The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-01-12
The Sun of Prosperity
GildS The Horizon,

| prophets VINO claim not to be of
! the visionary kind are insisting that
the money stringency and panic
which struck the United States like a
cyclone in the fall of 1907, are now a
thing of the past. They point with
confidence to the increased trade of
the country during November and De
cember last and speak with equal
confidence of the promises of 1909,
which year, they declare, will show
Improvement each succeeding month
until 1910 will usher in an era of the
greatest prosperity the country has
lever enjoyed.
And all reasonable business men
and statisticians will, no doubt, ratify
10 great extent these most crafty
| ing predictions. In the meantime it
is consoling to learn that the year
1908, which appeared so dull and dark
to the people of America was by no
means as disastrous as several of its
predecessors. In resume of the
business failures for the last year
BradstTeets publishes the following:
Nineteen hundred and eight was a
yeaI OF heavy business mortality and
large liabilities, but the number was
not as neaVy as in 1896 or 1898, and
| the liabilities were not as large as in
1907 or 1893. The decreases in num-
Der from 1898 and 1896, and the fall
| ing off in liabilities from 1898. are of
| special interest because the number
o. those in business in the year lust
fcIcsed was 40 per cent, and 81 Der
cent, respectively, larger than in the
years mentioned. There were IA
700 failures reported to Bradstreet's
Tor 1908, with liabilities of 1926 1856
| IbS, an increase of 81 per cent. in
mum Der over 1907, but a decrease of
3 per cent. from the record wear
1895. Liabilities were next to those
or 1907 and 1898 in size, a decrease
OF ~ per cent, being shown from
IJOI, and a falling off of 20 per cent
was recorded from 1893. The Der-
centage of assets to liabilities was
9O.4 per cent, as against 74.9 per cent
IN ISO.- This would indicate that
compromise was feature, and that
really solvent concerns were NOT
forced into bankruptcy to the extent
SHOWN IN other years of stress. The
commercial death rate in 1908 was
hineIy-four hundredths of / per cent.
winch was the highest D5rceDtape
shown since 1899, ten years ago The
growth of the number in business
seems to be larger than IN the mum.
per actually failing, however, hence
me death rate, except in years of
stress, would seem to be tending
downward.
1t VIII thus be seen that the last
period of frenzied finance which was
fostered by the usual republican in |
sensate policy of spending, spending, |
spending and its accompaniment of |
hot air and artificial boosting did not. |
after ALL eliminate in a crash as fer |
rlble as many feared would result. 1t /
was bad enough. in all conscience. if |
has been tedious undertaking to re- |
euperate from its fell effects: it has
seriously demoralized every line of |
business in the country, but it does
seem TO be passing and all industries |
arc climbing an upward grade to a |
higher and more prosperous plane
Let us trust the experience will |
have a purifying effect. Indeed it mas
already had such a result. A great
reform in business methods may be
noted The spirit of safe conserva- |
tism is more in evidence than for
many years. The country at large
frowns upon and condemns theI
speculative system. which has always |
wrought havoc as a final result, in a |
way never before known. Dealings in /
futures and other quasi fraudulent |
means of gambling in the products OF |
the soil have been banished from |
some Of the states while a new moral |
awakening along the same line may
be noted throughout the length and /
breadth OF the. union. We are told /
even that the very sanctUn sancto- |
rum of big gamblers, heartIess, head |
strong, hectoring Wall street, is TO /
b. broken into by the government of |
New York state; its bulls and bears |
are to be tamed-hOrns filed down /
and toe-nails clipped-and the lambs /
are to be protected from further IN !
righteous assault and destruction.
So let US live in hope, varied by an /
occasional prayer. The trend of the /
world, especially of the United States,
is in the main toward higher things
higher politically, higher morally, |
higher physically and higher relig- !