THE  MONEY  MARKET

US

iod  of  our  war  borrowing  are  so  striking  that  they
may  not  be  entirely  neglected.
The  number  of  business  failures  reported  in  1917
was  20.7  per  cent.  less  than  in  1916,  31  per  cent,  less
than  in  1915,  22  per  cent,  less  than  in  1914,  8
per  cent,  less  than  in  1913,  5  per  cent,  less  than  in
1912,  and  but  3  per  cent,  greater  than  in  1911.
The  liabilities  of  those  failing  were  5.4  per  cent,  less
than  those  in  1916,  41  per  cent,  less  than  those  in
191:5,  53  per  cent,  less  than  those  in  1914,  43  per
cent,  less  than  those  in  1913.  Not  only  were  the
failures  the  lowest  since  1911  but  the  liabilities  were
the  smallest  since  1909,  this  despite  the  fact  that  the
number  of  those  in  business  in  the  country  had  increased ­
  some  18  per  cent.  The  percentages  of
those  failing  to  those  in  business  was  .71  per  cent,  in
1917,  as  against  .92  per  cent,  in  1916,  1.07  per  cent,
in  1915,  and  .95  per  cent,  in  1914.  The  percentage
of  business  mortality  in  1917  was  actually  the  lowest
—  with  the  exception  of  the  years  1906  and  1907  —
in  the  past  thirty-seven  years. 6  This  lessened  mortality ­
  has  since  continued.  The  failures  reported
for  the  first  nine  months  of  1918  showed  a  decrease
of  24.8  per  cent,  from  the  like  period  of  1917  and
were  only  about  one-half  of  what  they  were  in  the
like  period  of  1915—“a  very  favorable  year  up  to
the  time  of  the  outbreak  of  the  first  Balkan  war  in
the  autumn.”  Liabilities  were  the  smallest  recorded ­
  in  any  year  since  1906,  being  15  per  cent,
smaller  than  the  year  before  and  less  than  half  those
of  the  years  1914  and  191s- 7
6  Bradstreet’s,  January  5,  1918.
7  Bradstree  f  s,  October  5,  1918.