Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1876-10-21
THE FINANCIAL OUTLOOK.
The Reports Of Failures for tho Third Quar.
ter Of 1870.

THE FINANCIAL OUTLOOK.
The Reports Of Failures for tho Third Quar
ter 81 1870.
The failures for the third quarter Of
the year in the United States, as showr
by the report OF tho commercial agency
OF Dun, Barlow h Co.,, shows the mum
Der to be 0,41O, an increase over thu
second quarter Of the year OF 656. The
failures FOR the first quarter Of 1875 were
2,8O6, with liabilities amounting to
1854, 644, 1866; for the second quarter,
l,794, with $4a, I'll, 27S liabilities, and
for the third quarter, 2,460 failures,
with $47, 851, 37l liabilities, making the
total failures Of the first nine months Of
the year 1850, with liabilities amount,
ing to 1856, 272, 800. For the first nine
months OF 1875 the number of failures
was 5,334, with liabilities amounting to
$lSl, i72, sos.
For the first nine months OF 1875 the
failures in the Dominion OF Canada
were 1856, with ST., 1855, 100 liabilities.
In the first nine months OF 1876, the
failures in the Dominion were 1869,
with $2l, oil ga liabilities.
Total number OF failures in the Uni
ted States and Canada in twenty one
months were IA, 1877, involving an in
debtedness OF 1858. 900, OO0-showing an
average liability for each failure of $24,-
each quarter Of 2, 112. 1t will therefore
be seen that, while the last quarter has
been fruitful in tho number Of failures,
to the extent OF some 800 above the
average, the average indebtedness of
each of these failures has been some
IS, 900 less in the present than for the
seven quarters. Instituting a compari.
son OF the three months Just closed with
the same quarter last year similar con-
clusion holds good. The failures exceed
in number for the last quarter, while
the average liabilities are &c., for
each failure, against $50, 900 each for the
third quarter Of 1875. Two inferences
may probably be drawn from these fig
ures-one, that failures are more numer-
GUS among the smaller class of traders,
aud fewer large disasters are reported;
and, second, that the lines of credit have
been gradually lessened and indebted
ness reduced, as there is certainly less
lost by bad debts in proportion to the
number who succumb.
Comparing the nine months elapsed
of 1876 with the same period in 1875,
says the commercial agency, the COM
parison is not very cheering. The fig.
ures show an increase of failures in mum.
Der of 1,716, and growth in liabilities
of over $25, 100000. Were it not that
other circumstances point to q more
cheerful prospect, this revelation of
portion of our most recent history might
we'll be disheartening. But the indica-
tions are marked that an improved con-
dition of trade generally prevails. AL
lowing for the exaggeration with which
the first signs of revival would natur-
ally be enlarged upon, it is undeniable
that in several OF the great staples of
business there is increased activity, with
an improvement in values, sufficient to
encourage the hope of profit. Conse-
quent upon these indications, there is
everywhere apparent decided increase
in confidence, and this most essential
element toward the return of prosperity
is very perceptibly gaining ground. It
remains to be seen whether the gain in
confidence is justified by the extent of
the real and actual improvement in bust
ness, or how much of the improved feel
ing is to be attributed to 1.-the wish that
is father to the thought"
There is not only good deal to show
we are nearer prosperous condition,
but there are many proofs that the |
heightened depression hasnot produced
general exhaustion. The healthy con-
dition of the commercial organization
remains unimpaired, and it can we'll
afford to wait for the fulfllment OF the
better promise that now dawns. We
have suffered, it is true, but not or
ganically and therefore it may be fair
ly hoped, that when the better times at
last arrive, the trade of the country will |
be found in healthy condition, with
the ACKNOWLEDGEMENTS of many lessons
from the period of adversely through
which it has passed.
The vast majority of our merchants
and manufacturers, though they have
suffered heavily. have sustained them
selves in spite of the altered conditions
of business, and the general stagnation
of trade. This power OF resisting the
continued strain has been the hopeful
feature of the past, as it is now of the
future, when there are indications, be
they ever SO slight, of improvement.
Meantime, Notwithstanding the reverses
of those in trade, the great bulk of pro-
ducers in agricultural regions have pros
pered. This vast body, upon whose
prosperity must be based that of all
others in this country, have been ex-
ceptionally favored. Good crops, bring.
ing good prices, cheap freights, re-
duced cost of labor, and lower prices for
all supplies, have largely Increased their
power. and placed them in
position comparatively independent of
the adverse circumstances prevailing in
other classes.