The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-08
BANKRUPTCY ON THE WANB
A Decrease in the Number Of Peti-
tions for the Past Year.

The Law said 10 work Well But
Slight Amendments May BE Rec
commended to ConEress-OId TusOI-
vents Benefit by Its Operations
The summary Of the semi-annuaI re-
ports of the bankruptcy business in
this country for the period ended March
81, 1901, recently submitted to the At
torney General by +. G. Brandenburg,
in charge Of bankruptcy matters in the
Department of Justice. discIOses some
interesting facts. 1t appears that dur
ing this time g.5l6 voluntary petitions
were fled. as against S.eoe for the pre-
cedins six months; 12120 for the six
months ended March 81, 1900 1924 Tor
the six months ended September 80,
1899. and 9,O52 for the six months ended
March 81, 1899, thus showing no appre-
ciable variation from the average num-
Der Of petitions filed since the law went
into operation. though it is over $500
less than for the corresponding period
of last year.
For the same period L076 petitions in
involuntary bankruptcy were filed, this
being slightly in excess of the average
for the past two years and half.
The report shows that large per
centage Of those taking advantage Of
the voluntary feature Of the law are old
insolvents, who are seeking this means
Of resuscitating themselves in the bus
mess world, though it IS practically i'm
possible to definitely state the exact
number
The data obtained during the first
two years the National Bankruptcy law
was IN operation was necessarily in
complete by reason Of the fact that it
had not been in operation sufficiently
long to enable more definite infoTma-
ton. Reports have now been supplied
by referees throughout tn United
States covering such cases as have been
closed only, and for the past six months
of the voluntary cases 1907 have been
closed. In these the total liabilities, di-
rect and contingent have been 1850
097, while the net assets realized for
distribution as dividends have been So
5ST.z4T The data also disclcses another
interesting fact, and that is that Of this
number in 100 cases the total liabilities
were less than $500, in $40 cases between
$500 and 81 600 and in 5000 cases be
tween 1000 and $1,000, the balance be
ing for larger sums in varying amounts.
It also appears that 74T who filed peu-
tons were farmers, S,843 waSe-earners,
1871 merchants. 123 manufacturers, 145
professional men, and the balance had
occupations of miscellaneous charac-
ter Of the involuntary cases, 225 were
closed during the year, in which the
total liabilities were 81, 625, 94S. while the
total assets realized were 1873, 597. In
Hawaii but three petitions have been
fled, two for voluntary bankruptcy and
one for involuntary bankruptcy.
Mr.. Brandenburg, by reason of his
intimate relations with the subject, has
kept. in close touch with the business
interests. and states that II may be
safely said that with one OF two eXcep-
tons, for which Congress viii doubtless
make provision at an early date, the
law is meeting with almost universal
appreciation. As time passes its SUPERB
ority over many Of the State insolvency
and assignment laws in reducing the
expense Of administration 70 q mini
mum. with the resultant of maximum
dividends, together with the disappear
ance Of preferences, either through le-
gal proceedings or fraud, Is redoundIng
to the advantage Of the business World.
Nearly every feature Of any conse-
quence IN the law has now been inter-
preted by the Federal courts throughout
the country, while the United States Su-
Dreme Court has passed upon several
fundamental questions, thus placing
Congress in a position to act adyisedly
upon the question Of amendments when
suggested 10 that body at its coming
session
The experience gained by the com
merciaI interests under the present law
has afforded q keener insight into its
practical advantages than was expect
ed or could have been anticipated. and
while the existence OF the present law
IS no guarantee against fraud, or that
the dishonest debtor viii not endeav0r
to use its machinery 70 his advantage
and to the detrimAnt OF the creditor
whenever possible, yet the opp0rtuni-
ties under the various State assignment
laws were so much greater and the
frauds frequently so much more fla
grant, that the Federal law has come
to be looked upon as one Of the most
benefcent and advantageous to the
business world that has been placed up
on the statute books for many years.
Mr.. Brandenburg adds that as a rule
the number Of petitions in bankruptcy
vary with the States having the great
est population and amount OF business.
Thus the States showing the greatest
number Of voluntary petitions fled
during the last six months are: Illinois,
1872; New York, 2G3: Massachusetts
1000; Iowa, 400: Ohio. 439. and Ala
bama. Az: while the lowest numbers
are shown in the States of Nevada,
where none We're fled, Arizona and Ha-
waii. 2 each: Delaware, ;; New Mexico
s. and idaho, 10
OF the Involuntary petitions the
greatest number were fled in the fol-
lowing States: New York, go; Pennsyl-
vania, 132; Illinois, 20; MassaC5 usetts
e; Kentucky, 50, and Georgia and Tex
as, IS each, While in the States Of Kan
sas and Nevada no petitions were filed;
In Hawaii and New Mexico. 1 eacn- and
Delaware, Indian Territory, North Da-
kOta, and Oregon, , each.
KILLED AT A RAILWAYBRID