Show J BUSINESS a SINE S FAILURES I DUNS D REVIEW of business busine bu condi condl conditions dons for tor the th month of April keks a good g od deal of showing as favorable generally PJ speaking as for fer forthe forthe the same me month last year This year there were more mare than IN fewer fail failures failures failures ures but hilt the t e aggregate liability considerably eon heavier This is ac as accounted ae counted count d ft for r in part by several veral exceptionally big it failures but all aU of oc the tho in inDe crea be De explained in this way The report says s Exclusive of banking and railway Jn insolvencies all strictly commercial defaults during April numbered with liabilities J sf f t compared with 55 in the same month of 1902 when the defaulted indebtedness reached i only In manufacturing I ing lug lines 11 there were failures for foras as II against gIn t 2 t last Jast year with liabilities of Trading bank bankruptcies were in number and 55 5 5 I 1 in mount amount which compares with SM 5 failures involving a year ago aCo goJ In other commercial lines not properly included among manufacturers ers era or traders there were de defaults defaults faults with liabilities of O as compared with failures for 5 I last Jut year It is possible that the stringency in inthe Inthe Inthe the money market during the spring had something to do with the increase se in JD liabilities In these days of or eom e trusts a great mar firms are ire compelled to conduct condU t their business busl ea Oft on n very close clo e margins Un Under Under Under der the most moet favorable cir circumstances es esIt it is Ia s all aU they ue can ean do to keep above wa water wa water water ter and the moment the money market tightens they Ute suffer The T e trusts have bave baveno no trouble in raising as much money as they need and at lower rates of interest while alle the smaller fry are often otte t unable una to get money ey at all no matter thatter w what at Interest or 8 security they offer The figures pres indicate a gradual wip wiping lug ing out of competition Last year the liabilities were smaller but the total number of failures was wae w larger The little fellows teDo were being destroyed This year with a larger Jarger liability total the er of individual sufferers is smaller That is 18 having overcome the little fellows who are always the first sufferers sU the trusts are encroaching on the domains of the larger corpora corporations corporatiOns tiO s either absorbing ab them or driving them out of business I |