The Superior times. [volume] (Superior, Wis.) 1870-1912, 1875-11-25

Duration of the Commercial Depres-
sions of the Present Century

slons OF the Present Century.
From the Toledo Blade. 81 s.a
The panic of 1919, caused b,
the imitation of the currency during
and succeeding the war of 1912
began, properly. about the 1st OF
April, 1919, when the Bank of the
United States set about putting its
affairs IN order, and uncovered the
rottenness of the New York, Phila-
delphla, and Boston banks. Bv
August of that Year the business OF
the country was prostrated. In
the small city of Philadelphia 90
600 persons thronged the streets
seeking z employment. Thirty
trades IN that city, which usually
employed 8. 672 persons, reduced
their force to about 1000. The
same ratio prevailed in New York,
Baltimore: and Boston. The depres-
sion lasted through 1919 and 1920
In June, 1921, revival of business
seemed evident. BY October there
was an annistakable movement in
that direction, y. which continued
to develop until December, 1922.
when a reaction took place in man
utactures, which reduced prices
sharpIy--amounting in cotton goods
TO AS much as so per cent.
Business recovered from this and
went on improving rapidly The
! prosperity was very marked in 1924
ana the year opened very auspi-
clousIy. England, which bad also
been suffering from trade depress-
IONS, had recovered, and everything
was going swiunminSi,.
In July, 1925, a reaction took
olvv<-e. ;rvEIrr " ems uUunury, ,s..,.
firms went down like card houses.
The panic eliminated in December
and the depression lasted through
the year 1925.
In 1927 the revival came, and the
country was again prosperous, and
business increased rapidly, with but
few temporary strlngencies, until
the greatest crisis this country has
ever known was prec,pited upon it
in the beginning of the year 1887.
The brunt of the crash occurred in
New York. in March, and IN April
the whole county was snccom bed.
The depression continued through
out 1887, but the next year opened
fayorabIy, travel revived rapidly,
and the banks generally resumed
specie payments IN August. The
year 1880 brought about crash in
our defective banking system which
wiped out of existence 343 of $50
! banks then in existence. This Grip
pied the industrial interests Of the
country somewhat, bnt the next
two years were comparatively pros
porous. A revolution took place
in 1913 which lasted the whole
year.
In 1914 the recovery was nearly
complete 1915 was still better, and
so it went on, each year apparently
more prosperous than the preceding
one until 1851, when there was {
panic, the effects Of which, however
disappeared by the following year
and 1855 and 1856 were very pros
porous seasons.
The bad outlook for crops, and 6
decline III stocks early in 1867
caused uneaslneso and appreEslo8s
OF trouble which finally came or
the oath Of Angus, when the Ohio
lite and Trust company, of Cincin
4 natl, tailed, with seven millions ot
liabilities. The Infection spread
Oh the 18TH and 18th Of September
the banks OF Philadelphia, Wash
& ington, Baltimore and many othel
cities suspended. On the 18th o
October the New York banks, Will
one exception, suspended, and a few
:. DAYS later the Boston banks did tn,
, same.
This marked tie climax Of tbt
trouble. December II, the New
York banks followed one atte1
: another 'Hhe revival Of busines:
| was wonderfully ra,id. By spring
it was " ell established. and con