Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-02-11
LEDGER
0slcss No. Is MadiSOa Street.
LARGEST OITY CIRCULATION
THE CITY.
nj n HIS
Thursday Evening, Feb. IL, 1875.
The Rnsiness OntIook.

The annual circular of Dun & CO..
Mercantile Agency contains a tabular
statement OF the commercial failures i n
the United States last year, together
with corresponding returns, in ~juxtaposi-
ton for the years from 1871 to 1874 in
elusive. There we're ninety.four failures
in Tennessee last year, with amount of
liabilities at $l,585, 900. There were
seyenty.seven failures in this State in
1873, liabilities 81, 636, 900; there were
6fty-six in 1872, liabilities 81, 438, 900,
and in 1871 there we're forty-two, liabili.
ties $4,000 The noticeable feature
here presented is, and it applies to all
the States as well, that, while the num-
Der of failures exceeds that of last year,
there is a marked d~iminution in the
amount Of liabilities. Two causes are
assignable for this, viz: First, that the
panic Of 1873 caused the failure of an
unusual number Of large houses, thus
raising very much the average amount
Of all liabilities over all previous years.
Second, that the volume Of business had
been greatly diminished during 1874, SO
that, when failures did occur, the liabili-
ties were comparatively light; and.
further, that the houses which succumbed
during the year were in a great degree a
smaller class OF traders than those Of
1873, and, indeed, than the average Of
those OF several preceding years.
The report recognizes as chief among
the favorable signs Of the times ahead Of
| us, the present general tendency toward
economy. 1t is the only trne path back
to renewed activity and asaie prosperity.
1t is true that the purchasing power Of
the people in many localities is tmpaired
by the condition Of numerous industries
now paralyzed from previous ovsr.pro.
! duction. Time is needed to restore these
| interests to their normal condition, and
we must wait patiently until the equili-
briRm between supply and demand. for
these products adjusts itself. If in the
delay no greater calamities occur than
have been apparent in the past year,
there will be cause for congratulation.
Still another hopeful sign is the steady
effort TO at least largely reduce indebted
ness, if not entirely 10 liQuidate il.
While among railroads and largely ex-
panded corporations this has been found
next to impossible, among merchants
and traders the amount Of current in.
debtedness, as compared with this time
last year, is vastly decreased, there is
satisfaction in realizing that we have got
through a tSyjpg year without serious
calamities; that that gear has been one
| OF great abundance in much th3t most
largely contributes to a nation wealth,
and that the prospect for trade reveals
many more encouraging than disturbing
| elements.
The sGency Of Dun 4 Co. has been IN
existence thirtyfopr years and never
approached the position it occupies to-
day. 1t now regularly reports the claims
to credit of $4,000 merchants, bankers
manufacturers and traders, embracing
every grade and including every place
however distant or obscure, on this con.
%tinent. 1t has the assistance, directly
or indirectly, Of not less than twenty
five thousand persons, a large number o.
whom devote their whole time to its ser
| vice, ard are selected for their aptitude
! and are regularly trained for it as a dis
tiuct aud impoFtsst grGisqgion, The
Memphis agelt. Major B. &. Nicholson
is an accomplished geEtleman, wht
thoroughly understands the impoften.
interests of the mercantile world in con
n%ection with a reliable mercantile
| agency.