The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-01-18
Failure Figures for ss1..

The frequency Of the failures in the last two
months of 1877 all over the country awakens an
increased interest in the authentic figures for the
entire year furnished by the Mercantile Agency
of Messrs. Dun, Barlow & Co., New York, of
which Messrs. Edward Russell & Co., Port
land, are an associate Office, represented by
T. f. Jones, with their usual promptitude and
elaborateness. We condense. the main facts
furnished for the benefit of our readers who
are interested in this novel class of statistics,
which year by year are becoming more i'm
portant and significant.
According to the figures presented, the fail
ures in the United States for the year 1877 are
1872 10 number, being 220 less than for 1876 in
which year they were 1902. This total liabili-
ties for 1877 are stated at $780, $685. 900 as against
$19l, III, 900 in 1876, or barely half million of
dollars less. For the three quarters ending
with September last, the number OF failures
had lessenedsby 495, with decline in liabilities
of So, 900, as compared with similar period
In 1876, but the casualties of the last quarter
have been so numerous and important, that the
ratio of improvement for the first nine months
has not been sustained. So frequent of late
have been the announcements of suspensions
and so much has occurred in the last few
months to impair confidence, that It is all the
more gratifying to know that the figures for
the whole year do show decreased number of
disasters, with losses somewhat less. The
agency, however, says:-"But it is pregnant
fact, illustrative of the of the general condition.
that the failures of the past year approach SO
nearly those of the year preceding, which were
de- o1d +bo4 A. 60
are really above the average of the four years
since the panic of 1873. Time does not seem
to improve these statistics with the same rapid.
ity that it did subsequent to the panic of 1857
or 1861, for III the four years succeeding these
dates the lumber of failures and the amount of
liabilities steadily diminished, the average
rapidly declining, while this, the fourth year
since the panic of 1873, largely increases the
average" This is illustrated by the figures in
detail, for the periods referred to- and the COM
parison thus instituted is made specially inter-
esTng as grouping the few years preceding the
panic OF 1873 opposite the four years succeed
ing it. The average number of failures for the
four years prior to and including 1873 was
8 929, while for the four years ending with 1877
the yearly average number is 1888 In 1871,
for instance, the failures were only one to every
1853 traders, while in 1877 the ratio is one in
every 70 The average total yearly liabilities
prior to and including 1878 were 100 millions of
dollars; the yearly average for the four years
subsequent is 1874 millions.
With regard to the results of the year. and
the general condition of business the Agency
says that the expectations that were formed of
the probable volume and proftabeness of the
trade of the country have only been partially
fulfilled, yet in many respects substantial
progress toward recovery has been made A
year of great production in agricultural Sec
tions, such as the last has been, cannot be
without most beneficial effect, and the pros
perity of the country portions of the West and
South are plainly demonstrated in the figures
of failures above presented. The proddct of
precious metals is fully maintained, and
though iron, coal and lumber interests still
languish, petroleum, grain, cotton. tobacco
and other farm products, have added largely to
the nations wealth; visible increase in the
employment Of labor is noticeable in important
sections, and the manufacturing industries
have in some degree improved, both for home
and foreign markets. There are, therefore,
signs of improvement developing, it is true,
slowly but steadily, better condition.