The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-04-13

Inc increase IN NUMBER lor bno quarter ap-
pears to be only 63, and is only significant be.
couse any increase at all was unexpected. The
falling off in the average of liabilities, how
ever, is good sign. and ought to atone for the
small addition to the number.
In seeking to account for the continued
large number of these casualties, the Agency
states:
considering the political uncertainty in
January and February, and the restricted bust
ness which has prevailed throughout the quar-
ter, it is rather surprising that the increase in
failures is so small. 1t must be recollected that
past four years. has been much greater than
the decline in the number of traders whom it
sustains If the same ratio had prevailed ia
the number of failures and Withdrawals from
business, in proportion as business became re-
stricted in extent during the past three years,
it is certain the number of failures would have
been much greater, and, SO long as business
continues without material improvement, SO
long may failures be numerous Some inter-
esting figures on this view of the situation may
be cleared by comparing the disasters in bust
ness with the decline in its extent For the
three years, from the end of 1873 to the begin
ming of 1877, the total number of failures in
the United States has been 22,662. This
amounts to less than four per cent. OF those en-
gagged in business at the end Of 1879. This is
ume of trade. 1t is difficalt to arrive at any
definite conclusion as 10 the extent of this de-
crease, but if measured by the falling off in
imports, and the well known decrease ia the
production Of manufactures. the internal BUSH
ness Of the country today is less by thirty to
to thirty-fve per cent than it was 10 1873. So
that the number of Withdrawals from business,
by failure or otherwise, is far less than seems
either justified or demanded by the dec line in
the extent of business to be tranract,d,"
With regard to the trade OF the past three
months it is alleged that. Notwithstanding small
stocks in the hands of retailers, and low prices
for many staples, the demand for goods has
been weak and irregular, and the amount Of
business done in all branches Of commerce
much less than was anticipated. The extent
of business is indicated very closely by the ex-
changes at the various clearing houses, of
which there are now some sixteen in operation
in that number of cities. Of these, thirteen
made returns last year, and a comparison is
therefore possible as to the amount of trans.
actions represented by bank checks at these
thirteen great centres. The total clearings in
the first quarter of 1876 were 1877 millions
while in the first quarter of 1877 they were
1850 millions, showing decline of 127 mil.
| lions. The earnings of all the railroads pub
fishing returns indicate decline i'm about thu
thus noticed it is true is but slight, yet on thu
face of an expected increase is somewhat dis
appointing.
| In relation to this condition of things the cir
cular very sensibly says:
eff our people could learn, even for a while
to be content with day of small things, the
results of the past quarter would not be dis
| appointing. But unhappily all the arrange
ments are for business on the grandest scale
| Railroads exist to accommodate twice tn
| traffic that offers; warehouses large enough t
hold four times the need supplies of the coun
try, while the number engaged in the buslnes
| of each locality is far in excess OF its averag
requirements; and altogether expenses an
facilities for an extent of trade only possible i
| periods of the widest expansion. These ar
hardly the true standards by which to measur
either safety or real prosperity. Judged by
more reasonable standard, the experience {
the first three months of the year has not bee
bad one. On the contrary, though bushes
has been small, it has yielded fair return.
proportion to the amount of business tran
acted the profits have been better than fl
many previous quarter 1t is certain bushes
is done at vastly less expense than in form
| years, that values are more settled, and, abo'
| all, that bo}h foreign and internal indebtedne
is very materially reduced"
After charging upon the Bankrupt Law
, aggravation Of existing commercial disabilitie
the Messrs. Russell g. Co. conclude their reve
as follows:
"rhe early prospect of q practical settlemel
= OF the Southern question is regarded as
marked contribution toward return OF mo
, prosperous times. The great staples OF th
section are OF prime Importance in the marke
Q OF the world, and its power of absorption
goods, especially in view of the small stool