Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-09
A HOPEFUL VIEW
OF THE SITUATION EXPRESSED By Mr.. JOHN
6. HOFFMAN,, 81.
The Prsssn! Depression Will Be Removed, and
the Reaction VIII Bring About
Season Of Prosperity.

Mr.. John G. Hoffman, ST., one OF
WheeIing's most prominent citizens and
most prudent and successful business
men, returned yesterday from busi-
ness trip, and was seen at his home last
night by 3 REGISTER reporter. Mr..
Hoffman visited his large tannery at
Gormsnia, w. Va, before leaving for
the West. BE visited his harness and
leather establishment at Des Moines,
Ia, which is the only concern OF Its
kind in the West at present In opera
ton. Both of the tanneries In when
Mr.. Hoffman is interested are running
with full force Of workmen.
Mr.. Hoffman is OF the opinion that
the present situation throughout the
country is very grave, but takes very
bright view OF the future, and gives
reasons for the faith that is within him.
In the early months OF the present year,
his different plants did bigger busi-
ness than at any time in their history.
At present he has a large amount OF
hides in hand, which are being tanned
and converted into articles Of merchan-
disc at the factory in the West. he
states that the demand for the product
OF the factory Is very weak, and the
goods are being stored away In his large
warehouse.
but the reaction will come" contin-
ued Mr.. Hoffman. II have received a
letter from a relative in Europe, in
which he states that farm products,
owing TO a long drouth, will be practic-
ally a failure, aud that farmers are Kill
ing their cattle for the meat. am OF
the opinion that but little meat will be
sent abroad, but Europe will make de-
mand upon US for farm products, aud
the balance Of trade will turn In our
favor. They will send their money here,
and it will do great deal to relieve the
present financial strlngency.
at is only the scare among the poor
people which is responsible for the
present condition of affairs. When
they found factories closing, and heard
and read of bank failures, there was
natural feeling Of alarm throughout
the country, and the wOrkingmen and
people in moderate circumstances has
tened 70 withdraw the small savings
which they believed to be in danger.
The amounts of the deposits withdrawn
are generally small, but reach an enor-
nous sum in the aggregate. While in
Chicago | had a conversation with the
President Of the First National Bank
of that city, who informed me that
there were ST., 900, 00C locked up in tin
boxes in small sums in Chicago alone.
He stated that it was common thing
for depositors to withdraw their money,
and place it in tin boxes, to be deposited
again for safe keeping. With nthese
sums taken out of circulation, and the
millions locked up in the banks In the
East, the cause for the present condi-
tion Of the money market is apparent.
"How about the future?" queried the
reporter.
81 have been In business since 1S49,
and have passed through several pan
les. Unless am very much mistaken
the tide will turn in our favor during
the next few months, and there will be
an influx of money from foreign coun-
tries. Then, with confidence in meas
ure restored among the people OF the
United States, the money which Is
locked up in the bank vaults will be
again placed in circulation.
I will make this prediction
the reaction will strike with full force
about the first of January, and during
the ensuing three months every indus
trial plant will resume operations and
run night and day to fill orders. Job
bers in any line of trade, are not carry
ing large stock at present, and there
must be demand soon, which will
stimulate trade, aud bring about a
period OF activity.
Mr.. Hoffman expressed surprise at the
assignment OF the Exchange Bank, but
stated that he has the greatest conf
dence In all the banks in the city. He
has travelled over a great portion Of the
country, and is Of the opinion that
Wheeling makes better showing, COM
psratiVely, than any city he has visited.