Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1875-07-23
The Business Failures of the Past Six
months,

The Mercantile Agency of Dun, Barlow
d Co., which has extensive ramitcations
all over the country, aud is perhaps better
qualified than any other flom the nature
and extent of its facilities TO pronounce up
OH the business situation, has issued lis
semi annual circular for the first six
months of 1875. From this it appears that
the total number of business failures in the
country during this period was 1877, and
; the aggregate liabilities S7I $4,000. Owing
TO the absence of previous sem-annual re-
turns, the only way TO compare these six
months with the corresp onding period in
preceding years, is by taking one-half OF
the report for the entile twelve months of
these years. On this basis j. appears that
the number of failures was larger by 4G2
than in six months OF 1874, and larger by
1856 than in six months of 1868. On the
other hand, the aggregate of liabilities is
less by S30,30S,O00 than in the same period
in 1873. 1t is only Sl4 ,4l2, 600 larger than
in the same period in 1872, in the ante pan
ic times. The failures of the six months
just closed are, in number, only slightly in
excess of other seasons, while in promi-
nence and significance they have been of
really less importance than in former years.
While this is a matter for congratulation,
there is still cause for apprehension that all
these months are passing, not only with no
money being made in business, but with
profits insufficient 10 meet the expenses in
CURED. There is need of still farther re-
trenchment in the expenses OF business.
The circular says:
|, 1.-The expectations which were INDUCED
in at the carly part of the year that the
business of the country would revive hayeI
not been fulfilled. Compared with this
time twelve months ago there is but little
If any improvement percepLible, either in
the volume or prohtabeness of trade. The
effects Of the panic, or rather of the excess
es in business which caused it, have lasted
longer than was anticipated Immediately
after the climax had been reached, and the
enduring evil results are becoming more
and more apparent. These results, howev-
er, assume the character more of depres-
sion than of disaster, and though, in the
end, the evil may be as fatal in the one case
as in the other, the process is slow enough
TO allow constant hopes of recovery, and to
permit the operation of all circumstances
that favor il. Thus we have mark eled two
good crops of agricultural products since
the panic, and the promise Is now so certain
Oh duOlner aOuuuant ylelu lnat, IN Orulna-
ry times it would largely stimulate the pur-
chase of goods in anticipation of the trade
sure to follow its realization. Again, we
have had nearly two years of efforts in The
direction of economy, and how far this has
IIbeen practiced is best indicated by the re-
lIstricted sales of merchandise in all quar-
tiers. OF course, this reduced business in
merchandise is to be largely attributed TO
the limited purchasing power of operatives
and others dependent on interests that
have languished during these hard times
but aside from these, and in sections of
country where these specific influences
have not prevailed, a similar reduction in
business indicates less expenditure for the
| luxuries of life."
If there is any consolation In knowing
that we are not alone in having to endure
the evil results of financial depression, we
have II in the fact that the liabilities of par
ties who have failed in London Leeds and
Manchester, England, alone during the last
ninety days reach the enormous aggregate
of over one hundred million of dollars
% per cent more than the liabilities involv-
ed in the failures in this entire country in
| double the time, in CInada the failures
amount to over eight hundred, with liabil-
tiles Of over twelve million dollars. These
figures serve purpose not only in teach
ing us that we are not singled out for ad-
verSity, but in proving that the real expla-
! nation OF the existing stale Of affairs must