The Washington times., 1908-08-08

MONEY ABUNDANT
FOR PROPER USES
Largest Increase Over Last Year Is
S1,0O9,0OO in Lumber-Ma-
Chinery Has Best Decrease.

commercial failures in the United
States. according TO statistics compiled
by Dun's Review, we're i,232 in the
month of July, with liabilities OF s14,-
222, l26- This IS the lightest mortality
OF any month in the past year. with the
single exception CT May. 1908. and the
increase in that comparison was less
than S600,gO0 In the corresponding
month last year there were III fail
ures. involving 212.334,71O in amount.
Failures OF financial concerns, includ-
ing banks and similar institutions. were
nine IN number and $95, .145 in amount.
IN the same month last year there we're
four failures in this class. with liabili-
ties OF s2,22S. $40. The prime pal Increase
is due TO the assignment OF the United
BOX Board and Paper Company. which
cannot properly be classed with com
mercial failures.
Again there Is much encouragement
In the monthly statement Of failures,
despite some Increase over the liabiIi-
ties Of the corresponding month in re-
cent preceding years, for these St. It's
ties indicate a steady improYem ent
since the commercial death rate was
suddenly increased last fall. Moreover.
in year OF strain the July insolvencles
usually show a large increase over the
preceding month, owing 10 the half
yearly settlements and the inventories
and stock-taking that disclose weak
spots in the mercantile world.
Money Now Abundant.
Money is now abundant for all legiti-
mate purposes, ana commercial paper
may be sold at reasonable rates Of in
terest, SO that there is no longer any
danger of really solvent concerns being
forced to suspend by inability to raise
funds, and new undertakings are once
more being financed, while many post
pOned plans are again under cOnsIdera-
ton. It Is also encouraging 20 note
that the number Of banking failures is
diminishing. and the advance in prices
Of securities makes it possible 10 close
out accounts that have been led up
for six or eight months.
Classified returns Tor July show that
in the manufacturing division exactly
seven branches Of business reported
smaller Liabilities than the same month
last year and seven occupations supplied
heavier losses while there were 40
failures in either year IN the wooden In
CustTy. The most noteworthy decrease
was about $3.50. 600 in the machinery cia IS.
WNiie the largest increase was some
what over 81 10000 In the lumber section
Traders Failures Increase.
Among the traders the Increase in la
bilities was more uniform. every divi-
sion except general stores and hotels
unC restaurants recording heavier liza
bilities In these two cases the decrease
in general stores was slight. but there
was an Improvement Of almost 100000
In the division embracing hotels and
restaurants. owing 20 a few unusually
large defaults last year.
The most unsatisfactory comparison
was made In the miscellaneous division,
where liabilities were over 500 GOO larger
than last year. but the other differences
were never more than about s2O0.O0O- AS
TO number, the trading section shows an
increase OF 80 failures in comparison
with July 1907. Of which liquors and
tobacco supplied -, groceries and meats
- general stores s. and miscellaneous
90. Separation of the few large failures
from the bulk of manufacturing insolv-
cnCies makes a much better showing for
July than the same month last year. -
large failures supplying liabilities OF
s.. 80 30 leaving only s.. 464. II9 for -ha
remaining 302 failures an average Of
S1l,fl3 against "a similar average of s12.j0S
last yea.
The average in this division for this
year IS lust about normal for the month
Of July Tor all years back to 1894 when
failures were first compiled in this form
There were only three large trading
failures, with liabilities of S69l, 900, and
the average for the remaining sos de
faults was S63o1, gaainst S5,2f2 in July.
1907. In this department the average this
year IS larger than in any year back 10
1895, Including all commercial failures
there were II Of noteworthy size aggre-
eating s476l, 239. leaving 50, 460,SS7 for the
remaining 12l5 failures, an average Of
S7,7S7. against 1891 last year. The aver
age this year is larger than In tho
month of July Of any year back to 1895.