| Show I WOKOFBAKUPT AGT I j Interesting Statement Regarding i Re-garding Law of 1898 WHAT THE RECOfTD SHOWS II Nevada Shows Up the Smallest umbel um-bel of Voluntary Petitions While Illinois Shows tho Greatest Number Num-ber of Petitions Filed Grand Total I for the Country for Period Ending September 30 1900 io 20128 There Were 7017 Petitioners Who Had No Assets r Washington Nov 2E C Brandenburg Branden-burg in charge of bankruptcy matters has made a report to the Attorney General on the operation of the bankruptcy I bank-ruptcy act of July 1 1JJ9S The report I says with reference to voluntary eases that advantage is being taken of the law by men of all classes and in alI al-I alko of life and In every soctlon of the country The States snowing th6 greatest number of petitions f filed during dur-ing the year are Illinois with 3008 New York 1007 Iowa 012 Ohio 857 Minnesota 810 Pennsylvania SOii The smallest number of voluntary petitions were filed in the following States Ncadn G Delaware and Wyo mine 12 each Idaho 30 South Caro Una 37 Oklahoma ao Florida G7 Rhode Island Gf The gianrl total oi petitions filed in the United States for the period ending end-ing September M 1DOO Is 20128 exclusive exclu-sive of those for the western district of Louisiana the district of Alaska for haiLS of the year for the southern district ot Georgia New Jersey the eastern district o North Carolina the western district of Tennessee and theca the-ca lcrn district of Virginia from which semiannual reports were not received From the clerks reports it appears that of the voluntary petitions all uro adjudicated bankrupts except 2U7 In whose oases the petitions weiu dismissed dis-missed and that discharges were refused re-fused In 7 cases Compositions Avcrc confirmed in 2UG cases The liabilities in 19310 voluntary cases reported by the referees amountd to 1971152 while the l total amount of assets scheduled In these cases was 33098771 The summary also discloses the fact that of the peti ions fed In SG PJIJI S Lhr lluhllll I weic lon less than ol In i la7Ji cases be tween 100 and 5500 in UJiiu eases between be-tween 500 and 1000 In 7SGI eases between be-tween 1000 and 5000 in LOll cases between be-tween 3000 and 10000 In I 1S72 cases between 10000 and 20000 and in 2111 cases more I than 20000 These reports also show that In 11107 cases assets were scheduled while 7917 petitioners had no assets The nature of the business In which the petitioning bankrupts wee engaged en-gaged disclosed by the summary of the referees reports Is proportioned as follows 2057 were farmers 7oG wageearners 1592 merchants 06 manufacturers waSeelrnels ufacturers GOD professional men and I 4435 contractors hotelkeepcrs and others of n miscellaneous character In involuntary cases 1S10 petitions were filed of which adjudications w remade re-made In nil except C25 cases Of the Involuntary cases llfty compositions were entered Into by the bankrupts and the creditors which were confirmed firmed I Tho liabilities Involving 1242 cases upon which reports were made were 27179C01 while the assets were scheduled sched-uled at S13133209 In 200 cases no assets as-sets were scheduled and in a number I they were classed as unknown or nominal nom-inal The petitions show that of those adjudicated ad-judicated In voluntary bankruptcy UI were wageearners GUI merchants 102 manufacturers SO professional men 3GG miscellaneous and 7 farmers While under the law a farmer or wageearner cannot be adjudicated an involuntary bankrupt It Is quite probable prob-able that they were engaged In other callings at the time of the adjudication and that the debts were Incurred while employed in one of the excepted pursuits pur-suits or otherwise During the past year there has been no material chance In the business transactions The magnitude of Business 1 Busi-ness under the voluntary feature of the law the report says seems large yet Mr Brandenburg is constrained to believe be-lieve that a good percentage is made up of old Insolvents and unless busi ness conditions materially change a considerable decrease of petitions of this character should follow shortly There has been an Increase of n little more than 200 petitioners under the involuntary in-Voluntary feature of the law which says the report is quite signlllcant in connection with the impression heretofore hereto-fore current that the law has favored the debtor rather than the creditor The necessity of perfection of the law by mandatory legislation Is declared to be a mater of common knowledge The report says that while It doubtless would l not be well to urge any sweeping amendment Congress should give its attention to the provision covered by the section 57G of the law which has been variously Interpreted by the courts the weight of the authorities Included with which are two Circuit Courts of Appeals sustaining the position posi-tion that payment on account made within four months must be first surrendered sur-rendered before the balance of the claim of the creditor to whcim such payment has been made can be proved and allowed which Interpretation the report declares Is meeting with universal univer-sal alarm and disapproval on the part uf the commercial community |
