Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1876-01-29
The figures for few of the States for

ties.
The figures for few of the States TO
1875 will be interesting:
| States. Fdilures. LiabiIttie.
Maine. e............... l30 : $1,637 ,50'
New Hampshire. .. 73 1,076,4Ol
vermont. ............. W 71Z,7 ,7Ot
Massachusetts,. ....... 772 ~, 494, "a;
Rhode Island. ........ LOG gas, ,69t
Connecticut. ........ 191 1851 ,92(
New York. 706 IL, 900, 822
New York City. ....... 951 1925, 661
lew jersey. ......... 134 2,63O, 4St
Pennsylvania. ....... 583 18,247 ,872
Delaware .......... 81 259, SOC
Maryland ............ 1O8 1O,O67, 800
Virginia and W. Va 1888 1896, 307
District of Columbia. 1S 164, 924
North Carolina. ...... So 928, 429
South Carolina. ...... 131 2,7Sl,04S
The following table shows the failures
and liabilities for 1875 by divisions
States. Noof Amount Of
New England States..,. 1885 $40,O15, 164
Middles States. ......... 1896 S2,522, ,346
Western States. ......... 1886 36, 473, ,S46
Southern. States. ....... 1883 ,777
In 1874 the figures for these divisions
were as follows:
S'''' ,asiss... SS% zi"S;!Gasss z%Sss. e.
New England States. 100 els, 900
Middle States. ...........2, O35 62,08l, 900
Western States. ..........1,74 744 33,O73, 900
Southern States .........1, 1926 20, $50, 900
Notwithstanding the large number of
failures, Messrs. Dun, Barlow & 90.
say in their circular The general re-
suits of the year have not been satisfac-
tory. The number of those actively en-
gagged in trade who have added to their
surplus are exceptionally few; those who
have held their own are not numerous,
while a larger number than both Of
these combined would have to admit
if their assets were valued at
reasonable figures. There is, however,
one consideration which has been very
apparent in the year just closed, and
from which some comfort may be de-
that the active surplus OF
capital employed in the mercantile trade
Of the country has been shown to be in
larger proportion to the extent OF bust
ness done, and to the amount Of exist
ing liabilities, than at any time in our
previous history, and is, we believe, in
excess of that of any other country in
the world having proportionate extent
of internal trade. That this is the case
IS made obvious by the absence of any
hing like general disaster among the
raiders in numerous branches, notwith-
they have suffered intensely
Or so long time from the depression
md inertia of the period. 1t is true
hat the failures of the year-the figures
If which we herewith present-are
numerous, important and, in many
'ases, significant; but they have been
confined to no distinctive trades; they
,ear very small proportion to the num-
,er in each branch of business; and
bove all, in mary cases some circum-
tances are noticeable, involving depart
ire from legitimate business principles,
which would result, sooner or later, in
uin, even in the best of times.
Failures resulting from individual in
Iiscretions in business, and fraudulent
ttempts to make money by compro-
nising when legitimate business is dull,
hould not be regarded as indications of
want of capital i'll trade generally, nor
lack of ability to stand the pressure of
he times, long continued and severe
hough the strain may be. Indeed, con-
idering all the circumstances OF the
asst two years, and all that has occurred
. depress values, destroy confidence,
nd generally to embarrass business .
perations, the failures in many leading
mes have been astonishingly few, indi-
ating previous saccumulations of capital,
mited internal indebtedness, an
ounder condition of things generally
IAN it was supposed could exist after !
Il the waste of the war, excessive taxa
on, vastly increased currency, and I
le necessary expansion which followed 9
o that, though the year has resulted
cry rarely in profit, and dmuch more fire. ::
uently in loss, there is much in its his !
Dry to encourage confidence in the :
bililty of the rank and file of the COM :
lercial community to wait for better
mes.
There seems no nearer approach to
,lution of the difficulties under which
'ade is suffering than at this time last c
ear. The pressure of the period, in G
ead of being relieved, appears to be t
lgmented. The inspiriting national c
vent of the centennial year will, it is /
elieved, for time infuse considerable i
,tivity in some localities. A great in a
Tx Of visitors from abroad, and the d
ecessary circulation of money which a
implied in the movement of large Q
umbers of our own population, can b
ardly fail to vitalize some dropping in +
rests. This temporary impulse may i
. taken advantage of in the progress b
ward prosperity, but the hopes of fu- i
ire sound business superstructure must s
st on the basis of honest thrift and d
,onomy, less fixed and more floating 9
lpital, and closer adjustment of S
llues to reduced cost of production. a
rudence in extent of trade, reduction a
living and business expenses, lessen Il
| Indebtedness, and close scrutiny of L
edits, are the elements that will most Fl
Zip to restore confidence, and beget o
turn to a condition of business in a
hich money can be made, the re- t
urces of the country developed, and il