Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-10-20
Prosoerity's RISING Tide.

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tiles are now trying to determine how
far the country has recovered froin the
financial panic CT a year ago, a Jury
OF Wall street origin which seriously
upset business here in parts OF the
East while being hardly felt in The
West. Calculations as to the extent
OF recovery are of little value when
based upon a personal or limited point
nf view, but inquiries and investiga-
tons covering the whole of the affected
area maxi. the fact sure and certain
that the nation is steadily recovering
and that it's recovery has been more
rapid than from any previous panic in
the country's history.
A writer in the October Review OF
Reviews makes conscientious at
tempt to ascertain present conditions.
and his conclusion is that business is
about 80 per cent. of the volume Of
the first part of last autumn. 1t has
risen between Is and 20 yer cent. from
the lowest point of depression This
calculation seems to be correct in one
respect. namely, that the lowest
point OF depression" this year was
vn,ume OF trade for the corresponding
period of 1907 But 10 say that the
II esent vCiLme of business amounts
crly to 60 per cent. of that Of last year
at this time. or that the recovery only
amounts 10 II to 90 per cent. aD-
rears too conservative in view of va
riOus inGicla which are commonly ac-
Cepted as accurate and general. For
example, bank clearings are generally
regarded as a pretty accurate criterion
of business conditions, and they show
a loss of only 8 per cent in August as
year, ana in April of this year the per-
centage of k,ss was from 30 to 81. These
figures would seem To indicate that
business this fall is only about 10 per
cert behind that OF last fall. With a
constant improvement going on. The
decline in the number of idle freight
ears from 4l3. in April to 1890 IN
September affords another reliable ba
Sis for the calculation as to the extent
of the general recovery. Moreover, the
fact that manufacturers imports of
material for August. 1908, We're about
equal 10 those of August Of iast year
Indicates at least that confidence is re-
stored in that important field of the
nations industry.
There IS another and still more en-
cnuraging view of the situation Ac-
cording u the calculations of the Chi
cagO Tribune, 60 per cent. of last years
DusineSs--the present status of bust
ness according to the writer in the
Review Of Rcviews-is equal to 50 per
cent of the business done IN October,
1906 is equal to that of October. 1905,
and exceeds that of October, 1904. From
Wnicn Il appears t1ar tHe country TO-
day according to the most conserva-
tive calculation. is enjoying as much
prosperity as it did in 1908, and more
than in 1904. 1t is true, as the Tribune
observes. that what was prosperity
years ago would be considered adver-
sity now-sO mighty has the nation
grown-but it is true that the years
from 1861 until last October. at least.
nave been fat years for the American
people, and if the record of 1908 equals
any one OF them it may fairly be re-
garded as prosperous one. Indeed.
the country is rushing forward with
such mighty strides and is putting
untoward conditions behind it so rapid
ly that. barrins improbab Bile contingent
cies. such rs the election Of an agitator
like IN y&r. 1t bids fair not only to
equal but to surpass all previous rec
ords of prosperity at the end of THIS
year.