The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-10-12
THE FAILURE SHOWING.

n JN'S REVIEW FOR Oct. contains
~ some interesting statistics regard
ing failures IN the United States and
Canada during the nine months that
ended Sept. 30, 1908. A comparison
with the corresponding period Of 1902 is
not. on the whole, encouraging. The
aggregate Of insolvencies was smaller,
but the aggregate Of liabilities was very
much larger. being SS5.4O7.49O for 1902,
as against SIOI, 655, $50 for 1903.
The failures for 1902 numbered S.676
and for 1903 they numbered SIG, a loss
Of exactly 500, or rather a gain Of thac
number. The fact that, while the total
liability Of 1902 was smaller than in
1903 the number Of insolvencies was
greater I'm the year first named, indi-
Gates that the small fry went under
much more rapidly in 1902 than in 1908.
The decrease in insoIvencies and the in
crease in liabilities goes to show that
the larger corporations, firms and in
dividual enterprises are beginning to
he Dinched
I'm no way is the progress Of the
trusts more clearly demonstrated. The
great combinations Of capital are slow
- ly but surely freezing out the independ-
ent manufacturers and business men
The latter find it impossible to COM
pete with their practically invincible
rivals and they are slowly and surely
retiring from the field, either by the
insolvency route or through the acqui-
sitiOn OF their business by the monOpO-
lies The only ray Of comfort in the
situation is to be found in some sec
tions Of the west.
Although the aggregate liabilities for
the Pacific states group. which includes
Utah, is heavier than for 1902. being
S5.1J615S as compared with S4,T31 .56i
the number Of insolvencies is smaller.
Utah makes a particularly creditabIe
showing. In nine months of 1902 it
has forty-hve failures for 1926, 2S3 and
in 1908 il had thirty-nine failures for
500. 96l. The Idaho situation is also inn
proved this year. II had forty-siX fail
ures for $3.50 $50 i'm 1902 and thirty-nine
failures for SIS. 500 i'm 1903
The Wyoming statement is not SO
sood. Tn 1902 Wyoming had nine fail
Ures for S17. 200 and i'm 1903 it had six
failures for $4,000, a heavy increase IN
the liabilities and a slight decrease in
the insolvencies. Montana had thirty
five failures for S2S2.139 i'm 1903 as COM
pared with ffty-one failures for $685.
7O7 in 1902. Discussing the situation
generally the Review says:
Many firms and Individuals were
heavily involved in the speculative ex-
cesses of last year. and when the prices
or securities reacted so persistently
there were heavy losses. To an extent
that few realize. the legitimate trade
and industry Of the nation We're in
volved in the stock market. and tina,
suspensions have not been more nu-
merous is testimony to the grea.
strength and recuperatve power Of tn.
business world. In addition there wa.
a strain Of numerous and costly labor
struggles. and, moreover. the enhanced
cost Of materials fuel and other op'
Grating expenses held down net profits
so that expansion has decreased and
new facilities are not added with the
freedom that has marked the march
Of commercial progress. for several
years"
This may account. in a large measure
for the unprOmising features.