The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-14


The failures in the Dominion OF Canada for the three
months past were 57:, and the amount OF liabilities
$75765l1. For the corresponding period OF 1875 the
ialures were All and the liabilities s7,41s, 030 and
for the time In 1875 the number was 1896, footing
up total OF liabilities OF 81, l4l, $40
FAILURES ~ CITY.
In New York city tho number Of failures show a con-
siderable dlmnuton but, contrary 10 the general ten
dency the figures all other LOCALITIES the liabilities
show marked increase. This explained by the fact
that included the failures In New York in the last
quarter are qui.e number OF concerns VINO were
evcd from old liabilities, have awaited themselves OF
bankruptcy. Two railroad operators alone, who really
stopped payment long ago, formally suspended within
the last two months and The liabilities OF these amount
ing to nearly TOUR millions, to swell the total for
New York city beyond what the real mercantile in
debtedncss would amount TO- Deducting this and other
gums oil similar character the failures and Liabilities In
New York city for the quarter are much less than lust
year.
THE PAST THREE MONTHS TRADE.
sense oil disappointment pervadcs the public mind
nj the results Of the past three trade The IN
dicatons OF last autumn were sufficiently promising
create reasonable expectation that as soon as the
succeeding political complications were dispelled,
prosperous period would set In. But this expec-
tation been only partially fulfilled Notwithstanding
small stocks in tho hands OF retailers and lower prices
for many staples than have prevailed for years the de-
mand Tor goods has been weak and Irregular and the
amount OF business done all branches OF commerce
much less than was anticipated. The extent OF bus-
Indicated very closely by the exchanges
at the various clearing houses, oil which there are
now some sixteen IN operation IN that num-
Der OF cities. or these thirteen made returns
last year. and a comparison therefore possible
the amount OF transactions represented by bank checks
at these thirteen great centres The total cIearngs IN
the first quarter OF 1876 617, 900 COO while
the first quarter OF 1877 they werc 1850, 900, COO,
showing decline OF 127 900 600 The decline is sight,
II is true but in the face OF expected increase
the volume OF business IT Is not very reassuring. But
IL must be forgotten that for at least two OF
the three months under review the greatest political
uncertainty existed. and that Tor the remaining month
the weather generally has been unfavorabc Tor bust
ness Again. values are less than last year, and IT
measured by quantities the transactions would proba
bly, show an increase which would moro than atone Tor
tho slight comparative decline IN tho transactions
represented by the amount OF bank checks as above
Indicated.
SENSIBLE WORDS.
But however much mistaken may have been the ex-
pectaons for the early part OF 1877 there doubt
but that the past SIX months have witnessed tho early
commencement OF a better condition OF things. II
people could learn, even for while, to be content with
day OF small things, the results OF the past quarter
would not BIO Disappointing But Unhappy all The ar
Engagements are for business on the grandes scale
Railroads exist 10 accommodate twice the raic that or
fers warehouses large Oh 10 hold tour the
needed supplies OF the country, while there num-
Der engaged the business each locality excess
OF It's average requirements and altogether expenses
and facilities Tor 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 more reasonable
standard the experience OF tho first three months Of
the year has not been bad one On the contrary,
though business has been small It has yielded far re-
turn. In proportion 70 the amount OF business trans
sctcd tho profits have been better than for many q
previous quarter IL Ia certain business Is done at
vastly less expense than III former years. that values
settled, and, above all that both foreign add
in.erna Indebtedness IS very materially reduced. THIS
latter tact Is clearly illustrated in the decreasing
age VI liabilities Of the quarters failures, as shown by
the foregoing table.
THE SITUATION NOT DscouRAGiSo.
II IN hardly an encouraging feature that In the num-
Dor Of failures increase even so slight should be
noticed. but considering the uncertainty IN Jeuuary
and February aud the restricted business which has
prevailed throughout the quarter IS rather surpris
ing that the increase IS 70 small IL must be reco
i.ced that the decline in the volume OF trade within
te tast Jour years has been much greater than tho
decline in the number OF traders whom II susinins
III the same ratio had prevailed 10 the number OIL
failures and Withdrawals from business IN proportion
"a business became restricted In extent u is CERTAIN
lie number OF failures would have been much greater
ana so long as business continues without macrai I'M
urovement 80 loug may failures be numerous some
interesting Dgures this view Of the tuatoh may pc
steamed ~ comparing the disasters IN business Win
H. decline in IT'S extent. For the three years IRON
ne END Of 1873 10 beginning Of 1871 the tois number
NJ ,a,lnres in the United states has been Z2662 lbt
amounts TO less than four per cent OF those engaged
~ business ut the end OF 1873 rms y IN Sinai pro
post,on to the Decline 10 the volume 81 Tsue =. !
dlnicut 10 arrive al any definite conclusion as ~
sxlsnt OF this decrease but II measured by the nsnt
IN 4, i'm ports and the we'll known decrease IN INC Pr
~act,on Of manufactures tho internal business o. Wy
eountry to-day Is less by thirty 10 thrvnvc PEI SsA