Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1875-11-24
Duration Of commcrcsni Dcp, essiops

ct about putting its affairs in ORDER
md uncovered the rottenness of them
New York. Philadelphia and BostonM
banks. BY August of that year then
business of the country was prostrat q
I'd. In the small city Of Philadelphia 4
10000 persons tirongcd the streets N
,eeking employment. Thirty tradesM
IN that city, which usually cmploycdk
1872 persons. reduced their force toM
10 about 1000. The same ratio pre- N
vailed in New York. Baltimore andE
Boston. The depression lasted throughE
1919 and 1920. In June, 1921, n re-
vival of business seemed evident. Eye
October there was an unmistakableH
in that direction, whichM
continued to develop until Deccmber.H
1922. when reaction took place inH
which reduced pricesH
sharply--amounting in cotton goodsH
to rs much as so per cent.
Business recovered from this andE
went on improving rapidly. Thek
was very marked in 1924
and the year opened very auspicious-y
IL. England, which had also hccne
from trade dcprcssions, hadf
recovered. and everything was goingS
on swimmingly.
In July. 1926. a reaction took PLACED
in England. which communicated
itself TO this country, and firms wcntS
down like card houses. The panic;
eliminated i'm December. and the del
preston lasted through the year 1885,
In 1927 the revival came. and thel
country was again prosperous. and
business increased rapidly, with but
few temporary stringencies. until the
greatest crisis this country has ever
known was precipitated upon tin the
beginning of the year 1887. The brunt
of the crash occurred in New York in
March. and in April tho whole coun-
trv was succumbed. The depression
continued throughout 1887. but the
next year opened favorably, trade re-
vived rapidly, and the banks general
" resumed specie payments in August
The year 1889 brought about crash
/ in our defective banking system
| which wiped out of existence 343 OF
1 $50 banks then in existence. This
crippled the industrial interests of Tho
country somewhat, but the next two
years were comparatively prosperous
| A revolution took place in 1913 whicl
1 lasted the whole year.
In 1914 the recovery was nearl!
complete. 1915 was still better, and 81
ii went on, each year apparently more
prosperous than the preceding ont
until 1851. when there was a panic
The effects OF which. however. disap
pearcd by The following year, ant
1865 and 1856 were very prosperou
seasons,
The bad outlook for crops, and
+ decline in stocks early in 1851, cause,
.mcasihcss and apprehensions Q
trouble which finally came on til
, 24th of August. when the Ohio Lif
and Trust Company, Of Cincinnati
! failed. with seven millions of liabili
, ties. The infection spread; on iii
! 10Th and 18th of September the bank
] Of Philadelphia, Washington, Bait
: more. and many other cities suspend
, ed. On the 18th of October the Me-
!, York banks. with one exception, su'
q pended. and few days later the Bo
! ton banks did the same.
= This marked the climax Of ii
: trouble. December L., the NN Yol
i banks resumed specie payment, an
@ other banks followed ono AFTER al
= other. The revival of business W;
j wonderfully rapid. by Spring
/ was well established, and continue
TO develop until 1860, which was II
:, most prosperous of our ante-war CT
!, The data for the above statements a
= mostly obtained from Professor SUI
II ncr's History OF the American tu
a rency.
10 "A recapitulation OF the fore9oll
Ia shows that the commercial deprt
ri sions Following the various crl'
,r which have visited our'country ha
In been in duration rs follows:
a That OF 1919, two years.
G. That OF 1872, year and a halI.
O. That OF 1851, year ana nan.
~, HIT III l0lJ. oilC