Page:Statesman's Year-Book 1899 American Edition.djvu/211

 FEDERAL BANKKUPTCY ACT

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District General Liabilities 1892 1893 1894 1895 1896 1897 1898 Eastern States. Middle States Western States. Northwestern States. Southern States. Pacific States Territories. $16,278,733 29,8:36,707 26,048,290 l(t,013,973 18.167,705 6,858,457 1,:391,38:3 $45,465,110 124,331,173 109,485,.547 62,375,448 38,478,231 18,268,459 3,973.850 $18,790,018 51,493,7^7 30,138,654 15,201,215 21, 285,69s 10,608,257 2,077,805 149,595,4:34 $19,914,153 51.2:39,4:32 32,727, (W4 19,216,225 24,811,9:39 9,211,20.s 1,721,854 $24,855,138 74,;3:^.5,7ls 74,<)02,s73 25,93 1,:329 36,312,587 8,709,6:32 2,305,066 $30..592,691 46. SOS, 46s
 * �.499,357

15,661,660 19,976,293 8,586,482 1,041,422 $:33.331.17S (iu.(ir4,713 23.6:55,681 5,561.475 11,708,221 5,896,500 949,347 Totals United States 108,595,248 402,427,818 158,842,445 247,052,34;3 156,166,;378 141,137,115

What " Bradstreet's " calls the "annual death rate" in busi- ness finds illustration in the following table, which gives the number of concerns in business in 1898, the number failing, and the percentage of the total number in business suspending during the year. ESTABLISHMENTS IN BUSINESS, AND NUMBER AND PER CENT FAIL- ING, 1879 TO 1898

Year Number Number Per Cent Year Number Number Per Cent in Business Failing Failing in Business Failing Failing 1879 . . 703,000 6,652 .94 1889 . . 978,000 11,719 1.20 1880 . . 733.000 4,350 .60 1890 . . 989,000 10.673 1.07 1881 . . 780,000 5,929 .76 1891 . . 1,010.000 12,394 1.22 1882 . . 820.000 7,635 .93 1892 . . 1,035.000 10,270 1.00 1883 . . 855.000 10.299 1.20 1893 . . 1,050.000 15,560 1.50 1884 . . 875,000 11,600 1.32 1894 . . 1,047,000 12,721 1.21 1885 . . 890,000 11,116 1.25 1895 . . 1,054,000 13,012 1.23 1886 . . 92( �.000 10,568 1.15 1896 . . 1,080,000 15,112 1.40 1887 . . 933.000 9,740 1.04 1897 . . 1,086.000 13,099 1.20 1888 . . 955,000 10,587 1.10 1898 . . 1,093,000 11,638 1.06

FEDERAL BANKRUPTCY ACT The States of the Union have insolvency law^s, under which debtors conforming to the provisions of law can secure a release from debts owed in the State. Only the Federal Government can enact laws under which debtors can be dis- charged from their debts wherever they are owed. Among the duties of Congress is that of providing a uniform system of bankruptcy. Under this power Congress has passed four bankruptcy acts, the first in the year 1800, which law by its own terms was limited to five years, but it was repealed, nev- ertheless, in 1803. In 1841 the second bankruptcy act was passed, and was repealed in March, 1843. The third bank^ ruptcy act was approved March 2, 1867, and repealed in 1878. The fourth bankruptcy act was approved July 1, 1898, and, in brief, this act constitutes the district courts of the United