Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-04-06
FEWER FAILURES THAN
ANY QUARTER IN DECADE
Notwithstanding Changes From War
to Peace Basis Commercial Disas-
tcrs Have Not Startled Country,
SOUTH MAKES SPLENDID SHOW
Figures for First Quarter of tho Year
Provc Largo Reduction i'm Num-
Der OF Brci,k-Downs as Comparcd
With Other Years.

That the change from war TO a
peace basis with diminished trade and
Industrial activities at lower prices on
many things c, mas brought no increas
ne insolvency statement for the first
,hree months of 1919. just out, clearly
demonstrates.
Exclusive of banking and other non
commercial reverses. the ISnumber OF
failures in the United states during
iae G. aui pue Jus! ended as repo5,ed by
volving sS5.S2l,oS2 OF liabilities.
Not. only are these figures 42.s per
sent less in number and IS per cent
The $500 defaults for saa.7S0.soo for
the first quarter of 1918. but; SAYS
Dun. they disclose reductions OF 7S.6
he high record of 7.el6 failures for
Slo5, o%.$13 of tho opening three months
OF 1919: More striking than this. so
rev defaults as the l.?04 of this year
hrsi quarter OF any year back to 1885,
and in no three months period what
ever since the third quarter of 1883
has the number been so moderate al
though the statistics for the fourth
quarter OF 1915, when there were L.
"i$ insolrencies. arc almos; as favor
Smallest I'oss to Creditors in a Decade
While the numerical showing is more
remark able than the exhibit Of liabiii-
ties: the s35;S2l.o5s involved this year
hrst quarter of any year in more than
a decade, or back 20 1897, and. ex-
ceptins the sS5.lSl.462 OF the third
ouar.sre OF 1Sis' IS the iishtest Of all
1911. Comparing with the mortality
OF the second quarter OF 1914. or just
n pr,or to the outbreak OF the war. de.
cuneS OF 4S.S per cent in number and
e4.S per cent in the Indebtedness are
shown; while another noteworthy fea-
t sure OF the present statement is the
vi ~
since 1904 that the first quarters fail
ures have been fewer in number than
In the Immediately preceding quarter.
the failures throughout the Country
uE months OF the first quarter Of the
Geg; March sS9. Last year they were:
Lac. while in 1917 they were: Janu-
airy, l,o4o; February, 1855, and March.
Largest Reduction. Among Tr,a.r
When analysed according TO occupa-
ZION the first quarters statistics dis
close Improvement, both numerically
and otherwise. in manufacturing. trad
ing and other commercial lines as
compared with the figures for the same
months of 1915.
The largest reductions appear in the
for sla.ao3.4i1, contrasting with .
22G last year for Sls.263.eo3, de-
crease g. OF 49, per cent in number and
go per cent IN iaollities. The trad
ing defaults OF this year are. in fact.
the smallest in number for the first
Quarter OF all years of which there is
record, nd this is also true of the in
Geotedness. Although rejecting less
striking betterment than the trading
rcverseS, the manufacturing failures,
90 and sl5.239.ls5 arc 80 per cent
lever in number and 1o.S per cent
I;Shter IN amount Of liabilities than
nc S52 similar insolvencies. involving
!s.?SS,,lS. OF the first quarter of 1915
more Than this, the number has not
hccn so small in the opening quarter
OF any. previous year back to 1899.
while the aggregate debts are the mos,
moderate Tor the period since 1907
How the Agents and the Brokers Fared.
Among agents. brokers and other
concerns not properly included in either
or trading. the III de-
faults for ss,lSs,+46 of the three
90 per cent in number and % per cent
Sll,o2HG19 in this class in the first
quarter of 1918: the number, indeed. is
less than in the first quarter of all
years since 1918, and the indebtedness,
excepting the s6,637,375 of 1916, is the
back to 1911.
How widespread has been the con-
traction IN the countrys business NOR
taIty is shown by an analysis of the
hrst quarters insolvencics by geo
graphical divisions. In all instances,
reductions III numbers are seen in the
eight Separatc groups of States as
compared with last year, while only in
the South Central section and on the
Pacific Coast are the liabilities larger.
In virginia and Other south Atlantic
In the South Atlantic States. in which
' irSinia is included, there were dur
ing the quarter III failures. of which