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expected to be the heaviest for many years the ex- perience of the past three months shows that there were an extraordinarily large number of failures. Firms that had been shaky for a long time, finding their anticipations of a prosperous season not rea- lized, and seeing no hope of redeeming their misfor- tunes, have gone under, and others which had been regarded as strong and commanding good credit have fallen suddenly, to the great surprise of their credi- tors and the business community. The agitation for the repeal of the Bankrupt law had much to do with increasing the number of failures, as many firms and persons hastened to take advantage of its provisions before it could be repealed. During the year just ended there were 847 failures reported in this city, in which the aggregate liabilities amounted to the enormous sum or $51,687,000 and the total assets $20,542,500, giving an average indebted- ness of $61,024 The large amount of liabilities is swelled by the failure of banks, trust companies und insurance companies, Five savings banks and one trust company have failed during the year-the Clairmont, Clinton, German, of Morrisania; Oriental and Yorkville, and the National Trust Company. Nine insurance companies have passed into the hands of receivers the American Popular Life, Guardian Mutual Life, North America Life, New York State Life, Reserve Mutual Life, Widows and Orphans' Life, World Mutual Life, Brewers and Maisters' Fire and the Metropolitan Fire. The bankers and stock brokers have suffered the most as regards total liabilities, there being thirty-five failures, with liabilities amounting to $6,060,000 and assets $2,505,000. Among the failures were those of Kennedy & Co., Eugene N. Robinson & Co., Rufus Hatch, George T. Piume; Greenebaum Bros. & Co., Netter & Co., John Bonuer & Co., and the Bankers and Brokers' Associa- tion. ### MANUFACTURING AND TRADE. Manufacturing interests have been greatly de- pressed during the year, and forty-four failures are reported of manufacturers, the liabilities amounting to $1,626,000 and the assets to $738,000. Thirty deal- ers in wines and liquors failed, one-third of the fail- ures being mainly due to the enforcement of the Ex- cise law. Their liabilities amounted to $883,000 and assets to $265,000. Among dealers in fancy goods and notions there have been many failures, twenty- nine reported having liabilities of $1,019,000 and assets $372,000. The clothing trade has suffered much, the unusual climate of the year having been a prominent cause. There were twenty-seven failures, with liabilities aggregating $1,019,000 and assets only $443,000; this includes manufacturers and dealers. Among the failures were those of Foote & Richard- son, Freeman & Woodruff, Charles Dahlmann & Co., Simons & Brother, Adolph Steinberg, and George E. Shortridge & Co. The dry goods line comes next in point of numbers. Twenty-six failures were announced, with liabilities amounting to $2,295,000 and assets $1,037,000. The prominent firms that failed were George H. Wolff & Co., Rothschild & Hyman, Emery, Ivey & Lee, Adri- ance, Robbins & Co., Salomen, Strauss & Co., James Leahy and J. H. Anderson. Dealers in produce and groceries appear to have seen hard times; for, during the year, twenty-three failures were reported in each trade. The liabilities of the grocers amounted to $1,109,000 and assets $535,000. In the produce trade the gross liabilities were $639,000 and assets $51,000. In the hat trade there were twenty failures, including those of Benedict & Co., Kingsbury, Abbott & Hulott, Boyden, Malloy & Co., Baldwin & Flagg, Hall & Ken- nell, D. W. Terry and John A. Dougan. The aggregate liabilities amounted to $661,000 and the assets to $317,000. ### VARIOUS BRANCHES. Twenty failures are reported among the butchers, several of the largest firms in the business having sus- pended. Among the number were Lehman, Samuells & Brother, George Strause, P. Mcintyre & Co., Charles Kautman and Yager & Bauer. Nearly all the failures in this business occurred during the last four months of the year. The total liabilities were $974,000 and assets $356,000. The low prices and extreme competition in the gentlemen's furnish- ing goods trade had its effect in causing the failure of eighteen firms, with liabilities amounting to $367,000 and assets to $187,000. There were reported seven- teen failures of brokers, agents and commission mer- chants, the aggregate liabilities being $1,172,000 and the assets $398,000. The same number of failures occurred among the dealers in flowers, feathers and millinery goods, the liabilities aggregating $592,000 and the assets $192,000. Among the suspended firms were M. J. Steinbergers & Sons, Bamberg, Hill & Co., Michel Brothers and Ira Beard. Sixteen shoe dealers and manufacturers suspended during the year, with liabilities amounting to $222,000 and assets $50,000. Of the dealers in tobacco and cigars fourteen failed owing $687,000 and having assets amounting only to $357,000. There were seven failures in the woollen goods trade, the principal ones being those of Thomas & Co., L. Blumgart & Co., T. Hillyer & Co, and Lisse, Nearing & Co. The total liabilities amounted to $1,151,000 and the assets to $603,000. Eleven jewel- lers announced their failure, with liabilities to the amount of $365,000 and assets of $105,000. Merchant tailors have had much difficulty in collecting their bills, and during the year twelve were com- pelled to fail, owing $104,000 and having only $14,000 assets. Thirteen hotel and restaurant keepers gave up business in disgust, owing $423,000 and having assets valued at $102,000. In the iron and metal trade there were twelve failures, with a gross indebtedness amounting to $1,164,000 and assets amounting to $271,000. In the lumber business there were twelve failures, the liabilities aggregating $696,000 and the assets $281,000. The great reduction in the price of shirts caused the failure of nine manu- facturers, having liabilities amounting to $375,000 and assets of $96,000. Eight coal dealers went down on ac- count of low prices. They owed $196,000 and had $47,000 worth of assets. Six lawyers went into bank- ruptcy, owing upward of $527,000, while their total as- sets were only $25,000. There were six failures in which the liabilities amounted to over $1,000,000; six between $500,000 and $1,000,000, thirty between $200,000 and $500,000, and fifty-two between $100,000 and $200,000, Compared with the year 1876 the number of failures is less, but the aggregate liabilities are far greater. In 1876 there were 887 failures, with liabilities amounting to $33,244,000, while in 1877 there were 847 failures, with aggregate liabilities of $51,687,000. ### RECAPITULATION. The following table embraces the number of failures, together with the total indebtedness and assets in each trade during the past year:- | | No. | Assets. | Liabilities. | | :------------------------------- | :-: | :---------- | :----------- | | Auctioneers. | 5 | $21,000 | $80,000 | | Bakers | 5 | $7,000 | $66,000 | | Banks and Trust Company | 6 | 3,461,000 | 4,477,000 | | Bankers and stockbrokers | 35 | 2,505,000 | 6,060,000 | | Brokers, agents and commission merchants | 17 | 398,000 | 1,172,000 | | Butchers | 20 | 356,000 | 974,000 | | Carpenters and builders. | 9 | 64,000 | 924,000 | | Carriages. | 4 | 80,000 | 235,900 | | Clothing. | 27 | 443,000 | 1,019,000 | | Coal. | 8 | 47,000 | 196,000 | | Confectioners. | 3 | 32,000 | 85,000 | | Coopers. | 2 | 78'000 | 302,000 | | Cotton brokers | 8 | 84,000 | 231,000 | | Dry goods. | 26 | 1,357,000 | 2,295,000 | | Drugs. | 5 | 37,000 | 68,000 | | Fancy goods and notions | 29 | 372,000 | 1,019,000 | | Fish. | 2 | 35,000 | 78,000 | | Flour and grain. | 7 | 170,000 | 347,000 |