The Portland daily press., 1878-07-13
No. of Amount of Average +.
failures Liabilities LA
1st 81 mos in 1872 ssss ss9 sSs
1st SIX mos. in 1s7s 4a59 sosl7I 1921

thus shown to be in number over twenty five
per cent greater than in 1877, while the liabili-
ties indicate a percentage If increase still
greater.
These figures are of very grave import, if
taken as an indication Of the state of trade,
for, according to the Agency, never before in
an equal period, in the history of the country,
have business misfortunes been so numerous,
or aggregating an amount of loss by bad
debts SO great. But, before accepting these
statistics as true test of the present condition
of business, the circular before us urges some
considerations in mitigation Of the unfavorable
conclusion which would otherwise be iueyita-
BILE. These considerations are briefly synop-
ssed as consisting Of an unusually open winter,
retarding sales, deliveries of produce, and col
lections; the discussions in and out of Congress
of financial measures. and the necessary condi-
tion of uncertainty that resulted; the possible
ity of important changes in the tariff; the
postponement of the date of the repeal of the
Bankrupt Law, and finally, the steady decline
in prices of merchandise. In relation to these
points, which are set out at length, the circular
says:
"We have thus briefly endeavored to enume-
rate leading considerations, which, combined
with others always existing, have had a pre-
vailing influence in the past six months toward
increasing the cures OF failures given above
When it is considered that there are now over
100000 persons and firms reported in active
business by this Agency, and that of this vast
army, only limited number possess surplus
sufficient to withstand such a heightened period
of depression, disappointment and loss. as it
has been the fate of the country to undergo, it
need not be considered as. measure of great
disaster that additional circumstances so un-
favorable should swell the failure lists to the
extent above recorded. That these crcum-
stances were only temporary in their duration,
and that certain of them may have tendency
to lessen the number of failures hereafter, are
points in favor OF the future; and therefore,
however dscouragiDg the figures above pre-
sented may at first appear it would be unfair
to regard them as an index to the real or
permanent condition of the coun try"
The following paragraph still further sets
forth the state of the case, and appears to con-
tain good deal of sound sense:
''That there are still too many in business in
proportion to its volume and profitableuess
there is no denying, and that failures are like
~ to occur while this condition lasts, is equally
certain; but this does not alter the great tact
that the country Is rapidly recovering itself,
aud that by the success of agricultural opera
tons great bodies of producers over vast Sec
tons of the country are materially increasing
their purchasing power. 1t is true that in
numerous manufacturing centres depression
still reigns, and no revival is hoped for SO long
as the Capacity to produce go immensely ex-
ceeds the probable demand. That this view has
become a settled conviction in many minds,
even among the operatives themselves, is a
hopeful sign, for the necessity will then be-
come apparent that numerous class should
adapt themselves to other industries; aud the
fact that at government aid other land
agencies there have been very frequent appli-
cations for farms from those hitherto engaged
IN other pursuits, is one of the most cheering
signs Of the times. AS country we are most
fortunate in this, that millions of fertile acres
are available at a merely nominal price. and
that with very little effort, not only living,
but comfort and eventual independence are
possible to families willing to work. In no
form could organized phlanthropic effort be
better shaped than in encouraging by nforma-
ton, direction, and even material aid, move
lands of the West aud South. Ii by firmuess
on the part of wholesale merchants, in refusing
settlements and compromises in the event of
failure similar movement could be induced
among the large army of unnecessary retailers
aud middlemen now dividing up between them
the limited trade of the hour, an early solution
would be found for many difficulties from
which the business of the country suffers.
That the results will be, of necessity, gradual
~ accomplished, is certain. and the sooner the
better for all concerned"
The Agency concludes its review as follows:
"Because there as been frequent dsappoint-
ment in the expectations hitherto enterta ined
of return to better Con 1itioa of business,
there is less disposition to reply upon indica-
tons both numerous and favorable. But
never before were there present so many con-
dltions essential and contributive to better
times than at present appear; and though it
would be the utmost folly to indulge in ex-
pectatlons of rapid return of prosperity, it is
next to impossible that the immediate future
can be otherwise than encouraging to those
whose affairs are in condition to avail them
selves OF better times.
The circular contains condensed photographs
of business and crop prospects from thirty-five
representative sections of the country, which
are exceedingly comprehensive and no doubt in
the main correct.