Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1901-06-13
BANKRUPTCY LAW STATISTICS.
Report Made on Operations of the
M Measure for Six Months.

Washington, June 10.-A report has
been prepared at the department of
justice showing the practical operation
of the bankruptcy law during the last
six months. 1t contains much that is
that the law has resulted in forcing
many into involuntary bankruptcy by
its operations. This charge which
has been made repeatedly, but the sta
tistics collected by the department
show that it is unfounded. A crafty
ing showing of the report is the de-
crease in bankruptcy cases, as indicat-
ing the general prosperity of the coun-
try. The number of involuntary bank
ruptcy actions is insignificant when
compared with the voluntary actions.
1t apepars that during this period
9,516 voluntary petitions were filed, as
against 5000 for the preceding six
months, 1920 for the six months end
ing March 81, 1900; 1924 for the six
months ending, March 81, 1899, thus
showing no appreciate variation from
the average number of petitions filed
since the law went into operation;
though it is over 1900 less than for the
corresponding period of last year. For
the same period 1,076 petitions in in
voluntary bankruptcy were filed, this
being slightly in excess of the average
for the past two years and half. The
report shows furthermore, that large
percentage of those taking advantage
of the voluntary feature of the law are
old insolyents, who are seeking this
means of resuscitating themselves in
the business world, though it is prac-
ticalls impossible to definitely state
the exact number.
Reports have now been supplied by
referees throughout the United
States covering such cases as have
been closed only, and for the past six
months of the voluntary cases 1857
have been closed. In these, the total
liabilities, direct and contingent, have
been $S4,955,097, while the net assets
realized for distribution as dividends
have been $3,587, AT. The data also
discloses another interesting fact, and
that is that of this number in 760 cases
the total liabilities were less than five
hundred dollars in $40 cases between
five hundred dollars and one thousand
dollars, and in 5000 cases between one
thousand dollars and five thousand
dollars, the balance being for larger
sums in varying amounts. 1t also ap-
pears that TAT who filed petitions were
farmers, 3,S43 wage earners, 1877 mer-
chants, 1923 manufacturers, 143 pro-
fessional men and the balance had oc-
equations of miscellaneous character
OF the involuntary cases, 325 were
closed during the year, in which the
total liabilities were $4,626,94S, while
the total assets realized were $685.
597. In Hawaii but three petitions
have been filed, two for voluntary and
one for involuntary bankruptcy.
Thus the states showing the great
est number of voluntary petitions filed
during the last six months are: ILL
nois, 1872; New York, 1903; Massa,
chusetts, 1000; Iowa $50; Ohio, 439;
and Alabama, 422. While the lowest
number are shown in the states of Ne
vada, where none were filed; Arizona
and Hawaii, 2 each; Delaware, S; New
Mexica, s, and Idaho, 10.
OF the involuntary petitions, the
greatest number were filed in the fol-
lowing states: New York, 23O; Penn
sylvania, 1872; Illinois, 70; Massachu-
sets, So; Kentucky, SO, and Georgia
and Texas, 48 each. While in the
states of Kansas and Nevada no petit
tons were filed, and in Hawaii and
New Mexico, / each, and Delaware, In
dian Territory, North Dakota and Ore
gon, & each.