The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-05-05
FAILURES THUS FAR IN 1875.
A Large Increase FOR the First Quar-
ter.

| X
out the United States, for the three months
ending with March, are furnished by Messrs.
r. g. Dun & Co.'s agency, and indicate very
disheartening result The figures show an
| increase in mercantile casualties, which,
though expected, is larger than was antici-
pated The number of failures are set down
at 1905, with liabilities of S64 900, 900.
Compared with the same quarter in 1875, in
/ which the number was I, 1873, with liabilities
OF 1000 00O the increase is very marked
amounting TO 1918 in number, and 5000
900 in liabilities. But as compared with the
statistics for the previous quarter, or the last
| three months of 1876, the showing is not so
bad In order 10 present the figures in more
intelligent shape for comparison, we group
them as follows:
No. Liabilities.
| First quarter in 1876 2,S06 S64,u00, 900
First quarter in lS75- 1888 30,00O,00J
Last quarter in 1S75--- 2,405 70,Ouo,o00
| While, therefore, there is slight increase in
the last quarter over that just revlous tt it
in number, there is positive decrease in liza
! bilites Still, for the last six months the
failures have been exceptionally numerous,
and do not give much encouragement to the
| hope that the return of prosperous condi-
ton is any nearer. except in the passage of
time, than it was year ago. The quarterly
circular from which the foregoing figures are
| taken, remarks:
"The bus ness Of the country, in eve department.
continues to be restric ed to the narrowest i'm ts ;
without corresponding reduction in expenses, and
in the face of declining prices Of all staples, the pos
sibiities of profit have been slight indeed. 1t is
theref re, not matter of surprise, that 20 many
| have succumbed to the pressure of the times; the
| wonder rather is, that with all the discourage
ment which in the last two or three years has been
experienced, many survive in condition Of appar
cut stability. When al the circumstances con-
sdered it should create surprise that the ststs-
| tics of alures show marked increase in seasons
like the present. condition of expansion such
the large expenditures of tho induced and which
vastly ncrea ed currency caused to be perpetnate,
could not take place without stimulating trade IN
duly, and causing such large numbers to enter com
mercal pursuits t. or ,wd all OF business
with more than adequate number even Wheu
trade Mt us best But now that there is bnt little
business to be done, beyond Supplying the restricted
WI ia OF the people, the excessive number IN trade
must be lesSeued and in the struggle for existence
the doctrine of the survival of the ttest
fresh illustrate N. 1t is to be deplored that the
large army of traders whose services are no longer
equ red cannot retire from the field except through
| failure. The untary withdraw SIS from business
in far less proportion than they should be, view
| Of the great reduction In its extent"
Although failures are generally regarded as
the most marked Indication of bad condi-
ton of trade, from the foregoing it appears
that this is the only process by which the
number engaged can be lessened, so that
| those who remain may make profit enough to
! yield them living Yet even from this pro
cess there seems very little prospect Of
! lessened number in business, owing to the
| facility with which compromises after failure
| are effected In relation to this the agency
| remarks
The very who have demonstrate their lack
of success are those only whe make money in these
hard times. By purchasing their assets from their
capital is not unfrequently yisI I'd to continue in
business. but always 70 the detrimo' of those who
are endeavorng to dschar-e their obligations IN full
In this view il is national calamity III h bank
rnpt law is III its present condition The wise IA ID
liberal principle which this law is intended 10 main
tain, lis used by tue mis- axes in enactment aud
the facility which il affords 10 the debtor. by judi
cious manipulation to dictate terms to tbs credit
who thereby losses control Of his prope ty and
disposition is not unfrequently made OF It entirely
foreign to his wishes aud opposed his convictions
The many considerations which cause creditors to
yield To the solic atons of debtors for compromise
of their indeb edness sufficiently strong to keen
the ranks fun of those who have failed to succeed ;
but encouragement to fraudulent failures, and well
defined attempts to make money BIZ this class Of
III sfortunes were certainly never contemplated by
the law. Snch, howeve' s the result; and added
to all the limitations and difficulties Of business Of
| the present time is this msiur uue, that while fail
ures numerous. the excessive number engaged in
restricted trade lessons slowly aud is encourag-
ed and he chances fsuccess for upright and capable
merchants are diminished by the fure and subse-
in capacity aud the poor in capital
With regard to general condition Of trade
al d the prospect for the future, the circular
before US does not shed much light beyond
the photograph furnished by the valuable
figures above presented. It's to be presum,
ed the agency people have got tired predict
ing revival of trade with each coming sea-
son, and wisely refrain from dealing in vain
decisions. As to what is needed to produce
better condition of business, the circular
says:
"Nothwiths: anding that all the ability of this great
nation of inventors has for the past three years been
intent upon the scoyery Of plan whereby
trade can be restored to oorm. condition. theory
has yet been found that exactly fits the &C
compshes the result The progress toward pro-
porous condition. which at first thought ght be
rapid it is now generally considered must be eXcee i
ingy gradual. Still further, 1t lisa growing convict
ton that better and Safer condition OF trade can
| 0uly be ought about by reduction of vatu's to
their lowest possible point. and hence there those
| who hail as a good sign every quotation OF lower
pr ices indicating pOss billy of economy in living
and return to rates for all staples such prevail
other quarters of the globe. How far restrict, d
currency and an approach to specie payments,
will contribute to this result, it ID needless to ray
bnt even in Anticipation of that most desirable
summation the tendency to lower prices for every
thing is TO many the most hopeful sign of the times
To show to what extent prices have been
reduced, an interesting table is given, with
|
thoee in April, 1876, Of several leading arti-
cles. for W hich we have not space. Notwith-
standing reduction in the price of numer-
ots staples enter ng into every day wants of
| the people, the agency pertinenty asks:
'Yat, in the face OF all this decline what the real
percentage of decrease in liyLg expenses 1876
compared with 1878? Ii certainly ought to he nuca
| more than il IS. The profits tailers still Continue
to bear tn same relative high percentage that they
in better time; and, indeed, IL looks If
ed trade atoncd for by higher profits 1t is cer>
tain goods areb ugh, at wholesale N uch cheaper
and sod retail almost high IN 1873 All,
this must, however, rig Il Itself IN time. Cumpe
ton and the esened expenses OF retailers themselves
will accomplish he result of adjusting the cost of
| wing to "a proporiionate Of productiou. When
| this reached, important step toward health
Ter condtio of things will have been attained"
Respecting the future there does not APP
pear much in the present outlook TO encour-
age the hope of immediate revival of bust
ness. The circular from which we have
quoted tand which is prepared with the usual
care and ability concludes as follows:
| The spring trade general oily has been very dsap-
pointing both extent and profit and the backward
of the retards a demand for goods which
it thought mi ght follow the g1lar seasons pur
chases There Is, however steady, realization from
producers for their staples, Indebtedness grad ALLY
being reduced, aud economy is everywhere tue fea-
ture OF the hour. There is general conviction that
| bottom been touched. and Ihat with the uerma
opening of nsvig tion and the necessary activities
of the Centennial year, start will be made
| VI not fish n