Connecticut western news., 1877-02-02
NO No. QT AnOpnt oT
 BLSinsss FaitureS Lidbfkties. New England States. 77,559 1,314 $37, ,657, ,062 Middle States ..... I165, 1S4 2,909 72,244, ,68l Western States. .. l225, ,309 3,139 52, ,541 Southern States. .... S7, 140I 1861 23,083, ,266 Pacific States . 22, ,313 369 5,262, ,236 Canada. ........ 54, ,000 1,728 25,517, ,991

very SoAcEhl, tIlut LIhtS III uLlS' W oSVcIu and Southern States has been less disas- trous than that of the Eastern and Mid dle States. It is significant circum-. stance, that the failures in the Middle States are one in every fifty-seven names reported in business, while in the Vest ern States the proportion is one in every seventy-two; but the comparison be- tween the East and the South is even more significant, for in New England, with all it's wealth and solidity, one in every fifty-nine has yielded to the press ure of the times, while in the South, with all it's poverty, it's political and other disabilities, the percentage of fail ures is only one in every sixty -four. Even in Canada, where there is gold basis, light taxation, freedom from politi- cal complications, and all other favoring conditions, the above showing is indica- tive of much greater pressure than in the United States, the failures in the Do- minion being one in every thirty-two. In England no very accurate figures are obtainable, and none of course as yet for the past year, but for 1875 return was made of 1,7OO failures among 60,O00 firms prominent in trade, indicating one failure for every thirty-six firms re- ported in business, with an average ha- bility of $87, The figures for the United States, showing a failure of one in every sixty-three, with an average h- ability of $21, 900, indicate that the pressure of the times has been either not so great in this country as elsewhere, or that it has been borne with less dis astrous results. s.s.-s5
 . It would be unfair to conclude that the trade of the country is in an unprom- ising condition, because the failures show such a marked increase. A wider view would include many circumstances that would bring more comfort. For in- stance, it is, undeniable that the past year has witnessed marked improve ment in the values of many leading staples, as compared with the prices pre- vailing in 1875. It is equally true that in extent of profitable trade there has been perceptible gain, and there is no denying the fact that, in many branches of business, much larger number have added to their available surplus during 1876 than in 1875 Many articles had reached a par value, in illustration of which the statement may be ventured that, as far as further depreciation in prices was concerned, specie payments might have been resumed in the early part of 1876 without causing any mate rial disturbance in values. Not only had some prices reached par-and ill some cases below it-but 1t was settled con- viction that the stock of goods in all hands nearest the consumer had reached the lowest possible point. Production, warned by previous losses, had been regulated to the extent of positive wants; and the pressure to sell, so apparent in 1875, was largely diminished. Thus, barely the first half of 1876 was reached, when all the conditions of. stock, supply, demand and price favored an improved condition of business. That this im- provement did take place in September and October wsS everywhere evident; but the heated Presidential contest, and the miserable muddle as to the result of that contest which has since prevailed c has almost completely paralyzed busi- ness. The last two months of the year, therefore, were most disappointing, and from causes exceptional and temporary in character, the promise of the early ar- tumn of improvement in business was not fulfilled. It is significant, however, that the failures in the last quarter of 1876 are less by twenty per cent. in number than for the last quarter in 1875, while the total liabilities for the last quarter of 1876 are not one-half of those of the corresponding quarter of 1875.
 The same favorable comparison also holds good as to the decreased number of failures which occurred in the fourth quarter of 1876, as compared with the larger number in the third quarter. x
 It is true that the gloomy cloud of the political contest obscures these condi- tions somewhat, and that winter of ex- treme severity, with difficulty of trans portation and other causes, retards their action to some extent. But, that these favoring conditions not only exist, and continue to increase, none can doubt. The year just closed has been most prolific one in largely augmenting the wealth of the country. Cotton, grain, sugar, tobacco, gold and silver, petro- leum, and numerous other resources of this great continent, have been produced in quantities sufficient to yield nearly 1000 millions of dollars. While the producing power of the nation has thus been exhibiting itself, on the other hand, the economy of it's people has been equally clearly demonstrated on the other. The importations have dwindled to dimensions smaller than was at one time thought possible, and the restricted purchases of domestic as well as foreign goods, in all sections of the country, afford the strongest possible indication, that the foolish extravagance which so universally prevailed in the first five years of the decade, is being succeeded by lessened living and business ex- penses, and Q safer basis generally is thus being reached.