives indicate much that Ia
encouraging. Whatever an abudant
agricultural product will accomplish
toward II restoration of prosperity will
certainly this year be contributed.
The purchasing and debt-paying power
Of the people In vast sections of the
country will be improved, while con-
siderable activity must be provoked
during the Autumn in replenishlng
the small stocks of merchandise held
in all hands. Other things than agri-
cultural success may be needed to re-
store universal prosperity. Expecta-
ton founded on that basis has alrea1y
led to disappointment. But, whatever
else may be needed, ii seems hardly
possible In the nature of things that q
revival can he very much longer de-
layed. Every day must bring us near
er to the commencement of a better
state of things. We have all the ele-
ments of wealth ut hand, abundant
and varied resources, unrivaled means
of transportation, a large surplus of
unemployed capital, a well tried and
successful monetary system, and,
above all, people who have expert
enced u far worse condition of things
and yet have achieved success. IL
may he that the One Hundredth Ami
versary of the Nation will both come
and go before we can chronicle perma-
nent activity and profit in business;
hut If no worse c0mse to us in the in
terval than has befallen us in the six
months under review, there will be