, 1900-01-17

1891 $500 1929 900 ZOt
aggregate of liabilities failures have
been greater or less than in previous
years. since this might be due to eX-
of business. Nor was it enough to
learn that in manufactures or in trad
ing separately failures showed improve
ments. but when it can be shown that
the improvement extends to nearly all
classes alike of manufacturing and of
trading, the information is by all at
once recognized as conclusive. Last
year the amount of defaulted liabili-
ties was smaller than in either of the
previous five years in nine of the four
teen manufacturing branches, namely,
iron, woolens, cottons, lumber, includ-
ing carpenters and coopers, hats and
gloves, printing, leather and shoes,
glass, earthenware and bricks, and in
the great unclassiied list. Moreover,
smaller failures have been reported
in only one year Of the five, for ma
chinery in 1894, for chemicals in 1897,
and for liquors in 1898, and smaller
smaller have been reported for milling
in only two years, 1898 and 1894. Only
the clothing manufacture remains in
which failures were smaller in three
years, 1898, 1897. and 1894.
AS to trading classes, again, defaults
were smaller than in any previous year
in general stores, clothing, dry goods.
boots and shoes, furniture, hardware,
jewelry, books and stationery, hats and
gloves, and the miscellaneous trades,
ten out of fourteen classes. For two
other failures were smaller only in one
year, namely, for liquors and drugs in
1898. In hotels, failures were smaller
both in 1898 and 1897, and owing to
the nest of Boston failures in provis-
ions the defaults in groceries were
larger than in any other year except
1896. The decrease in many of these
classes has been surprisingly large. In
clothing, failures were twice as large
IL hiS VI tue hNC pleN sSdlS IL
three times as large in one. Dry goods
had failures only about half those Of
1897 and 1894, not half those OF 1895,
and not a third as large as in 1896. In
drugs the failures exceeded those Of
1898 by only $13, 900, and were far be-
low those of other years. The defaults
in jewelry were not a third OF those in
four previous years, and hardly a fifth
of those in 1896.
Looking further, we find that as
manufacturing failures were smallest
for six years in amount, they were al
so the smallest in average liabilities
per failure, though the number was
smaller than in any other year. Trad
ing failures were the smallest in
amount and also in number, the aver
age being larger than in 1898 only. The
failures of brokers, promoters, and
agents were larger than in 1895 only.
but the number was larger in 1897, 1895
or 1894, and the average of liabilities
was larger than in other years except
1896 and 1895. Finally, going beyond
the commercial field we find fifty-six
banking failures, the smallest number
in any year, but with average liabili-
ties of $575,9 per failure, which is
the largest In any year, 1886, 156 in 1896
ranking next.
There are some curious features to
be noted regarding the range of COM
mercial credits obtained in different
branches. In manufactures the high
est average of liabilities in either Of
the six years was $166, ia in cottons
in 1897. Woolens came next with $780,
754 in 1898, and again next with $685.
4O2 in 1896. Cottons ranked fourth
with $77,56O in 1898, and woolens fifth
with SEA, 1884 in 1895. The sixth average
in rank was s58,416 in iron manufac-
ture in 1899, owing to the smallest
number of failures reported in any
year, and the seventh was only SIS, O54
in the same manufacture in 1897. In
the eighth rank liquors come with $751;
445 in 1892. The liabilities in trading
classes range much lower, the highest
in any class for six years being $28. 1872
in hats and gloves in 1898, and dry
goods came next with S22. 1893 in 1896,
and again with $751; . In 1895. Then
dry goods follows with $14,ss2 In 1897,
and next the miscellaneous list with
S14,51s in 1895, but hats again take rank
with s14,394 in 1894, and dry goods
next with $14, 1923 in 1898.
The great influence Of the few large
failures upon the aggregate has often
been observed, and can 10Y be exam
lined with the advantage of complete