The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-13
COMPARATIVE LIST OF FAILURES.

ALARMING INCREASE OF FAILURES.
Tho failures the Un,,ed States, for tho nrst six
months OF the present year. are set down In The circu
lar at 5S25, against TAO in 1877, increase or
Thousand in number, equal to nearly twenyhve
per The circular then COOS on 10 say The la
bties for The first half Of 1873 are $780, 00O 900 as
against 500 600 the period last year,
percen OF increase still greater These figures arc
OF very grave import II taken indication of tho
state trade, Tor never before in equal period In
the history OF the country have business msiortune
been numerous, or ag2rcgating an amount OF loss
by bad debts great But before accepting these STA
tstics as true test OF the present condition Of bust
ness there are some points to be considered, which
might materially mitigate the uniavorable conclusions
winch otherWise would be inevitable. That any sub
s,antial progress toward business prosperity could
been made, In the face OF the adverse circun-
stances OF the past SIX m0nths, would be matter OF
surprise; on the contrary, II is subject Tor con.
graduation thar considering the preceding period OF
depression and distress, the business msforiunes OF
the halt year have not been greater. IN view OF all
that has occurred therein These adverse conditions
may be briefly stated AS iollows:-
First-An unusually open WINTER resulting In
greatly reduced absorption OF heavy goods, which
large beng carried Tor the entire
year; the want Of frost rendering almost npassabo
country roads and thus materially interfering with
the deliveries OF produce the consequent colicc
tons Of outsandings until months lacr than usual
That great embarrassment and not unirequent fail
were caused by these circumstances Is undo
nablc.
Seeond--Thc discussions In ana out OF Congress in
effects OF the numerous financial questions that occu
pied largo space IN tne puDiic mind seriously
impaired confidence, and aside from the freedom with
when reputation ana kndred subjects we're dis
cussed to the great injury OF mercantiie morality
strcted by the uncertainty and doubt as to the fu
turs which prevailed during SO many months.
Third-rhe possibility Of important changes In the
tariff was not without its innaeuce and to some ex.
tent contributed 10 the condition Of uncertainty that
has been prevailing characteristic OF the ha year.
Fourth-ihe repeal Of the National Bankrupt law
has perhaps more tDan anything else been Influential
IN increasing the number OF failures In ADDITION 20
the number whose circumstances really compelled
Ihcm avail themselves OF It's provisions In The ord
nary course OF business large numUer have appet
Tor rsliel from their Indebtedness VINO might have
gone on and paid In iuil but Tor the temptation
afforded by the s,ponceut OF tho repeal MI the Lat
September. while m equally large NUMBER OF those
operations had utod disastrousy years ago.
but perhaps VINO had never announced "a formal sus-
pension, have been moved TO 20 into bankruptcy
order 10 get discharge from old obligations
pcons, which would be impossible utter the act OF
repeal became eGcc,ive Thus failures has
been daily added TO- and In consequence Of tho post
ponemcnt Of the date OF repeal OF the Bankrupt Law
ihere has been compressed into the space OF a few
months. not only The anticipated troubles OF the
iuure but the revelations OF tho misfortunss OF TIE
past.
and the general shrnksge which has been even more
noticeable 10 the past SIX months than ut any per cd
since 1873. have been productive oil numerous msfor-
mes, and. alter 30 lang period o depressi0D have
altos cther SO discouraged business men that many
have unable Withstand the pressure The uncer
ainty before referred which has characterized tho
year thus far has DOUBTLESS had its influence la
pressing values, wheuevcr became neces-
saTy 10 realize; bat the TACT that all over
tho world che course Of prices has been downward,
and even the most sagacIcus ana conservative bust
n.ss men have been banled IN their attempts TO do
business with proni indicates how largely This con-
dition OF things may have cause failures.
The above arc tho lvs leading considerations
which, says tho circular, combined with others
always existing, have mad prevailing Influence IN
the past months toward increasing the dgures oil
failures gwen above. When II Is considered that
there are now over seven hundred tnousana persons
nd hr pOr
vast armv only limited number possess surplus
suoicient 10 withstand bucn a engtheuea period of
depres sIop, disappointment aud ioes IL has
the late oi TIE cotntry 10 undergo, u need not DO
considered as measure OF great disaster that addi-
tonal untsvorabie should swell tho
tenure sts To the extent aoove recorded That these
circumstances were only emporAfy IN tncr duration,
oil the Bankrupt law, Resumption. &c. may have q
tendency lessen the number Of failures hereafter
favor OF the iuture ana therefore, how
ever discouragng the figures ABOVE presented may
hrst appear, u would DC Unfair 10 regard lhsm
index 10 Inc real or permanent condition Of me
country.
whcu though perhaps hardly MS precise, are, never
thcisss oil tar greater value determining the
turc. That thefc are stil too many IN busiuess ~
proportion TO ITS volume aud proutabeacss there Is
deny ing. that failures Iikey to
this condition lasts equally cerian but this does
alter the great TACT that the coun,ry rapidly
covering itse ana that by the success Of agricultural
operations great bodies Of producers vast sec
tions OF the country are materially Increasing their
purchasing power. rs true that IN numerous man
uactunng centres depression sin Gus,
vvsi nopvd Tor so ions ~ the capacity to produce
so immensely exceeas The probable demand. That
TINS view has become settled conviction In many
minds, oven sm.ng The operatives themselves is a
hopeful sign, Tor tue necessity wni then become
aaspt themselves To Other industries, and
TIE TACT mat ., governmcn, and other land
agencies there nave been very frequent applications
Toe farms from those bncrio engaged In otuer pur-
.sus, on. %, tue most cnesring sfns Of the times
A. country mosl fortunate IN this, that mill
ioas OF isrie available merely nominal
price, that Win very ltte effort not only living,
but eomiort ana eventual Independence are possible
u ismiites whiting 10 work La no form coua organ
effort be batter shaped Than
courag'ng by inormation direction ana even material
aia movement IRON man iacturins centres TO tho
cheap lasds OF the West ami south II ny nrmness on
the par Of Wholesale merchants IN refusing settle
ments snd compromises Va tue event OF failure sun
liar movement could he induced Among the large
army OF unnecessary retailers snd miaaiemen d.
WANG up nc~een them the nmicd trade OF the hour,
an early soiuuon ~oald be Iound Tor many dinsultes
from which the business OF the county suffers That
thvse r,sulls viii be OF aeccsaty frsduaiiy accom-.
pshed ~ certain, aud tho sooner the better Tor all
concerned
kscorHAsiSs ISrIcArIosa
| The circular conciaaes - goisws:-fhsre
mcrous other Indications OF an encouraging Char
ter; the enormous amounts res izcd IRON botn nasu-
TAI and nanoiscturcd pfOGucts exporcd the certainty
OF magnificent crops the continusd success attending
the Development OF mineral Resources, AL point 20
steady gam Va national wealth. The PROBABILITY OF
early resumption OF specie pay ments 10 another most
encouraging cifcunstspee, and, taken In connection
with the likelihood thss values have touched tneir
lowest point will result 10 bcgetIing asgrec OF
tsnty aud ssbiity to vhcB zoe trade oidhs eountry
has bcen . stfahfer Iof some time past lhe repeal
of the Bankrupt Law. % 10 thoueht by some, viii
have sod elect IN wecdlng cut OF business that
class OF pefsoss--bOth OF uaaers ana cricals--
VINO have hnnero awaited themselves OF ITS pro.
visions 10 make money by f.iiares; aud though
the evils incident to tbs pre!efcnces permitted "
the acton OF various state laws are serious To
template nevertheless the experiment oi the sbrogs-
ton OF thc natiou.l aw wll Iur tue time beng, at
any rsts, remove a cause 10 which has been at
NOTWITHSTANDING gustiy or not--uo small portion OF
the troubles which a has been GUY 10 chronicle.
Because there bas oc.n frequent aisappolntme1t IN
ed nj a tur a n
better condition OF business there u vss disposition
rely upon fbaicstlons both favorable.
But never before were there present many condi-
tsous essential contribuuvs TO csnbdence than
preae A sppoar. oou would be- n utmost