Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-10-16
BUSINESS BREAKS.
FREQUENCY UNDER
PIRATE SHERMANs REIGN.
Record of the Failures of 1873 as Conn
pared with 1877. Showing Large In
crease---Serious Bank Trouble at Now
York---Additional European Failures
The Bank of England Forced to Advance
its Discount Rate.

NEW YORK, Oct. 15.-The authentic figures of
actual failures all over the United States dur-
ing the third quarter of the year, has been
awaited with more interest than usual, owing
to the large numbers who sought to avail
themselves of the national bankrupt law prior
to its expiration. on September 1st Statistica
for the quarter and for the first nine months
of the year. are now furnished by the mercan
tile agency of Dunn, Barlow i Bro. az fol-
lows: Number of failures for the third quarter
of 1873 were 1858, as compared with .815 for
the same quarter last year. Liabilities for
the last quarter S66, 600, 600 as compared with
$42, 600. 900 for the same period of 1877 For the
hrst ninc months of 1878 the fail
ures number 8,768. as compared
with 1865 for the same period in 1877. Liza
bilities for the first nine months of 1878 were
$l97 600, 900 against $141, 000, 900 for the nine
months of 1877. 1t is admitted that petitions
in bankruptcy fled in the period named con-
siderably exceed the figures given above, but it
must mi, be understood that large number of ap-
plicants for relief were either those whose fail
ures had been previously reported, or those
who had gone out of business or were not en-
gagged in mercantile pursuits. and hence not iu-
cluded in the mercantile failures. The above
figures refer to failures only among those who
were in active business and suspended paw
ment during the period under review.
The agency considers that the number of ac-
tual failures were not as large IA might have
been anticipated among the 100000 traders re-
ported in business, and in view of the tempta-
ton offered to obtain relief from past mlsfor-
tunes or anticipated embarrassment The
trade of the country is believed to have sur
vived what threatened to be serious shock to
confidence and credit growing out of the cir
cumstances of the repeal of the bankrupt law.
and excepting the unfortunate epidemic in the
South, the general conditions of trade are more
healthy than at any time since 1873.
BANK FAILURE. NEW YORK.
New YORK, Oct. 15.-Haas & Co., German
bankers, 35 Wall street, have failed. The firm
was long of gold and short of stocks
New YORK. Oct. 15.-The announcement to
the Stock exchange of the failure of Haas &
Co., caused good deal of furry among bank
the failure was due to the fact that jaw Gould
gave to Haas Il Co. an order to buy 81 900. 900
in gold. and that the firm bought some on their
own account. The statement is also made that
Haas & Co. were long of $1,000, 600 of gold and
short of 5000 shares of stock.
The Eyening Post says: Since the announce
ment of the failure of Haas IL Co., 10000
shares of different stocks have been sold out
under the rule and SLIPS, 900 gold was sold
out under the rule. While the above purchases
strengthened the market, the main effect
has been to add to the Generalization which
has ruled the stock exchange for several days.
ANOTHER SAVINGS BANK TUMBLEs.
CONCORD, N. H.. Oct. 16.-The Concord
savings bank has been compelled to close it's
doors. Il is believed the depositors will re-
ceive about 80 per cent.