Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-04-16
FAILURES THUS Ear IN 1877.

49, NSAl
ures: First quarter, 1875, number
Of failures, 1882 ; amount of liabili-
ties, S43,l76,953; average liabilities,
S2l,7S4. 1876, number of failures,
2SO6 amount of liabilities, s64,-
644,156; average liabilities, $23,O3S.
1877, number of failures, 1869;
amount of liabilities, S54,53S, o74;
average liabilities, $1,000. This
is an increase, it will be observed,
in numbers since last year, but a
decrease in the average liabilities.
The circular accounts for this fea-
ture Of the report on the ground
that the decline. in the cOlume of
trade within the past four years
has been much greater than the
decline in the nNmber Of traders
whom it sustains, and adds that so
long as business remains without
material Improvement, so long may
failures be numerous. The number
of Withdrawals from business by
failure or otherwise seems to be far
less than justified or demanded by
the decline in the extent Of bust
ness to be transacted. In other
words business has been overdone,
and the ratio of consumers and
middlemen is out of all proportion
to the number Of producers. The
total clearings of the thirteen
houses that made returns last
year amounted in the first quarter
of 1876 to 7677 millions; in the
first quarter of 1877 to 1850 mil
lions, a decline of 1877 millions.
The earnings of all the railroads
publishing returns indicate a de-
bline in about the same proportion
for the quarter. The decline thus
noticed, it is true, is but slight, yet
on the face of an expected increase
is somewhat disappointing. In re
latien to this condition Of things
the circular very sensibly says:
If our people could learn, even for a
while, to be content with a day Of small
things, the results OF the past quarter
would not be Disappointing. But unhsp.
PLY ell the arrangements are FOR busi-
ness Oh the grandest scale. Railroads
exist to accommodate twice the traffic
that offers; warehouses large enough 10
hold four times the needed supplies OF
the country, while the number engaged
IL the business OF each locality is far IL
excess Of It's average requirements; and
altogether expenses and facilities for az
extent Of trade only possible in periods
Of the widest expansion. These are
hardly the true standards by which to
measure either safety or real prosperity.
judged by q more reasonable standard.
the experience Of the first three months
Of the year has not been a bad one. On
tie contrary, though business has been
small, it has yielded z fair return. In
proportion to the amount Of business
transacted the profits have been better
than for many a previous quarter. Il is
certain business is done at vastly les'
expense than in former years, thai
values are more settled, and, above all.
that both foreign and internal indebted
ness Is very materially reduced
After charging upon the bank.
rupt law an aggrayation of exist.
ing commercial disabilities, thu
Messrs. Dun & Co. conclude theil
review as follows:
THE early prospect Of a practical get
Element Of the Southern question is r.
, garded ss a marked contribution towarl
a return Of more prospersus times Tn.
: great staples Of this section are Of prim
Importance in the markets Of the world
and its power Of absorption Of goods, G.
pecially in view Of the small stocks held
is too well known to need comment.
recent events remove the clog from i,
material proprees. and i~nsOire ia paorl
= with energy to extend their production
A and increase their wealth, a better hop
may be entertained for the whole cou1
!, try. This, with other indications, ar
q Of an encouraging character, and lead I
the belief that the worst is past, and
4, we are favored with another good crop
n agricultural produce, the remainder {
the year will enable US TO mark a sui
: %stantial progress"