The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-03

In remarking on the above figures the
Mercantile Agency, in its annua circular,
says:
The above figures indicate a material in
crease in the number of failuresfor the year
1881, and a growth in the loss by bad debts
considerably over last year. An indication
of this sort can hardly be interpreted to be
a favorable sign as to the condition OF the
country, yet, when a comparison is insti-
tuted between the failure figures OF last
year and those of previous years-for in
stance, 1S7S-it will be seen that in the
proportion they bear to the casualties OF
that and previous years, both as to the num-
her of failures and the amount of liabilities,
the result is not u~nfavorable. 1t should also
he recollected that while the failures and liza
bilities OF 1881 are only slightly more than
one half those OF 1878, the volume OF trade
is probably now four or five times as great
rs il was then, while the number OF per-
sons engaged in business is certainly Is to
Is per cent. greater. As to the proportion
of failures to those engaged in business,
our statistics show that in 1877 the failures
were l i'm every 10; in 1878, l in ga; in
1879, | in 105; in 1880, l in 15S; while in
1881 the proportion was l in 140. The adj
vantage i'm favor of the year just closed
over the average OF years Is therefore very
marked.
There is no class Of statistics which more
truthfully illustrates the condition OF trade
than the figures relating TO business dlsas-
tiers, and the worst that can be said in re-
gard to the prosperity OF the country finds
is expression in a compilation. If, there
fore, the figures which are presented can
only be interpreted in one way, and that in
the direction Of confirming the general i'm
preston as to the safety and prosperity OF
the country, it is surely matter for con-
graduation that such is the result OF the
year just closed.
Messrs. r. G.. Dun & Co. very fully re-
view the condition OF business, and from
the opportunities which they possess, their
views are generally pretty well grounded.
ihey say:
uTbere is a vague sense OF uncertainty re-
.r,.ding the future, grounded upon the eX-
"""iences of 1872 and 1873. The conditions
sur-h preceded the last crisis, it is claim
4th esemble those which now prevail
tives enormou extension OF trade, great
aous,ditures on railways and public
ua''rks; increased growth and ease OF Gre
VI. as illustrated by the large loans OF the
hanks: and q general disposition to lock
nm quick capital in assets OF an unrealized
fnlYdJItI. lnS lttlllH VI dHIlNA'iioAVb
finds some support in the partial failure OF
the grain crops i'm the West; in the de-
crease of exports: the increase in inn
ports; the large reduction in the earnings
of leading railroads, involving a les
seped income to the investors in this
class of property. and the great
decline in the realizable prices OF securities
represented on the Stock Exchange, as COM
pared with six months ago. While it is true
that all these elements are suggestive OF a
changing condition OF things, it is doubtful
il they can be interpreted adversely to the
general prosperity OF the trade OF the cot
try. The extension OF business seems on
every hand 10 be OF a most healthy charac-
ter. There Is little or no accumulation Of
stocks Of manufacture in any locality,
while in numerous departments Of activity
orders are far ahead Of the greatly-increased
productive power. Though it Is true that
the grain crop has not been up TO its usual
average, il should be borne in mind that
for several years very ample rewards have
been realized by the agricultural communi-
ty; while in nearly all products except
grain the yields OF previous years have been
maintained. Prices, too, continue so high
that the result TO the agricultural producer
is not far short OF the average OF late years.
With regard to the extent OF railroad
building, IL should not be forgotten that
the vast undertakings now in progress are
no longer the result, as in previous years,
OF local effort and local indebtedness, but
are mainly achieved by individual capital
lists, with a large following, by combina-
tons and consultations Of existing inter-
ests, and almost invariably without calling
upon the localities chiefly benefited for ma
terial aid In the construction. II is safe TO
say that the increase in local bonded in
debtedness for railway purposes is far less
In proportion than 1t was In 1873. SO far
as the volume OF Indebtedness Is concerned,
the general tendency now Is precisely oppo-
site 10 what II was In 1872, and the reduction
OF the national debt is no less marked than
that OF almost every municipality In the
country. The amount Of money thus set
free has zone into circulation and improve
ments, not only Immediately bencfiting
trade, but permanently adding TO the value
OF property by the additional facilities al
forded. SO, too, with regard to private
obligations. We question very much
whether the lines Of credit for the internal