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Show I EXTRACTS FROM BRADSTREET'S REVIEW OP I I I THE BUSINESS YEAR, WITH FORECAST I Nineteen hundred and eight partook of most of 'the phenomena of an after-panic year, with Its full quota, of early weakness, weak-ness, 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 optimism ruled general business. busi-ness. Its early months witnessed a very heavy volume of insolvencies, the aftermath after-math of tho financial storm of 1907: saw business sharply reduced in volume, an Immense amount of transportation facilities facili-ties 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 tho banks, and a feeling of weakness akin to that felt by tho human patient after a wasting fever. Later, particularly In the last naif of the year, a marked recovery of strength developed, devel-oped, confidence was largely restored, money was easier to. borrow. Industrial wheels revolved faster. Idle cars decreased de-creased In number, buying became moro confident, larger crops sold at cood prices helped to swell collections, employment was moro plentiful, wage reductions and ruinous strikes were largely avoided, labor la-bor proved more efficient' and altogether the contrast between tho early and late months of the year was 'ery striking. Indeed, those who took counsel of the fears which had been awakened by the crash of 1907 were agreeably surprised at the speed and the' apparent soundness sound-ness of tiie recovery. Explanatory of this, tho early diagnosis of the 1907 trouble needs to be borno In mind. To all appearances the cause of tho collapse was largely financial, though perhaps partly political, In that hostile legislation and legal proceedings against corporatlonn were additionally disturbing factors. Industry at the beginning of the panic was not widely involved, but became be-came unsettled through tho dislocation of financial affairs. Stocks of commodities were not large, and fortunately the trouble trou-ble affected the agricultural Interests of the country only in a remote degree. Most of the damage was visited upon, first, tho financial community, and, secondly, and later, the manufacturing and commercial com-mercial elements of the country. Through It all the great food-producing Interests, aided by good domestic and foreign demand de-mand and extremely remunerative prices, felt the effects only Indirectly, and here, with restored confidence In financial lines, were furnished firm foundations for the later revival, the recuperation and the renewed upbuilding so notable In the second sec-ond half of the year. Tho American farmer, with flattering profits In 1907. found large and Insistent demand for his surplus products in 1908. Agricultural values as a whole were the largest ever known, and the prosperity of this basic industry, uncommon In a year following a panic, proved, as never before, that America's eggs wero no longer In one or two baskets. Dlfteroncos From Other Yoars. It will be seen from the above that 1908 was not exactly like the years which followed those of 1S37. 1857, 1873 or 1893. periods of Immense stress, and years, moreover, when American interests were more largely centered In a few things, and when Industry was not diversified as It Is now. For Instance, there was no parallel this year to the depressed conditions condi-tions of agricultural prices which ruled In 1S93 to 1896. Perhaps Ihe closest anal-ogy anal-ogy to tho recently past depression was the period following the financial panic of 18S4, which was severe while it lasted, but from whlqh recovery was relatively rapid. Our most recc upheaval was severe and acute enough, however, In that Industrial outputs were sharply and suddenly reduced at an early date, and thin fact, together with the promptness of tho later recovery, which was made possible by the absence of underlying weakness and depressing stocks of all kinds of commodities, places 190S In a class by Itself. Yet there wore many drawbacks to be surmounted. There was a very unsettled feeling In labor lines regarding possible wage reductions, the spring was cold and wet. while the summer sum-mer and fall were hot and dry, and the approach of the presidential election In itself held elements of disturbance and doubt. Throughout the year thero was manifest one of the usual phenomena of after-pnnlc conditions. Money reloosed from productive employment was a drug on tho market, and denied employment In trade and Industry. It turned to the securities se-curities markets for emplovment. Unquestionably Un-questionably the strength manlfstPd by securltles 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 'ticket tells the story." found frequent fre-quent employment among that large class of sanguine poplo who believed, as It turned out Justly, that the growing strength In American securities foreshadowed foreshad-owed a considerable amount of recuperation recupera-tion and repair. This same ease of money, too. made It possible for the railroads rail-roads to borrow funds at loss exorbitant rates, thus facilitating improvements and repairs, and Investors proved more willing will-ing to take municipal and other bond Issues that proved almost unsalable in 190. Finally, higher court reviews of and decisions against hostile legislation and extortionate lower court penalties were helpful in restoring confidence to the business, busi-ness, world generally, and even proved sedatlven to national and stale officials who found It less popular than heretofore hereto-fore to Indulge In corporation baiting. Later on tho apparently foregone result of the presidential election removed hesitancy. hesi-tancy. Induced' the placing of orders freely, free-ly, and. perhaps, led to a greater growth of optimism than was really justified by tho Improvement in actual trade, striking as It was. Tho rush upward of security and commodity prices In the fall, a reflection reflec-tion of this optimism, had a slightly cooling cool-ing effect upon those who believed that prosperity had returned In full tide, and tho talk of tariff revision In the closing months undoubtedly made for a reawak- ll ening of conservatism au to the future. Ir. Il addition, the failure of stocks of goods H to move at retail as freely as expected, H owing to mild weather, and the late open- , H Ing of holiday trade tended to curb the H buoyant optimism so notable In tho earlier H autumn, when large crops, bringing high H prices, wero moving to market. H Some Besults of tho Year. Perhaps the most notable features 1 brought out in the statistical exhibits in I B 1908 wero the slightly Increased yields of t H most leading crops, which commanded H higher prices at times of heavy-marketing H than in tho preceding year of shorter IH yields. Exceptions to this wero found in cotton and hay, where lower prices offset B H enlarged yields. Cereal prices were aided I , H by exhaustion of old supplies, European H H war talk, and a strong bull speculative B; movement. Farm values as a whole were Bi IH tho largest ever recorded, but low prices It. IH for cotton, due to immense movement Hi J and a strike In Lancashire, were a draw- JJl back to southern trade in the autumn. S PlBH Clearings for the year, which were the 2' smallest since 1904, wero at the lowest In B- February and at their highest in Decern- 8( PJBBBJ her. Foreign trade shrunk from the record Ij totals of 1907. with the largest Ioes in Sr PjJJJ Imports. Reduced foreign buying ability ft- s was reflected in our export trade late in t IvBvBl the year. Industrial movements In Iron. Ij' coal, coke and other production, and In Jyi HpBH building, showed shrinkages from 1907 11; HIIIIJ or 1906 records. Failures increased 37 W per cent In number, but liabilities shrunk Ij 21 per cent from 1007, January holding f the year's record for casualties and dam- , age alike, but the year's failures were below those- of either 1893 or 1896. Ac- tlvlty in building was most marked in pi the last half, but the decrease in expen- ! llBBBBj dltures from 1907 wa3 10 per cent, and from 1906, 15.6 per cent. The com- I nPlH modlty price movement was a marked W 7 BlBlJ feature. From the high point In 1907. on M' llBBBBj March 1. to the low point on June 1. tj, llAvH 190S, prices fell 15 per cent, but regained 4a-. I 7 per cent of this loss In the later sum- if : mcr. fall, and early winter. The strength H of cereals and food products generally g, was notable and brought Increased strain 7 on poorly employed or paid labor. Cot- f. IIIIJ ton was an exception to the strength of II- most products, dropping 3 cents from the hlsrh price at tho openln? of the year. t; 1 Strikes were comparatively few, one I J large coal dispute going far to swell to- ' HlBlJ tab. Immigration fell off sharply .but N; ; HIIIIJ later began again to Increase. Railway a HBH building was small, but. on the other ft! ' hand, bankruptcies wero comparatively' sj, ; ( few and relatively unlmnortant. ?V ' IH |