The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-12-30

Through the courtesy of Frank r.
Whitzel. superintendent in Salt Lake for
the Bradstreet company, The Herald is
able. 10 publish some very interesting ex-
tracts from Bradstreet's review OF the
business CT the year just closing. with
forecast of the year Just about to begin
In reviewing the year 1908 1t is stated:
Nineteen hundred and eight partOok of
most OF the phenomena of an after-panlc
year with its fun quota of early weakness.
doubt and uncertainty but guiding forces
and ultimate results were toward recuper-
alton and repair. This at first very slow.
later FASTENED to point where conserva-
i've optimism ruled general business It's
early months witnessed a very heavy vol
ume OF insolvencies, the aftermath of the
financial storm of 1907: saw business
Sharply reduced in volume. an immense
amount of Transportation facilities of the
country unused public buying ability
greatly reduced, low levels touched for
most securities, a vast number of idle
operatives in all lines. a glut of money in
the banks. and a feeling of weakness akin
to that felt by the human patient after a
wasting fever. Later: particularly in the
last half of the year. d marked recovery of
strength developed, confidence was largely
restored, money was easier 20 borrow.
industrial wheels revolved faster idle cars
decreased in number. buying became more
confident larger crops sold at good prices
helped to swell collections. employment
was more plentiful. wage reductions and
ruinous strikes were largely avoided labor
proved more efficient and altogether the
contrast between the early and late
months of the year was very striking In
deed. those who took counsel of the fears
which had been awakened by the crash
OF 1901 were agreeably surprised at the
speed and the apparent soundness of the
recovery.
A Rich Mans Panic.
Explanatory of this. the early diagnosis |
of the 1907 trouble needs to be borne in |
mind ,afl
the collapse was largely financial. though |
perhaps partly political. in that hostile |
legislation and legal proceedings against |
corporations were additionally disturbing
factors. Industry at the beginning of the |
panic was not widely involved but became /
unsettled through the dislocation of finan- /
cial affairs. Stocks of commodities were |
not large, and fortunately the trouble af- |
fected the agricultural interests of the /
country only in a remote degree. Most of |
the damage was visited upon. first, the /
financial community. and secondly and |
later the manufacturing and commercial |
elements OF the country Through ii all |
the great food-p producing interests. aided |
by good domestic and foreign demand and
extremely remunerative prices felt the
effects only indirectly. and here. with re-
stored confidence in financial lines, were
furnished firm foundations for the laterl
revival, the recuperation and the renewed
upbuilding so notable In the second half
OF the year. The American farmer, with
lnslstent demand for his surplus products
at good prices for 1905. Agricultural values
as a whole were the largest ever known
and the prosperity of this basic industry
uncommon in year following a panic |
proved. as never before. that Americas
eggs were no longer in one or two bas-
kets.
Different From Other Years.
1T will be seen from the above that 1908
was not exactly like the years which fol-
lowed those of 1887, 1851, 1873 or 1893 peri
DDS of immense stress and wears more
over. when American interests were more
largely centered in a few things and when
industry was not diversified as it is now.
perhaps the closest analogy to the re-
Gently past depression was the period fol-
lowing the financial panic of 1884, which