The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1909-01-28
GENERALLY
QUITE GOOD IN 1908;
1909 OUTLOOK BRIGHT
Bradstreet's Review of Bust
ness Year and Forecast for
Next Year Optimistic.
OF DEPRESSION
Early Months Witnessed Heavy VOL
ume of Observation-Disclosures Part
of Year Showed Steady
; Recovery.
EFFECT OF DEPRESSION
q lawyer.

Nineteen hundred n eight partook
ef most of the phenomena OF an after
panic year with it's full quota OF early
weakness, doubt IL uncertainty, but
guiding forces and ultimate results
we're toward recuperation and repair,
rays Bradstreet's review Of the bust
tess year This, at first very slow,
later fastened to a point where con-
.servative optimism ruled general bust
cess. It's early months witnessed
eery heavy volume OF n~solvencies, the
Aftermath Of the financial storm of
1907; saw business sharply reduced IN
volume, an immense mount of trans
p%ortation facilities of the country n
used, public buying ability greatly re-
1uced, low levels touched for most Sc
curities, q vast number OF idle opera
tives in all lines, a glut of money in the
banks, and a feeling of AKIN akin
10 tina felt by the human patient after
1 wasting fever. Later, particularly In
The last half of the year., a marked re-
:overy Of strength developed, conf
dence was largely restored, money Was
Easier to borrow. industrial wheels re-
tolved faster, die cars decreased in
number, buying became more conf
lent larger crops sold at good prices
helped to swell collections, employment
was more plentiful, wage reductions
and ruinous strikes were largely avoid
ed, labor proved more efficient, and al
together the contrast between the early
md late months OF the year was very
striking. Indeed. those who took coun-
sci Of the fears which had been awak-
ened by the crash of 1907 We're agree
ably surprised at the speed and tho
apparent soundness OF the recovery.
Fortunately the trouble affected the
Agricultural interests OF the country
bnly in a remote degree. Through it
III the great food-producing interests,
aided by good domestic and foreign de-
mand and extremely remunerative
prices. felt h effects only indirectly,
financial lines, were furnished firm
foundations for the later revival, the
secuperation and the renewed upbuild-
ing SO notable in the second half Of the
year. Agricultural values as a whole
were the largest ever known. and the
prosperity of this basic industry, I'M
common in a year following a panic,
proved, as never before, that Ameri-
cas- eggs were no longer in one or two
baskets.
Differences From Other Years.
It will be seen from the above that
1908 was not exactly like the years
which followed those of 1897, 1857, 1873
Instance, there was no parallel this
year to the depressed conditions OF ag-
f%icultural prices which ruled In 1893
to 1896. Perhaps the closest analogy
to the recently past repression was the
period following the financial panic OF
1884, which was sever while 1t lasted
but from which recocery was relatively
rapid.
Yet there were many drawbacks tc
be surmounted. There was a very un-
settled feeling in labor lines regard
ing possible wage reductions. the ap-
proach of the presidential election tr
itself held elements of disturbance ant
doubt. Money released from produc-
tive employment was a drug on thu
market, and denied employment II
trade n industry. It turned to tn,
securities markets for employment
This same ease Of money, too. mad,
it possible for the railroads to borrow
funds at less exorbitant rates. thu
facilitating improvements and repairs
Finally. higher court reviews of ant
decisions against hostile legislatio,
and extortionate lower court penaltie
were helpful in restoring confidence t
the business world generally. Later OF
the apparently foregone result Of tn
presidential election removed hest