WHAT DO THEY INDICATE?
By John R. Calkins
It is said that there were more failures during the first half of 1877 than during any other corresponding time in the history of the country. According to the semi-annual circular of R. G. Dunn & Co.'s “Mercantile Agency,” the failures for the first half of the present year exceed those of the first half of last year. For the purpose of comparison, I group together the following statements, which will illustrate at a glance the significance of the figures for the past six months:— |
No. Failures. |
Liabilities. |
|---|
| First six months of 1875 |
3,568 |
$76,844,266 |
| First six months of 1876 |
4,600 |
105,415,429 |
| First six months of 1877 |
4,749 |
99,606,176 |
| First six months of 1878 |
5,825 |
130,832,766 |
The failures for the half year just closed are thus shown to be, in number, over twenty-five per cent greater than in 1877, while the liabilities indicate a percentage of increase still greater. These figures are of very grave import; for, according to the Agency, never before in an equal period of time in the history of the country have business misfortunes been so numerous, and never have they aggregated so great a loss by bad debts. The other day a man doing considerable business was asked why he did not keep a better office, have things in style, etc. His answer was, that that was just the reason why so many men only pay twenty-five cents on the dollar; he can do business in a plain office and pay one hundred cents on the dollar. What do these facts indicate?