Publisher's Synopsis
Excerpt from Cycles of Prosperity and Depression in the United States, Great Britain and Germany: A Study of Monthly Data, 1902 1908
Germany suffered from depression in 1902. Crops were rather poor, and general business continued at a low ebb as in the preceding year. The stock market tended downward. Reserves were plentiful and money rates were very low throughout the year.
Slight depression ruled on the whole in the United States in 1903. Crops were good but not as large as in 1902. Iron and steel production declined heavily toward the end of the year though the total for the year was good. Unemployment increased somewhat. Stock prices dropped severely, resulting in heavy liquidation and bankruptcies. Interest rates ruled high, loans were extremely hard to ?oat and short time loans were resorted to. Funds borrowed abroad were recalled by Europeans. This forced the banks in turn to recall loans, which in turn compelled the borrower to dispose of his securi ties. New capital for industrials or railroads could not be secured by the ?otation of securities and hence retrenchment was the policy pursued.
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