| Show MAY insolvencies commercial failures fai lurea la abo united states during the month of may were in number and in amount of defaulted liabilities which compares with bankruptcies involving in the corresponding month last year manufacturing failures numbered with debts of against a year ago for trading suspensions numbered with liabilities of compared with failures for G in may 1903 other commercial defaults were 35 in number and in amount against 61 suspensions last year in athla class for in addition to these strictly mercantile banis were forced to close with liabilities of compared with only three defaults for a year ago although the banking exhibit Is ally bad in every other respect the liabilities compare most favorably with tho corresponding data last year and tho total commercial losses were not only smaller than any preceding month this year but jess than in any month since last september considering tho one abnormally large dry goods disaster the showing is most favorable and there Is reason to believe that the worst point as to commercial losses has been passed without any serious disarrangement of trade conditions readjustment was inevitable but the conservatism of many traders prevented the severo industrial collapse that might have followed the period of depression through which the nations business has passed numerically the exhibit Is slightly less satisfactory than ln the corresponding month last year especially as to trading failures hut the amounts involved were usually smaller and it the few amounts of exceptional magnitude are separated from the great bulk of insolvencies this distortion is eliminated and a most satisfactory and instructive comparison is obtained |
