Savannah morning news. [volume] (Savannah) 1868-1887, 1884-01-06
The FaiIures of 1888.

The annual circular Of r. G.. Dun & Co.,
with the list OF the failures in the United
States for 1883, contains some interesting
facts. From this circular it is learned
that in the Eastern States there were 1.l97
failures, il. the Middle States 2,l36. in the
Southern States 1874. IN the Western
States . 961. and in the Pacific States aud
Territories 1.046, making total of
9.1Si. In 1882 the number OF fail
ures was 6.73S, and in 1881 the
number was 1915. The increase
in 1893 over 1882 was &c per cent, and
over 1881 WAS over 100 per cent. The
amount of liabilities in 1888 was STA, 0O0,-
600. in 1882 $IO1, 900, 600. aud in 1880 $780,
100000.
Although the year just closed was full
of business disasters, it was not as bad a
year as 1873. In that year there was 1o,-
AS failures, and the liabilities amounted
10 over $234,OO0,O00. To make a COM
parison between 1873 and 1888, how
ever, it is necessary to remember
the following facts: The five years de-
preston which followed the panic OF
1878 eliminated in 1873. There was also
at that time almost certainty that the
national bankrupt law would he repealed,
and hundreds became bankrupts in order
to get the benefits of the law. In 1888 the
number in business was S63, 1913, and in
1873 the number was only GA, 741.
While, therefore, there were over 5000
failures IN 1888 and over 10000 in 1878,
the number of failures in 1888, in proper
smaller than in 1878. The years Of depres-
sion following the panic of 1873 and the
promised repeal Of the bankrupt law must,
however, be considered as reasons for so
many failures in 1878 which did not exist
in 1888. Indeed, the years Immediately
preceding 1888 were remarkably pros
porous years, and 1888 cannot be regarded
as terribly disasterOus business year.
A great many business and manufacture
ing enterprises were never more prosper
GUS than they now are, and there does not
appear to be any reason to apprehend a
financial panic. Il. G. Dun a. Co. men
ton as a remarkable fact that the mort
gage Indebtedness of the farmers and
planters of the country has de-
creased fully 75 per cent. AS long
as the agricultural interests are prosper
Gus there is no occasion for business
men to he disturbed by aDprehensiOns Of
disasters. In portions of this State the
farmers are not prosperous, because the
dTOughtruined their crops last year. Taey
will manage, however, to get through this
year, and they are hopeful that this years
crops will, so to speak, put them on their
feet again. 1t is not improbable that
large percentage of the failures of 1888
was due to speculation. Legitimate
business is regarded as a slow way to get
rich, and too many business men weaken
their ability to carry on their business
properly by gambling in stocks and fu-
lures.
There has been an over production Of
many manufactured products, and this
has helped to bring about a depressed
condition of afflirs. Iron and steel works
ha We closed their doors or have cut down
wages, because the demand for their
products has largely fallen off. The dis
position, however, is to take a hopeful
view of the situation. Ii is argued that
the country is sound, and the ability of
consumers to pay for what they want,
whether necessities or luXuries, is I'M
doubted.