The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1893-08-25
A GLOOMY OUTLOOK.

wonder. Their view is an eastern one
and Cleveland's message was, to their
mind, all that could be desired. and
yet the future presents no promise Of
better times as this mournful language
will show:
1.-The long desired meeting of con-
gress. a presidents message which
fully answed expectations. and The az
rival of $12.38O,OOO of gold from Eu-
rope, with 100000 on the way.
have not brought the improvement
many expected. Stocks are stronger,
but failures continue. and the closing
of industrial establishments. idle hands
multiplying and silent shops. and the
disorganization of domestic exchange
is even greater than a week ago. Yet
there is more hopeful spirit, though
the nation looks to Washington with
some Impotence, where the senate
seems to rival the mills in working
short time. While statesmen consider
merchants and bankers and unemploy-
ed thousands anxIously wait, knowing
that the wreck of each passing week
makes the task of recovery more diff
cult.
"There has been no startling crash.
but the formal failures of banks. in
GLIDING one in this city, and several in
Nashville, number "a. while refusals
to pay except through clearing house
or with limitations are becoming more
common.
1.-The commercial disasters, 1914 in
number. included such names as R. H.
Coleman. the Iron King, j. H. Walker
& Co.. of Chicago, in dry goods, and
H. l.. Hotchkiss in stocks. Whatever
relief congress has power to give may
be less fruitful if long deferred.
1.-The machinery of exchanges has
almost stopped. When $50 per 81 900
is paid for. New York exchange at Chi
cago, and $15 or $40 at other western
cities, settlements between east and
west which ordinarily amount to So, 200
100000 in year, become extremely
difficult. Even the New York Central
could not get currency here on checks
of The Boston & Albany, and was OBJ
liged to send to Boston for the money.
The root of the trouble is that accord
ing to the reports of July y to the
comptroller, over $131 100000 of de-
posts had been withdrawn within two
months from part of the national banks
and probably $177. 100000 from all.
besides unknown sums from savings,
state and private banks. and during
the month and since July II, the with
drawing and boarding must have been
relatively even greater. A premium
of to per cent is paid for gold and
? to / per cent for currency. The
government is printing 81 ,25O, 900 bank
notes daily. The clearing house has
issued 100000 more certificates and
the hope is that confidence may be re-
vived and boarding unlocked.
The arrest of industry goes so far
that one-third of the iron production
ceased in the month of July and the
consumption of iron in manufacture
diminished 46 per cent. From May l
to July l, not even this shrinkage slim
ulates demand enough to support the
prices, which remain the lowest on re-
cord and further stoppages in August
have reduced the weekly output below
10000 tons.
Copper has declined to 81 and lead
to 81 with narrow trade.
''Shoe shops are looking in vain for
further orders and last weeks ship
ments from Boston were 16.1OO cases,
or twenty per cent less than those of
the same week last year.
',At Fall River alone zoe, 900 spindles
stopped on Saturday and the whole
number of spindles in all the southern
states is said to be less than the num-
Der now idle in New England. Even
more than ever lack of orders, want of
confidence in the integrity of buyers
troubles the textile mills. for cancella-
tions multiply. The Wamsutta has
lowered prices of goods 73(97 per cent
while jobbers find better demand for
dress goods and the situation as to knit
goods is considered s,rong, the sales of
wool at the three largest markets were
only 1,57O.75o pounds for the last week
against 100000 for the same week
last year. Since May 8. the decrease
compared with last year has been So
per cent.
If only confidence in the future
could be restored the monetary troubles
might soon be relieved. But at present
want of cash. it is said, accounts for
the retarded movement of wheat from
farms to western markets and exports
have not met expectations of late so
that prices of grain have somewhat
daclsnad