The Helena independent., 1893-08-24
THE TURN IN THE TIDE.
Pronlnsnt Esstcrn Men Who Nsiiove II
Has Come.


Has Come.
Among the visitors In Helena nre A. M.
Crane. Of Chicago. and IL. =. Parmeloc. of
Rev York. The gentlemen are connected
with ths Illinois Steel works, one Of the
largest industrial nterprises In tho country.
and their visit to Helena At this time IL to
arrange with X. A. Harlow 30 furnish tho
steel rails for this Montana Midland rail
road. Talking last night OF this financial
depression. Mr.. Parmelee said In his opin-
lon the worst had passed. and that
the turn in the tiGe had coms. II
do not believe" he said, ':hat the country
WIZ suddenly jump from extreme do res
sion to great activity, but l believe
from this time forward We will witness q
steady trogress for the better, and
shat by January business will assume its
normal condition. The day loft New York
was talking in his banking house to one OF
tie most prominent bankers in that city.
lie told me that In the last four days there
bad been pasaed over the bank eounters for
deposit 5000 that had been hid away In
stookinks. He said that was only a st aw.
but 1t showed a change in the right dir0o-
tion. He also said that hundreds Of people
who lived on their income had taken their
money out Of oil oulation; these had begun
to realize that they were eating up their
principal, and they were becoming just as
much scared on that account az they had
been few weeks before for fear they would
lose 10 tht ongh their Investments. and were
putting ii out again 60 it would retu' IN
them something"
Asked IL the suspension of tho Helena
banks would have the effect of hurting the
good name of the oity in the east. Mr.. Pat-
neles said: Not by any means. II Helena
and Montana had been alone In suspen-
sions it would have hurt the city and state.
But there is as great a lack Of currency In
the east as theYe is here, and banks have
suspended there for the same reasons thev
have in Montana. The east cannot throw
stones at the northwest, because il 10 in q
glass house itself"
did Mr. Parmelee. sayinR in addition that
his company had just as much confidence
in the northwest as ever, and that it looked
to the west and mo- thwest for its business.
Hereafter" he said. ''ths standiAR of a
purchaser will be more carefully looked
lnto and there will probably be little
more conservatism. but things will
come out all right. The railroads
have so reduced expenses that l
think they will make as good q showing In
January in net earnings as they did last
year, and believe the dividend payers will
be dividend payers still. II rvssts will be
good, the railroads will have a good fall
dence. Unlike the panic of 1873 there has
not been great drop III the prices OF man
ufactured products. There has been q
falling off In consumption lack of our
renoy has oIced many assignments where
the assets are four times create than the
liabilities and general staRnation has en-
sued. We have been running five mills
and our lay roll has been $3.50, 600 mon thly.
We could not got the currency to pay our
men, there was no sale for steel rails and
structural iron and We shut down four
mills. Our stock on hand 10 worth all
it was before the depression came.
and by January l believe business will
have resumed almost its normal condition.
Whom manufactures start up agnin be-
lievo they will be able to run at less OK.
pense than in tho pact and in that way the
consumer will get goods cheaper. and so the
depression will do some good. Weak and
rotten concerns will be out of business, but
nine -tenths of the assignments Of the past
sixty days will have proved to be but tom
po ary, in order 10 husband ample TO-
sources"
MIR. Parmelee will go to Butte to-day. re-
turning on Sunday. Mr.. Crane will 60 over
the line of the Montana Midland with Mr..
Harlow.