The morning star and Catholic messenger., 1878-07-21

shipwrecked firms are some of long stand
| Ing, which, until recent years, were riebti,
| regarded as thoroughly sound fnancialiv
and as conducted on the most conservat;y.,
business principles.
Still, depressed as business is mat non.
and small as is the margin of profits. i. !,
not in 80 lamentable a condition as tbis
great number of failures would seem -
Imply. A bitter experience of losses he
taught merchants to be sharp in their serns
tiny of credits. They also are able In co.
duct their business on q reduced scala :,
expenditure, aud the economy wb;.t
nearly every body has been Obliged ~
learn and practise since the panic of 1879
has lessened the drafts made upop th.
counting house for personal expenses. '
Among the failures there are twar,x
three of brokers and bankers, whose liaSN.
tiles foot up to 1885,, ,260, with asseta Of
not tenth that total. Next come the
carpenters and builders, fourteen of whom
failed, with liabilities of 50 5lS O47, and
the beggariy show of only $l44 234 arsets.
The disasters among these are of coursa
due to the stagnation in real estate aud
the decline in value Of all sorts of build.
ings. Yet at the present time the number
OF structures going up in the city is re-
marka6ly large, for the cost of building ia
low and idle capital has accumulated in the
hands of tue owners of great estates. Yet
we fiud seven failures among lumber deal.
ere, whose liabilities are 90. l47 92S, and
their assets only S104 927.
The failure of Dunning, the note broker,
brought to ruin seven drug houses, with
liabilities reaching 81, ,537, 153, and assets Of
about q third of the amount. This branch
of trade has been very fortunate and
lucrative one in the past, and great fort
unes have been made out of it, bat it now
shares the Disasters which sffiict other
kinds of business. The boot and shoe
trade has also suffered severely, the num-
Der of failures for the six months being
twenty one, the liabilities 81 1913 076, and
the assets about half that sum. Among
the failures were three very large and
prominent wholesale houses. The hatters
and the man ufacturers of hatters' goods
have seriously felt the strain of the dull
times, sixteen of these having failed with
81 .O40, 246 liabilities and 1882, ,7O7 assets.
The business of railroad contractors was
never at SO low an ebb as now, and it is
not surprising to find that fve of them
succum bed during the six months, with
liabilities of 81 SAC, ,652 and assets of little
account.
Among the other failures were twenty
three manufacturers, liabilities 81 ,4l2 565;
four shipping merchants. $s46. .965 TWEEN
ty-six grocers, 1913 495 nineteen liquor
dealers. $sO9, ,Oss three sugar houses,
two actors, $75. 900 one editor $2l9, ,5s5
Eve lawyers, $20l 19i one minister,
$55, 600 and four physicians,- 1924 ,079.
Ii is gratifying to record that there were
but seven failures in the dry goods trade
of the city during the half year, and that
the liabilities were of the comparatively
small amount of S47l 500
Every body will at least hope that Mr..
Atkinson's prediction will not turn out to
have been too sanguine, for after Eve years
of business stsgnation, the people are in
poor condition to stand q much longer con.
tinuance of the hard times But not until
we have 30 dealt with the Electoral Fraud
that it will never again dare show its head
can We hope to rejoice in the prosperity its
gu ccess has SO long delayed.