The Portland daily press., 1881-04-11

We have received from Mr.. T. Frank Jones
of e. Russell & Co.'s Mercantile Agency, the
failures for the United States and Canada for
the three months ending March 31st, 1881, to-
gether with the amount of liabilities:
states and Number of Amount of
IerrItorles Failures. Liabilities.
Eastern States ................263 $ 2,518,4 61
nalddle states .......415 10,906,867
southern s@u states. 1926 5510,38o
Pacific States and Territories 1914 1,3i8695
Total........ 1851 s24,447 $50
Dominion of Canada ........166 2.O26,556
The increase of loss by bad debts during the
first quarter of 1881 is very apparent, as COM
pared with the losses in the corresponding pc
Rod of the previous year. The figures show
that the liabilities of failures for the first three
months of 1881 are S24,0OO,OOO, as compared
with $50 100000 for the fist three months of
1880. 1t is true that the increase in the mum.
Der of failures is not SO large, but the increase
in the amount of liabilities is somewhat signi-
f1cant The doubling up of loss in this direc-
ton is rather startling indication in view of
a supposed highly prosperous condition of the
country; and it is somewhat confirmatory of
an impression that has been gaining ground
Al " 5OOA many Iuoi Uudb llttl6 Of no
money has been made in the past three months
in proportion to the magnitude of the business
transacted, far less than in any three months
since September 1879, from which time il is
supposed the return of prosperity may be
dated.
There are, however, special causes to account
for the increased number of business casual
ties in certain sections. Thus, in the South
ern States, not only have the failures more
than doubled in number, but similar increase
is noticed in the liabilities. This is attributed
to vari ETY. of causes; the weather has been
unfavor able for business and for agriculture,
operations; the autumn purchases were far in
excess of subsequent wants, and there is no
manner of doubt but that the mode and cost
of production of cotton are such as to make
the possibility of profits for the producer yery
meagre.
In the Western States the excessively Sc
we're winter has no doubt contributed to swell
the increase in the number of failures and in
the amount OF Liabilities, but beyond this it is
difficult to discover any special causes for ap-
prehension in that section. 1t remains to be
seen how far the crops will be affected by the
quantity of snow which has fallen, and which
has remained such length of time, but it is
certain that the season for agricultural pur-
where.
In the country generally, however, while the
failures have not been specially numerous, the
above figures indicate that the average indebt-
edness is much higher than in the previous
years, and it is evident that the lines of credit
are being extended with very much the same
rapidity with which business generally is ex-
banding. The anticpations Of another good
crop; increased mineral production, and CON
tinued large arrivals of immigrants are, per-
haps, iustitications for the expansion visible on
every hand. But the indications for the flu
ture need to be closely watched, especially
with regard to whether or not the productive
sources OF the country continue to yield in pro-
portion to the extension of business, and the
marked development of the tendency to in
creased lines of credit.
The number of failures is 1761 against 1882
in the first quarter of $780, 1924 in 1879 and
1856 in 1878. The liabilities are in round num-
bers twenty four millions, against twelve mil
lions last ye ar. fortyt hree millions in 1879 and
eighty-two millions in 1878,