Arizona republican., 1921-01-05
Dun's Report Says Increase In Numbers of Insolven- cies Relatively Smaller Than Expansion of Lia- bilities In 1920
rRepubucan A. p. Leased wIrel

NEW YORK, Jan. AR. c. Dun & Co.'S record of failure for 1920, made public today, showed S,SSl commer- cial failures throughout the country with s295.121,S05 in indebtedness, as against 6,451 failures in l9l9 inVolV- ing liabilities of s113291,23I.
 The increase of 2,4S0 in number of commercial insolvencies last year as compared with those of 1919. is rela- tively much smaller than the eXpan sion of s1S1, 800 900 in liabilities, show ing the rise in the number of failures to have been SIT per cent and of in- debtedness 1905 per cent, the report said
 After four successive years of di- minishing commercial mortality, it continued business reverses of 1920 increased sharply. This was said to be mot unnatural" in a period marked by general economic readjustment.
 Separated according to occupa- tion. the 1920 insolvency statement re- veals increases in manufacturing, trad ing and other commercial branches as compared with the returns of 1919" the report said Numbering 2,635 and in- volving s127.992,471 of liabilities. man. ufacturing defaults at All per cent larger in number and 14S per cent heavier in indebtedness than in the l.Nbt NlklliUl IENETHtH TUT #bAfVAft@AW VI 1919, while the 5.532 trading failures fo- sSs.55S, ,347 are 37.9 per cent more in ndmber and 1851 per cent greater in liabilities than the 4,O1s insolvencies for s37,670,443 reported among traders during the earlier year.
 "The class designated as other com merciar. which embraced defaults that cannot be properly included in either manufacturing or trading. shows 4l4 reverses for S7s,57o.9S7. or numerical increase of 24.6 per cent and an ex- pansion of 227.3 per cent in the in- debtedness over the 573 such failures for s24.00657S in 1919. It appears that relatively the most unsatisfactory nu- merical exhibit is made by the manu featuring division.
 "Geographical analysis of the fail ures shows a trend toward increase in the business mortality. The years in- solvencies arc 9.2 per cent larger than those of 1919 in New England: 62.5 per cent heavier in the middle Atlantic states: 45.4 per cent greater in the south Atlantic section; 44.S per cent more numerous in the south central states. and 1S.0 per cent larger in the central cast. while increases of 57.3 r6.2 and 27.0 per cent respectively are reported by the central western, west ern and Pacific states.
 Tn respect of the liabilities. higher amounts appear in each of the eight geographical divisions. there being ar increase of 2376 per cent in the mid dle Atlantic states; 179 per cent in th' south Atlantic states: 11.9 per cent 1T the south central group: 1O9.7 per cen in the central east; 230.9 per cent il the central west: 1894 per cent in tn western states. and 1928 per cent or the Pacific coast. The smallest inc crease in the indebtedness is 5S.6 pc cent in New England"
 Failures reproduction western state follow: 3t5 failures. with an indebted ness of S5. 5.7S4,6 ,601. compared with 27 insolvencies for s2.416,341 In 1919.
 Pacific states: 977 commercial fail ures for the year 1920, with an aggre gate indebtedness of $22, 390.S1S. con trastinE with 769 defaults in 1919 fo si1,07O. .007.