The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-01
MERCANTILE FAILURES.
THE REPOr:T or THL HEHBLR>
THROUGHOyT the UNITED sTiTL>.
IN Increase over That of Last Year
Figures Showing Comparisons an"
Causes Operating Pro and Con.

The usual annual report Of business
failures throughout the United States for
the calendar year just closed. IL viii ne
understood. as explained in pre'roins
years. covers a complete year. beginning
q Few days prior 10 the close OF l~i' ana
ending with the final returns 10y wire IN
time 10 secure publication ia this ISSUE
OF Biadstreets while the year covered,
therefore. does not coincide exactly with
the calendar year 1885, the report includes
business failures throughout the country
for "a completed year II should also DE
explained. as has been stated under Ike
circumstances in previous ISSUES or this
paper. that the only business ~emhurrass-
ments included as failures are those IN
which total liabilities are IN excess or
actual assets. except in cases Of banks.
in which instances a suspension OF pay
ment during business hours. for however
brief an interval. Is regarded as a failure
The total number Of failures IN tho
United States iu 1895. ne reported %
Bradstrcets. is l303. contrasted with
12.12i in 1895. am increase Of % per cent
This is the largest number of failures
ever reported since the record was be-
gun. with the single exception OF 1923.
two years ago. when the aggregate was
$780, compared with which year the
falling Of in 1855 is l6 peg cent. An ln-
crease I'm the second year following one
Of panic is exceptional iu the panic year
1854 the total number of failures was
u 500. in the following year me aggregate
was HE. and in The year succeeding #
was ,0.jfs. nearly per cent. less than in
the first year after the panic OF fsN4 The
year 1891 was conspicuous during greater
portion thereof for marked depression I'm
trade. following The reflection here Of
the Barring panic. and may therefore Doe
REGARDED as having followed q panic year
The total number of business failures i'm
tina. year wds l23gi an Increase Of 10 per
cent but in The year following there
was p sharp Ealing of Zoo The number OF
failures amountue 10 more than n per
cent
Tho year 1892. therefore. the second
after the Barring crash. corresponded 10
the year is6. the second year after
year Of panic.
LIABILITIES AND ASSETS.
But I'm 1895. second year following IL
pans. there is an increase Boo the number
of failures over tine year before, and the
year itself is conspicuous AS one of finan-
ciai complications Tor a brief period al
the close.
The total amount O. liabilities Of fail
Hp firms corporations and Individuals
I'm tl United States during 1925 amounted
t. fi5s. N2fi5. more than 81 200 in CX-
cess OF the total in 1894. an increase of
less than O. per cent lr three times the
rate 0f increase bon the tofal nu uher Of
failures The grand total OF assets of
faHing firms. corporations and individuals
during tho year amounted 90 Sss,ll4.fn. or
more than $4,000 in excess or TIM Ike
total one year ago. M in'r.l5. or more
than lN per cent showing relatively
qrtlter degree of s0lv-ncy cf those eW-
harrifsed than I'm the pr7ceiins year.
This record of the total number of fall
ures. together with grows liabilities and
assets for 1895, makes r. plain that the
ffter-cdects Of the panic of 1903 were
more far-reaching than anticipated one
year ago. During the asst tour on hte
months. rstt1ing back 70 a period when
business generally vas more active than
at present. and when prices generally
were hvh % serious endorsements in
commercial and industrial lines have been
showing pre- .iously In suspected in-
crease.
The annual report Of the number OF in-
diu rals. firms and corporations in husi-
moss shows marked bat moi unexpected
Increase boz what may Boz called the CONF
mercia death rate curing the past year
FIRMS AND CORPORATIONS.
The total number of individuals firms
and corporations having recognized
place Boo business al the close OF 1895.
was about lN14oo0. showing that the husi-
ness population OF the country has only
fairly begun 10 show an increasing move
mout compared with a year ago. when
the totat was 100000. ami as compared
vf-h two years ago. when the total was
ouy 100000. ln the panic year 1893 the
ratio of commercial. Industrial and inan-
ciai deaths 10 the so-callcd total business
population was about H. in every Zoo
OF those of the total engaged in business.
while one year ago the comm rc.1l death
rtte amounted 90 about y .n l11 of tao
&. tal engaged in business. This year the
totals already given indicate CONNER.
clal death rate of about l-3 'n every i''.
as contrasted with an aNerae CONNER
clal death vat, during -he ite yc1fa lNp
o. 1Nf. inclusive. of lY ID every lll cn-
gagged in hWiuess.
Tho ioal increase in business fulures
~ 1895 contrasted with 1898 amounts LOB
af.lv .17. for which gains il the western.
northwestern and middle states are re-
.nonsihle. they having uoen respectively
so2I1 and 80. Decrease in groups of
States show falling Oft of fA failures n
TIC New ENGLAND States a. compared
in the Southern States and on the paci-
g. coast While the increase in the total
number Of business failures Boo The western
States was apparently large, about ID
ner cent the increase I'm fO-al Liabilities
o. falling traders lid not amount 90 more
than per ceat rom which Do may h'
perceived that commercial and industrial
emharrassments IN that region were large
" among smaller concerns. ln the north-
western States thc increase boz business
failures This year as conuastea win tho
year before vas trhe over IS per cent
bat the gain in aggregate Liabilities was
more than % per cent. which, 10 should
be- explained. o. cue almost entirely .0
one coz two heavy failures early in 1893
which in no respect bear upon general
commercial or Industrial conditions in
that region.
NEW ENGLAND AND CANADA
The falling OF in the number cf fall
ures m the middle States ae compared
with l,qt-E in numher-is trifing. AMI
the decline On aggegass liabilities OF
those falling there corr spends There
were about 3 per cent fewer failures iu
the New England states during the past
year. but the liabilities Of failing traders
there increased nearly Fer cent. The
decrease 600 the number of business tail-
ure- AT the South during the past year,
as explained. was trilng only D. in
number-but aggregate liabilities of those
$50 embarrassed increased apprecabiy-i7
per cent There has been n falling OF
OF l6 per cent. in the number Of business
failures 100 the territories and % per cent.
in the liabilities of those so failing. and
while the number OF serious business em-
barrassments on the Pacific coast Is
practically unchanged as compared w.