Crawford avalanche. (Grayling, Mich.) 1879-19??, 1900-02-01

about $21 ,00O,0 less than II was. AS
the record stands, however, and !nclud-
ing the failures incident to overspecula-
ton in New England and the brief but
severe panic in Wall street, the failures
in 1899 are the smallest ever reported
since 1881, with the lowest average OF
commercial liabilities ever reported,
and with greater evidence of CONNER
cial soundness and Industrial prosper
ity than has ever before appeared In an
annual statement. Not only have fail
ures been smaller in the aggregate than
in 1893 or previous years, but they have
been smaller in every section Of the
country. Such uniformity of improve
ment throughout the country Is ex-
tremely rare, and would scarcely be
possible unless business of all sections
was exceptionally sound and prosper
Gus.
The Massachusetts manufacturing
defaults, in spite of the influence of the
late December banking collapses, were
the smallest in any year.. as were those
of the other New England States, New
York and the Middle and Central
States. The New England disaster
swelled trading defaults by $3.020,0O0
in FIVE provision failures, besides two
banks, with liabilities of about 3d.
100000, and two brokerage firms for
S25O,OOO. In New York the manufac-
turing failures were only about quar-
ter Of those in two years Of the previous
five, and not half those of two other
years, while the trading failures We're
also much less than half those of four
previous years, but In brokerage the la
bilities were nearly as large as in two
other years, nd in banking larger than
in any previous year.
But in other Middle States manufac-
turing and trading liabilities presented
the same bright contrast, while in both
other lines the failures would have been
almost nothing but for that of single
large stock concern at Philadelphia
wrecked by crime, and In no way
caused by business conditions. The
Central States also showed trading de-
faults from 100000 to $11,O0,000
smaller than in any previous year,
though some brokerage and promoting
failures at Chicago swelled the "othcr
commerciar' defaults above the returns
of previous years except one.
The average Of defaulted liabilities
per firm Is a test which serves better
than most to show how the defaults
compare with the extension Of business,
but this year that average Is for the
first time less than $50. the lowest in
any previous year having been S93.b3
In 1880. A much better test Is the ratio
Of defaults to actual payments In sol
vent business through the clearing
houses. Here the ratio for 1909 Is less
than 81 per $1,000 namely, only 81
cents, the lowest by more than a fifth
ever reported in any year. and the low
est ever reported until this year in any
quarter, save the third quarter, of 1881.
The failures for 100000 or more
were only 34.7 per cent. of the aggrs-
gate last year. $50 per cent. in 1903,
and $50 per cent. In 1897, but 43.6 per
cent. In the bad year 1896. and 1912 per
cent. In 1895, and 1873 per cent. in 1894.
The amount OF such failures. and OF the
remainder for less than 100000 ench.
are here shown for six years and do
serve especial attentions:
Large Small
Total. Failures. Failures.
1890 SOC. S79. $50 $31. 5:,3. 1876 SOS. 1856. 7U3
DS0S. 130. O02. 500 5O.S75.S12 g.7S6,yS7