The morning journal-courier., 1908-12-30
History Of Panic and Ensuing Revival Told by Bradstreet Places Year in a Glass
 By Itself.
STATISTICS TELL THE STORY

NNNN~ VI
 Bradstreet's annual Review of the Business Year with Forecasts, pub lished for the first time to-day, says:
 Nineteen hundred and eight partook of most of the phenomena of an after panic year with Its full quota of early weakness. doubt and uncertainty, but guiding forces and ultimate results were toward recuperation and repair. This, at first very slow, later hastened to a point where conservative optim Ism ruled general business. It's early months witnessed very heavy vol- ume Of insoIyencies, the aftermath of tho financial storm of 1907; saw bust ness sharply reduced in volume an immense amount of transportation facilities of the country unused, pub lie buying ability greatly reduced low levels touched for most securities, vast number of idle operatives in all lines and a glut of money in the banks. Later particularly in the last half of the year, a marked recovery of strength developed.
 Cause of t007's Trouble.
 Explanatory of this recovery, the early diagnosis of the 1907 trouble needs to be borne in mind To all ap- pearances the cause of the collapse was largely financial though perhaps partly political, in that hostile lcgis- lati0n and lcgal proceedings against corporations were additionally dis turhing factors Industry at the be- ginning of the panic was not widely involved, but became unsettled through the dislocatlon of financial af- fairs Stocks Of commodities were not large, and fortunately the trouble af- fected the agricultural interests of the country only in remote degree Most Of the damage was visited upon first the financial community, and secondly and later, the manufacturing and commercial elements or he cam- ir-. rt.~asn it an inc great food producing interests. aided by good domestic and foreign demand and eY-. tremoiy remuneratiyc prices. felt tho effects only indirectly and here. with restored confidence in hnaucial lines, were furnished firm foundations for the later revival the rocupcration and the renewed upbuildiug SO notable in the second half of the year. The American farmer. with natteriag profits in 1907 found large and ln- eIstent demand for his surplus prod nets at good prices in 1908. Aprlcul- tura values as a whole were the larg est ever known and the prosperity of this basic industry uncommon in year following panic. proved. as never before, that Amcricas eggs were no longer in ono or two baskets
 i00S in Class by Itself
 tt win bc seen from the above that 1908 was not exactly like the years which followed those of 1887. 1851, 1873 or 1893, periods Of immense stress, and years moreover. when American interests were more largely ccntcred In a few things, and when Industry was not diversified as 1t is now For instance. there was no par allcl this year to the depressed condI- tlOns of agrcultural prices which ruled in 1893 to 1896. Perhaps the closest analogy 10 the recently past depres. sion was the period following the nn- nancla panic of 1884, which was sc- we're while fl lasted. but from which recovery was relatively rapid Our most recent upheaval was severe and acute enough, however, in that indus trial outputs were sharply and sud denly reduced at an early date, and this fact together with the prompt ness Of the later recovery, which was made possible by the absence of un- deriving weakness and depressing stocks of all kinds of commodities. places 1908 in a class by itself. Yet there were many drawbacks to be surmounted, There was a very un- settled feeling in labor lines regarding possible wage reductions, the spring was cold and wet, while the summer and fall were hot and dry and the approach of the presidential election In itself held elements of disturbance and doubt.
 'The Ticker Tells tue Story"
 Throughout the year there was mani fest one of the usual phenomena of after-panic conditions, Money released from productive employment was drug on the market, and denied em- ployment in trade and industry, 1t turned to the securities markets for employment unquestionably the strength manifested by securities from the middle of February onward was an important element in bringing about the revival later shown in trade and industry, and the expression "the ticker tells the story" found frequent employment among that large class Of sanguine people who believed, as 1t turned out justly that the growing in American securities fore q considerable amount of and repair, This same ease of money, too, made it possible for the. railroads to borrow funds at less exorbitant rates, thus facilitating