Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-08-08

There was considerable increase in
the number of failures in the United
States during July, as reported to r. G.
Dun & Co., but the total liabilities were
about the same as in 1918, although being
larger than in other years. Thus 1,41l
concerns were forced to suspend last
month and the amount involved by these
was s20,377. 14s against 1859 defaults for
s20, 325. 705 year ago, 1,29o for sl6,09s. ago
in 1912 and f.127 for only So, 10000 in 1911.
In 1910, 1,l47 firms failed owing s13. $50, 1853.
OF the 1,411 insolvencies in July. % were
for 100000 or more, aggregating in all
| IS, $50 Ola, so that the average of the 1852
smaller reverses was $3.50, as compared
with $3.50 in the preceding year, SS,o33
| in 1912, s7,304 in 1911 and s7,407 in 1910 1t
is essential to point out that the returns
for July, of this year, do not include the
liabilities of the four suspensions in the
financial district resulting from the war
in Europe since no figures were availa-
BILE at the time the statement was pre-
pared.
Examination of last months failure
statistics according to occupation shows
that there were 800 defaults in manufac-
turing branches for s9,474, 100. this exhibit
being unfavorable in comparison with
the same period Of 1913. when 800 defaults
occurred, while total debts were $780,
0o4 Twos years ago the failures in this
division numbered 302 and the liabilities
were s6, 167, 222; in 1911 the insolvencies
were 2S5 and involved s5.990,915 while in
1910 there were 300 reverses for 81, 1872, All.
Apart from machinery and tools, paints
and oils-m which no suspensions were
reported-milling and bakers, glass and
earthenware and cottons and kindred
lines-where the same number of failures
occurred as last year-all of the is differ
ent classihcations in the manufacturing
division showed more defaults than
year ago, the increase in miscellaneous,
clothing, lumber and printing running
into double figures. On the other hand,
with the single exception of glass and
earthenware, the decreases were slight.
In respect to the aggregate liabilities,
more or less Improvement appeared in
woolens, etc, cottons, clothing, chemicals
and drugs, paints and oils, leather,
liquors and tobacco and glass and earth
enware; but these changes were Offset by
the gains elsewhere, the expansion in
lumber alone, due to few insolvencies
of unusual size, being fully 100000.
In trading occupations the numerical
comparison with recent preceding years
was especially adverse, there being 9S9
such reverses, as against S29 in 1913, $50
in 1912, sol in 1911 and only 1856 in 1910
More failures than last year occurred in
10 of the Is separate classifications, the
groups including groceries, meats, ETC.,
and clothing and furnishings making the
least satisfactory exhibit with increases
of about 45 each. while in miscellaneous
the gain was IS and in liquors and tobac-
co the difference was 20. Not in single
instance was there a reduction of any
size, the decreases in dry goods, boots
and shoes, chemicals and drugs, pasnts
and oils and books and paper being COM
paratively moderate. Although the ag-
gregate liabilities in the trading division
were fully 100000 less than a year ago,
this was due to an exceptionally large
failure in groceries and meats at that
time, the majority of branches of bust
ness involving a heavier amount than in
the earlier period. Aside from groceries,
etc, the only lines disclosing improve
ment were general stores. hotels and
restaurants, chemicals and drugs and
miscellaneous. Because of a single fail
ure of unusual magnitude, there was
marked expansion in dry goods and
woolens.
In the division embracing agents, bro
kers and concerns of similar nature the
number of defaults was 81 and the total
indebtedness s2.532,50o. as compared with
80 for s29O6.639 in the preceding year, 80
for $2,7s3S19 in 1912 and Al In 1911 for
about 100000. In 1910 there were 81 in
solvencies in this class with debts Of less