During 1912, 3,781 manufacturers failed, with liabilities of nearly $88,500,000. During the same year 10,918 business men or partnership concerns went into bankruptcy, with liabilities exceeding $90,000,000. Eighty-four banking houses failed, with liabilities of over $23,500,000; and 600 brokers and transporters failed, with liabilities of nearly $24,000,000.

According to the commercial agencies the causes of failures during the last two years may be tabulated as follows:

Failures due to19121911
Incompetence4,1763,419
Inexperience641522
Lack of capital4,1103,970
Unwise credits281252
Extravagance91108
Neglect275277
Speculation11294
Fraud1,4231,341
Failures of others177171
Competition264360
Specific conditions2,2622,132

The year 1912 stands distinguished from some others years, in that the excess in failures over the other years is credited to the increased amount of harm wrought by incompetence and inexperience, two essentially personal faults.

For the first time since the records were compiled in the year 1890, the percentage ascribed to incompetence stands first in injuriousness with 30.2 per cent of all failures, as against 29.7 per cent attributed to lack of capital, hitherto the most hurtful source of trouble, but which fell from 31.4 in 1911 and 33.9 in 1910.

Incompetency, on the other hand, moved up from 27 per cent in 1911 and 26.6 per cent in 1910 to the figure of 30.2 given above. Inexperience (without other incompetence) rose to 4.6 per cent in 1912 from 4.1 per cent in 1911, and these two causes together accounted for the increased failures; while fraud, the third most important personal cause, fell to 10.3 per cent from 10.6 per cent in 1911.

Famous Diamonds.—The following is a list of the most famous diamonds of the world: (1) The Braganza, (2) the Dudley, (3) the Florentine, (4) the Great Mogul, (5) the Hope, (6) the Koh-i-nur, (7) the Nassac, (8) the Orloff, (9) the Pigott, (10) the Pitt or Regent, (11) the Sancy, (12) the Shah, (13) the Star of the South.

Farm Production