The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1876-01-20
rAlIIlnrs rom Is7s IN TEXAS


According to the circular Of II. q,
Dun Il Co. we have had In Texas, dur
Ing the past year, Two hundred ana
Atty failures in commercial circles,
with liability of ~, 4O0SlO, being one
hundred and eight more failures than
during the year 1874.
Messrs, Dun d Go. estimate that there
are ak hundred and thirty thousand
persons represtnled upon iheir books
Us doing business IN 1870, IN the United
States and British Provinces, and Of
that number seven Thousand seven
hundred aud forty have failed, being
proportion Of one in every eIghty-two.
California, whose business Is done
exclusively on n gold basis, only one
trader In every forty-two has failed,
while Ia Canada, with u low tariff, II
most admirable banking system, and
| light taxation, the number of failures
has been Que In every twenty-eight.
Some interesting conclusions may
be drawn from the amount Of liabii-
ties to be charged to profit and loss,
and the effect upon those that remain
in trade, The liabilities Of the seven
thousand seven hundred and seventy
four who failed in 1873 are in round
numbers Of two hundred millions OF
ElolIars. From this amount should be
dedllctcd,ten per cent. for advance on
original goods sold to these parties,
IN apparent lookup Of one hundred
and eight. millions. Estimating the
average yield of failed estates to be
thirty and one-third per cent, (undeT
the operation of the new bankrupt
| law IL will fall far short Of that, the
actual loss to capital account by the
failures of the year will stand at about
one hundred and twenty millions OF
dollars. This amount Is equivalent tC
the value of one.half of the Gottol
crop, and Is more by thirty per cent
than the entire yield Of all the gol,
| and silver mines in the country. 1t il
q serious loss that individuals have I,
bear, to be deducted from the profits O
business or to trench upon accumula
\ lions OF previonsyears. a This one hun
dred millions Of loss represents prof
at ten per cent.aon one thousand mil
lions OF dollars of business in othe
words, that amount Of business of tn,
country for the past year has been
done for. nothing, the profits being
sabsorbed by losses. This loss Of on,
hundred and twenty millions Of dol
lars is luckily ditlused over goo,
many centres of trade, and has been
pretty equally divided between in
| dividual concerns; but 1t is safe t,
! infer that, coupled with the decline il
values, the loss by bad debts mus
have caused II shrinkage more APP
parent than in amy year since th,
panic,
These gentlemen state that from
most careful examination Of the con
| dition Of trade, that the general results
of the year have not been satisfactory
4 The ,numbero of these especially in tn,
Eastern States who have added tt
their surplus are exceptionally few
those who have held their own are
not numerous, while u larger humble
than both OF these, combined woult
Ihaye to admit u material shrinkage
II Their assets were valued ut renlizablt
b figures. iThe only remedy for the eX
isting depression must be in prudence
in extent of trade, reduction of livinl
and business expenses, lessened indebt-
I edness, n H# close scrutiny OF
credits. These are the only
elements that will fully restore
confidence, and beget ii return
to Q condition Of business in which
money, can be made, the resource OF
the country developed, aud success
achieved. B., r,r
While in Northern Texas we may
not feel the depression bearing down 80
heavily as elsewhere,ytt it were wise to
heed the signs OF the commercial world
aroulidus, and 10 remember that un
less we curtail expenses, end further
indiseretions in business, and buckl,
down closer to retrenchment of every
kind in living, and drinking, and dress
ing, we will sooner or later follow suit
With the East, and mark down for our.
selves in irsolvent lists u far greater
number than two hundred andiilty
and far larger sum than two and one.
half illiohs. III E.ttSt
lfTl WEBSTER FLANAGAN wolfe not per-
NIT hoIors to be thrust upon him by