Democratic Sentinel, Volume 7, Number 37, Rensselaer, Jasper County, 12 October 1883 — FAILURE FIGURES. [ARTICLE]

FAILURE FIGURES.

Analysis of Commercial Disasters for the Third Quarter of 1883. Failures of the Fast Nine Months— Interesting Comparisons. [New York Telegram.] The mercantile failures in the United States for the third quarter of 1883, as reported to Bradstrtet’s, number 2,062 against 1,858 for the corresponding quarter of 1882. The disasters reported for the first and second quarters of 1883 were respectively 3,189 and 2,107. DISASTERS THE LAST NINE MONTHS. The following table shows the total failures for eaeh of the three quarters of 1883, with assets and liabilities, compared with the corresponding quarters of 1882: eg I Is? P| l 8 f : S g & : o I | R : " * E E 2. Hi If? First quar. 1883.. 3,189 $23,763,000 $ 42,235,000 66 First quar. 1882.. 2,146 18,323,000 29,010,000 49 Second quar. 1883 2,107 16,120,000 81,660,000 48 Second qnar. 1882 1,503 12,000,000 23,372,000 62 Third quar. 1883 . 2,062 23,375,000 49,460,000 48 Third quar. 1882. 1,658 9,122,000| 18,779,000 60 Total 9 months 1883 7,358 *63,264,000 $123,256,000 52 Total 9 months 1882 5,307 36,451,000 71,161,060 61 GEOGRAPHICAL DISTRIBUTION. The following table Bhows the geographical distribution of the failures in the United States for the last quarter of 1883, compared with the corresponding period of 1882: r-No. fail’r’s—. .—General liabilities—. 1882. 1883. Divisions. 3d qr. 3d qr. 1882. 1883. Eastern States. 258 355 $ 2,513,665 $21,294,754 Middle States.. 365 443 9,049,438 14,465,139 South'n States. 239 290 2,477,275 2,719,097 Western States. 6J2 615 3,572,659 8,683,007 Pacific states.. 239 272 1,036,555 1,403,994 Territories 25 87 128,540 894,160 Total U. 5..1,658 2,062 $18,779,480 $49,866,161 COMPARISONS WITH LAST YEAR. The table below gives the failures for the nine months of 1883, compared with the same period of 1882: /—!No. liabilities.—. Divisions. 1882. 1883. 1882. 1883. Eastern States. 885 1,123 $12,680,710 $29,369,077 Middle States..l,2lo 1,658 24,545,889 42,996,231 South'n states. 1,058 1,451 13,084,431 13,396,274 West'rn states.l,6os 2,237 16,633,809 30,169,581 Pacific States.. 477 699 3,623,427 4,984,706 Territories 71 191 594,483 2,189,467 Total 5,307 7,368 $71,162,749 $123,064,336 SUMMING UP. At the last quarter the average liabilities of each failing trade were $23,986, and the percentage of assets to liabilities, 48. For the first quarter of 1883 the average liabilities of each trader was $13,240, and for the second quarter there were $14,979. The failures for the third quarter of this year were 1,127 less than for the first quarter, and 45 less than for the second quarter. In the first, second and third quarters of 1882 the average of liabilities to each failure in trade was respectively $13,244, $10,232 and $11,311. The distinctive feature of the quarter’s return is the surprising increase of liabilities in Eastern and Middle States, caused largely by the disasters in the ( leather trade at Boston, and in * clothing trade in New York. These disasters, and those directly dependent thereupon, went far to bring up the weekly average of failures for the third quarter of the year. The immediate cause of this increase in mercantile failures exists in the overtrading made possible by the apparent ease with which the traffic In commercial paper is carried on. Its abuse is serious. To check it two things are needed to bo done: 1. The organization of trade should In some way be carried further to the end that the sale and purchase of mercantile paper may be carried on more openly than now. 2. A general bankrupt law should bo enacted speedily with severe penalties for such abuses as have been shown to exist.