Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1877-07-25
Failures for the First Half Of 1877.

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Failures for the First Half Of 1877
From the Detroit Free Pres
The circular of the merchantil,
agency of X. G. Dun & Co., jus
issued, shows the number of fail
ures in the United States for the
second quarter in 1877 was 1880
with liabilities amounting to S45,.
06S, 097, against 1874 failures, with
liabilities amounting TO s43,771,273,
during the corresponding quarter
Of 1876. For the first half of the
current year the number of fail
ures aggregated 4,749, with s99.-
6O6,l71 of liabilities, against 1900
failures and liabilities amounting
to S10s,415, 400 for the first half of
1876. 1t will be seen from this
that while the second quarter of
the current year does not present
as good a record as the correspond
ing quarter of 1876, the showing
for the six months of this year, as
compared with last, presents per-
ceptible Improvement. There has
been slight increase in the num-
Der of failures, but the average
amount of liabilities and the ag-
gregate of the liabilities have ma
terially declined. But, as the cir
cular says, sit is evident that the
business Of the country only very |
slowly improves" and that "the
results of the first half Of the pre-
sent year are by no means entirely
satisfactory"
The circular says that all the
seem to favor better
lines, yet there seem fatal barriers
% their return. The favorable
are briefly summed up
IS years of marvellous production,
md of good prices; large exports,
economy on the part of
he people; money abundant and
heap; satisfactory political con-
ition, and a firmly established
'ublic credit. add to this" it I
avs, "anotber year of wondrous !
of continued high a
rices for all the country has to a
pare, and there seems no element
'anting to a complete recovery.
ct the experience of the past does =
OF permit the hope that all this =
i'll bring around prosperous or
tisfactory trade. Something more
needed, but what the true RENE
2 is, none has yet discovered"
Attention is called to the sore Of
X upon the industries and trade A,
the country necessitated by the o,
lmense debt which has been n
Gated since 1860. The figures b,
ost accessible show that the ma DC
NAL debt, as compared with s64, TO
5000 in 1860, amounts to $4,000, r,
5000 in 1877; that the States M
BIT amounts to $4,000, 900; the tn
lnicipal debt to 100000, 900;
3 railway debt, s2,30O,000,0 900; Nj
= discounts and loans of national lyi
d other banks to another 81, 900, de
!, 900, and the loans by insurance of
4 other mortgage machinery may me
safely estimated at another $500 til,
J, 900, making a total visible in wo
Dtedness, of which some iinan- inf
! conception may be found, Tu
ounting to the vast sum of ST. pr
100000. The circular says: MIS-
he curious can calculate how far
interest on this sum, if regu- Nj
Iy paid, would absorb the year. an
product of the natural and other Tu
ources of the country" At an lat,
rage Of six per cent. the inter- anc
on the Indebtedness would thi
cunt to s44O,OOO,OOO per annum, ow
within twenty-five per cent. of
value Of the total yearly ex- ing
is of the country. 1t may be the
larked that the foreign indebt-
ess is much more severely felt wit
' than in the days when the ry,
ntry was at the height of its Gro
aren't prosperity. Then large he
ton of the amount derived bat
n interest was reinvested in the of
ntry; now, with the general XII
ynation which prevails, it main ma
accumulates in the moneyed of
ters of Europe. The realiza- for,
by the people of the enormous OF
burden which they carry has Sag
the eject upon individuals Of bet
sing them to be ca$ful about and
tracing new Indebtedness and {
'ndeavoring to work out OF the fou
burdens. This has produced bet