The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-01-07
Duration Of Commercial Dcprcs'
1UrTIf gInua4 70 F.

Duration OF Commercial DcprcsE
7G'iG SiOnS.' %
The panic Of 1910, caased by the infa-
ton OF the currency during and succeed
ing the war Of 1872, began properly,
about the frat OF April 1850, when the
Bank of the-United States set about putt
ting its affairs in order, and uncovered
the rottenness Of the New York, Phila-
dGlphia, and Boston bapks. by August Of
that year the business q the country was
Frustrated. In the small city Of Phila-
delphia 10000 persona thronged the
streets seeking employment. Thirty trades
Of that city, which usually employed
9,G72 persons, reduced their force to
1000. The same ratio prevailed in New
York, BALTIMORE and Boston. The de-
preston lasted through 1919 and 1920.
In June, 1921, revival Of business SEEM
ed evident. By October there was an I'M
mistakable movement in that direction,
Which continued to develop until Dcccm-
Der, 1922, when reaction took place in
manufactures, Which reduced prices
sharply, amounting in cotton goods to as
much as fifty per cent. b
Business recovered from this and went
on improving rapidly. The prosperity
was very marked In 1924, and the year
opened very auspiciously. England,
which had also been suffering from trade
depression, had recovered, and every
thing was going on swimmingly. aI2
In July, 1925, a reaction took place in
England, which communicated itself to
this country, and firms went down like
card houses. The panic eliminated in
December, dnd the depression lasted
through the year 1926.
In 1927 revival came and the country
was again prosperous, and businessrin-
creased rapidly with bat few tempora-
nv stringcncies, until the greatest crisis
this country has ever known was precip-
itatcd upon it in the beginning Of the year
1887, The brunt OF the crash occurred in
New York in March, and in April tho
whole country succumbcd. The depress-
ion continued throughout 1887, but the
next year opened favorlbly, trade rcviy-
ed rapidly, and the banks generally re-
sumed specie payments in August. The
next year, 1889, brought about u crash in
our defective banking system which wip-
cd out Of existence 343 Of the $50 banks
then in existence. This crippled the in
dGstriai interests OF the country some
what, but the next two yearS We're COM
paratiyelyj prosperous. A revolution
took place in 1913, which lasted the
whole year.
In 1874 the recovery. was nearly COM
plete: 1915 was still better; and so il
went on, each year apparently more pros
porous than the preceding one, until
| ISL, when there was panic, the effects
Of which, however, disappeared the fol-
lowing year, land 1866. and. 1856 we're
very prosperous seasons. : .If
he bad outlook for crops, and a de-
cline in stocks eatlyin 1857, caused I'M
easiness and approximations OF trouble,
which finally came on the 24th OF August,
when the Ohio Life and Trust Company,
Of Cincinnati, failed, with seven millions
Of liabilities. The infection spread; on
the 18th and 18th OF September the banks
Of Philadelphia, Washington, Baltimore
and many other cities, suspended. On
the 18th Of October the New York banks,
with one exception, suspended, and q
few days later the Boston banks did the
same. .,.,--,. ,,,
This marked the climax Of Che trouble.
December -, tho New York banks re.
sumed specie payment, and other banks
followed one after another. The revival
ofbusiness was, wonderfully rapid. By
spring Il was well established, and con-
tinued to develop until 1860, which was
the most prosperops3, 9f, elr,yante war
era. The data for the abdve Statements
are mostly, obtained from Professor
Summers 'E1Iistory OF american Cur
reacy."
Arecapitulation OF the foregoing shows
the commercial depressions following, tho
various crisis which have visited our
country have been in duration rs fol-
lows: b.. rr4s.sa ayr le ,sft ge-i
That Of 1919, two years 20. !. d,
That Of 1875, year and q half. sa.
That Of 1887, year and half.
That OF 1913, one year. 81 an %. ,lL
That Of 1858, six months. Il bna I'D
That OF 1857, six months. o.
The tolerable uniformity Of the periods
through which each general depression
lasted-about a year and halfr7shows
that there is something OF u rule which
governs these revulsions II would APP
pear that from eighteen months to two
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