New-York tribune., 1876-07-17

season. Quarterly statements have not yet

season. Quarterly statements nave nol 5et
been made long enough 20 determine.
The statement is discouraging, however, IN
another aspect. II shows that the average In
debtedness of firms failing has slightly III
creased since the first quarter OF the year; tle
average then was about $4,000, and Is now
about $4,000. Upon examination we ma
that this increase is more than accounted lOr
bv the return from New-Iork City alone.
Outside of THIS city the number Of failures
during the first quarter was 2,4S3' The h,olh-
ties &55l3O. sos, and the average about
SO, 200. During the quarter Ju-t closed tne
number Of failures outside this city was Only
l,GGj. the Liabilities S3t,51s,l61, and the
average about $2O.700. In all economic dis
cussion, the lower average of indebtedness -
held to indicate a more healthy condition OF
trade. and the returns from all points outside
of Ncw-York therefore indicate, not only
smaller proportion 9. failures, bat steady
advance OF conn zee and Industry
toward a more hca.;y and prosperous
condition. The average indebtedness OF
firms failing. however, even outside OF
this city, i, not yet as low "a it was in years
of sound trade We may fairly infer that IN
other parts Of the country as well as here, the
average of commercial indebtedness must be
still further reduced before general health and
prosperity can be attained. Thus III 1s39 the
average liabilities of firms falling was only
$lG,4JG, in 1888 only $22,G62, III le0o
only $21.72s. in 1862 only $l3,9j2, ard IN
1868 only $14,15i, and in these figures the
New-York returns are included. We have not
vet reached so solid basis for trade aud IN
dustry, and, while we rejoice at encouraging
progress in liquidation Of debts, should not
forget that we have ro right to count upon
permanent improvement of business unth me
unsoundness in our commercial condition has
been fully cradicated
In this city, during the first quarter of 1876,
the failures were 3l3, the Liabilities S9,5lj'-
5f9. and the average about $50. 100. But
during the second quarter, while the failures
were only 129, the liabilities were S2.213,ll2,
and the average STl,T0N. \ considerable IN
crease in average liabilities also appears IN
Cincinnati. an increase in Chicago the aver
age being nearly as large a. IN NcW-loik,
and only a moderate decrease in Philadelphia
and ST. Louis, Iu Boston, however, the de-
crease OF average liabilities has been from
$4,000 during the first to S2J,OOO du1nI
the second quarter. 1t is not to be supposed
Of course. that these changes measure accu-
ratoly the increase or decrease Of commercial
Indebtedness of solvent tiins They serve
however. as some Indication of the direct
IN which business is moving IN different local
tiles. Large Increase in commercial indebted
ness is usually reflected in largely increased
Liabilities of films falling.
The number of failures during six months
of 1875 is 1900. and the liabilities SlOe,-
4lJ,429. No other half year in our history
has witnessed "a large a number OF failures,
but the aggregate of liabilities was greater
dUrin, six months of 1857 and 1878. Even
during the general crash which followed the
beginning of civil war. the liabilities Of firms
fliln: during the whole year were only SZOT,-
100000, in 1874 they were only %l5j.oOo,-
600, and last year, with all Its disasters, only
S2Ol, 100000.