Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-06-08
REPORT ON BANKRUPTCY.
Number Of Petitions Filed in Last Six Months
About an Average.
Law Meets with General Approbu-
tlon-No Guarantee Against
Fraud.

Washington, June 1.-THE summary
Of the semi annual reports Of the OPP
Grafton Of the bankruptcy law for the
period ending March 81, 1901, recently
submitted to the attorney general by
H. c. Brandenburg, In charge Of bank
ruptcy matters In the department Of
justice, shows that during this period
1861 voluntary petitions were filed, as
against 5000 for the preceding six
months, 1920 for the six months end
Ing March 81, 1900; 1O,12i for the six
months ending September 3d. 1900, and
9,025 for the six months ending March
g. 1899 thus showing no appreciate
variation from the average number Of
petitions filed since the law went into
operation, though IL is over $500 less
than for the corresponding period Of
last year, For the same period 1913
petitions in voluntary bankruptcy
were filed, this being slightly in excess
Of the average for the past two years
ana a half
The report shows that large per
cent Of those taking advantage Of the
voluntary feature OF the law are old
insolvents seeking this means OF re-
suscitating themselves IN the business
world. During the past six months OF
the voluntary cases 1867 have been
closed In these the total liabilities.
direct and contingent have been SS4-
S55, O9I while the net assets realized for
distribution as dividends have been
$3,5S74i7.
The total liabilities in 760 cases were
less than $500, IN $40 cases between $500
and 1900. and in 5000 cases between
81 900 and $4,000. the balance being for
larger sums In varying amounts.
II also appears that 745 who filed PEI
titions were farmers, 3,S43 wage-earners,
1877 merchants, 1913 manufacturers, l4S
professional men and the balance had
occupations Of miscellaneous charac-
ter.
OF the involuntary cases 1925 were
closed during the year, In which the
total liabilities we're 81 626 9iS while the
total assets realized SS7S9,597. In Ha-
wall only three petitions have been
filed. two for voluntary bankruptcy and
one for involuntary bankruptcy
Mr. Brandenburg says II may be
safely said that with one or two eX-
ceptions. for which Congress doubtless
will make provision at an early date,
the law is meeting with almost uniyer-
sal appreciation, As time passes It's SUI
periorlty over many Of the state In
soyency and assignment laws In reduc-
ing the expense Of administration TO
minimum, with a result of maximum
dividends together with the disappear
ance Of preferences either through legal
proceedings or fraud. he says, Is re-
bounding to the advantage OF the busi-
ness world,
The experience gained by the COM
merCial interests under the present law
he says has offered a keener Insight
into It's practical advantages than was
expected or could have been antCl-
rated. and while the existence Of the
present law IL no guarantee against
fraud. or that the dishonest debtor VIII
not endeaVor to use It's machinery 10
his advantage and to the detriment OF
the creditor whenever possible yet the
opportunities under the various state
assignment and insolvency laws were
so much greater, and the frauds fire.
quently so much more fragrant that the
federal law has come 10 be looked upon
as one OF the most beneiicent and adj
yantageous 20 the business world that
has been placed ON our statute books
tor many years.
The states showing the greatest num-
her OF voluntary petitions filed during
the last six months are Illinois 1872,
New York ] 1903. Massachusetts, 1000
Iowa 49,. and Alabama 422 The loves,
numbers are shown by the state OF Me-
yada where none was 1led Arizona
and Hawaii. 2 each; Delaware, o, New
Mexico, S; Idaho 10,
OF the involuntary petitions the great.
est number We're filed IN the following
states New Yorl; $50 Pennsylvania
1872. Illinois 20, Massachusetts, 50, Ken
tuck 90. and Georgia and Texas IS
each while in the states OF Kansas
and Nevada no petitions were filed, In
Hawaii and New Mexico one each. In
Delaware, Indian Territory North Da-
kota and Oregon. two each.