The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-13

There is no denying that trade ia dull
throughout the country, and merchants are
in anything but good spirits. Large num-
bcrs Of manufactures are closed or are
working on half time, or with a greatly re-
duccd force. and many of the finest Of them.
built ten or fifteen years ago, may now be
bought for quarter OF their cost
Mr.. EDWARD ATKINSON is Of the opinion
that we have seen the worst Of our business
troubles, and are about to enter ON period
Of prosperity. lie bases his encouraging
prophecy on the facts that the balance Of
trade is In our favor. our manufactures have
been 50 reduced in quantity that the stock
OF goods ON hand 10 comparatively small,
and the condition Of our finances has stead
lily improved. 1t may I've added that the
crops, both North and South, promise ex-
ceedingly we'll, and the prospects Of Demo-
cratic success in the elections for Congress
men next autumn give Us reason to nntici-
pate n continuance OF only modified cxtrava-
gancc at Washington.
But the first six months Of the year show
remarkably large number OF business fail
urcs. In this city alone there We're, during
that time. five hundred and fourteen such
failures, in which the aggregate Liabilities
amounted to S39,031,79j, with the assets
| Sll,0l2,6G2. For tho whole Of 1877 the total
number Of failures was only eight hundred
and forty-scven, with liabilities Of Sjl, $4,000.
| The large increase in the present year is, OF
course, chiefly due 10 the desire OF cmbar-
raised Merchants to get the advantage Of
the Bankrupt law in advance Of its repeal.
But among the shipwreclied firms are some
! - eta ,,bfsb
were rightly regarded as thoroughly sound
financially and as conducted on the most
conservative business principles
Still, depressed as business Is just now,
and small as is the margin of profits, it is
not in 80 lamentable condition as this
great number of failures would seem to i'm
| ply. bitter experience of losses has
taught merchants to be sharp in their
scrutiny OF credits. They also are able to
conduct their business on a reduced scale OF
expenditure, and the economy which nearly
everybody has been obliged to learn and
practise since the panic of 1879 has lessened
the drafts made upon the counting house
for personal expenses.
Among the failures there are twenty-three
OF brokers and bankers, whose liabilities foot
up to S3,sji,260, with assets Of not tenth
that total. Next come the carpenters and
builders, fourteen Of whom failed, with liza
bilitics OF s3,5ls,Ol7, and the beggarly show
Of only S1ii, 23i assets The disasters among
these are Of course due to the stagnation in
real estate and the decline in value of all
sorts OF buildings Yet at the present time
the number of structures going up in tn,
city is remarkably large, for the cost Of
L.
lated in the hands of the owners of great
estates Yet we find seven failures among
lumber dealers, whose liabilities ar,
S2,l47,02s, and their assets only $l04027
The failure of DUNNING, the note broker
brought to ruin seven drug houses, will
liabilities reaching 1851 l59 and assets o
about third of the amount. This brancl
Of trade has been II very fortunate an,
lucrative one in the past and great for
tunes have boon made out Of it, hut it nov
shares the disasters which aflict othe
kinds Of business The boot and shoe trad
has also suffered severely, the number O
failures for the six months being twenty
one, the liabilities 81 ,3Ss,076, and the asset
about half that sum. Among the failure
were three very large and prominent whole
sale houses. The hatterS and the man
ufacturers Of hattcrs' goods have scriousl.
felt the strain Of the duh times, sixteen q
these having failed with 800 246 liabilitie
and S3S77O7 assets. The business Of rail
road contractors was never at so low an eb
ms now, and it Is not surprising TO find tina
five of them succumbed during the si
months. with liabilities of Sl3io,GS2 and a.
sets of little account
Among the other failures were twenty
, three manufacturers, liabilities Sl4l2, 5G5
) four shipping merchants, SSl6,0G5; twenty
? six groccrs, 1913, 49j; nineteen liquor deal
3 crs SSO90Ss; three sugar houses, Sl,l50, 3l9
: fourteen jewellers, S50s, s2G; two actors SIS
p 600; one editor, 1919, 5s5; five lawyers S2Ol
l0i; one minister, $4,000; and four phys
| clans, S224,070. 1t is gratifying to recor
r that there-were BUT seven failures In VI,
dry goods trade OF the city during the hal