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Show TELEGRAPHIC THE COUNTItY'a BUSINESS. Bad Showing lor the Past' Year, ,.: , UnC Proiailaiea lor the Falur. Th Exhibition Mnl bj the Leudloc Cominerolnl Aguncj. New York, 16. The annual cir-i cir-i cular of Duo, Barlow & Co., mercantile mercan-tile agency, just iisued, ahowa that the number of failurei in the United Statea for the year 1877 were 8,872, being 226 lest than for 1876. Total liabilities for 1877, $190,669,000. aa againat $191,117,000 in 1876. Fqr three quarters ending with September last, tlae number of failures had lessened less-ened by495 with a decline iu liabilities liabili-ties of $4;320,000,aa compared with the similar period of 1876, but the casual ties of the last quarter have been so numerous and important lu&t the ratio of improvement for the first nine months has Dot been sustained. The circular ys: But as a pregnant fact, illustrative of the general condi tion, that the failures ol the pant year approach so nearly thoae of tb year proceeding which were deemed very excessive, and that the failures are really above tho averago of the lour yeacs since the panio of 1873. Times does not Beem to improve these statistics with the same rapidity that it did subsequent to the panic of 1657 or 1861, for in four years succeeding suc-ceeding these dates the nnmber of failures and amount of liabilities pteadily diminished, the average rapidly declining, while these, the foutth years since the paoic of 1873, largely increases tha average. In eastern states the percentage ol failures was one in every fifty-eight, in the middle states one in every seventy-three, in the southern one in every eighty-five, in the western one in every eighty-four, and in the pacific states and territories one in every forty-one. It is a significant fact that whei ever there ia the most money in circulation in proportion to thoae engaged in trade these failures , are most numerous. This adds a 1 fresh demonstration to the belief that it is not from the need of monay that the country is suffering. After stating that within th past sixty days failures have occurred more numerous and more important than ever before in an equal period, allusion is made to the low grade of ! mercantile morality. The agenay which from its extensive business relations re-lations may be good authority on the question says: .''Laclc of honesty ia nowhere more plainly seen than in the failures that occur with the deliberale purpose ol malting money by compromise indebtedness at as much less than its faoe as can be accomplished. The evils that flow from an encouragement of this policy are fraught with consequences most destructive of sound trade or future safety. In every community where an operation of this kind is successful, the honest, thrifty aud capable merchant mer-chant is placed at a tremendous disadvantage. dis-advantage. He may well despair of success in competition with those in capacity, lack uf capital, or want of honesty, has enabled them to get their assets at a fraction of their value and who can therefore aflord to undersell all others not so fortunate." With regard to. the results of the year and the general condition of business, the agency says ttiat the expectations ex-pectations that wore formed of the probable volume and profitableness of the trade of the country have only been partially fulfilled, yet in many respects substantial progress towards recovery has been made. A year of great production in agricultural sections sec-tions in oh as the last has been, cannot can-not he without a most beneficial eflect, and the prosperity of (the country in portions ot the west and south are plainly demonstrated in the figures of failures above presented. The product ol precious metals ia fully maintained, aud though iron, coal and lumber interests still languish, lan-guish, petroleum, grain, cotton, to bacco and other farm product havB added largely to the nation's wealth. A visible increase in the employment of labor is noticeable in important sections, and manufacturing industries indus-tries have in some degree improved both for boms and foreign markets. There are, therefore, signs of improvement im-provement developing, it is true, slowly hut utoadily, a belter condition. |