The National tribune. [volume] (Washington, D.C.) 1877-1917, 1893-07-20
THE FINANC4AIf SITUATION.

The entire burden of the continuance Of
the financial stringency now rests upon
Congress. Dread of what Congress may
or may not do is all that stands in the
way of business Ismen resuming their
activity, and setting every wheel of COM
merce to turning. IF it could be known
for certainty just what action Congress will
take on the silver and tariff questions, bust
ness men would at once adjust themselves to
it, and go to work trying to make money
according to the newconditions. Butuntil it
is known what legislation there will be on
the tariff no man will buy pound of wool
or ton of iron or bale of tobacco beyond
what he needs for immediate use; iron mills
will not start up, wooden factories will either
continue shut down, or run only to furnish
hand-to-mouth supply, and no merchant
within few weeks.
Wheat, corn, meat, oats, and other prod
ucts are sufferers by sympathy. No one can
tell with certainty what the consumption of
these will be until it is found out whether
the factories are going to run on full time
this Winter or be shut down. While bread
and meat are regarded as daily necessities,
it still remains true that 100000 factory
hands out of work will not eat nearly so
much of these staples as when they are
busily employed.
The panic should be over. The settle
ment has been rapid and complete. Over
$2,000,000,000 has been squeezed out of the
values of the country since last Fall, and
this has brought everything to hard pan.
The depression has, in fact, gone too far, and
there must be recovery. The banks of the
country have stood the pressure remarkably
well, and the failures have been very few
considering everything. They have done SO
well that the people are rapidly regaining
confidence in them, and bringing back the
deposits which they withdrew in haste.
This is the first great step towards making
money easier everywhere, and restoring
business to a healthful tome Then if Con-
gress will make decided declaration of its
intentions all will be well.
Bradstreet's Weekly ReUieo for July ID
says:
There is q somewhat better tone In business be-
cause money markets are little less stringent;
but it cannot be said yet that tere Is any dis
tinct Improvement. In every direction unusual
conservatism prevails. orders relatively small,
the volume of business Is restricted, and waiting
policy rules. Improvement at Boston is slow,
owing to the extreme rates for money. At Pitts
burg drop is seen in iron, though trade is
dull; the glass trade is in fair condition. and the
coal basness is dull. AL Cincinnati trade is quiet.
money shade easier. and bank deposits increas-
ing At Cleveland trade is good in groceries, but
Otherwise dull; collections are slow and money
close. At indianapolis business Ia waiting and col
ections satisfactory except in groceries and
AT Detroit trade is light and money is close. Out of
% charcoal furnaces In Michigan only four are in
operation.
Chicago reports caution among bankers. though
IT is believed that the worst is over and fair trade
provement Is expected from resumption OF bust
ness in the iron and silver regions and the build
ing trade shows signs of revival with materials 20
per cent. cheaper than last year. Easibound ship
ments slightly smaller than a year ago. Real
estate dealings IS per cent less and receipts OF
most products smaller Jobbers cautious
at Milwaukee, and manufactures are working
short time. At Minneapolis confidence is
Strengthening and the lumber trade is good.
Collections fair. At st. Paul better feeling is
seen, though collections slow and trade 10
cautious Omaha reports activity in groceries and
fair trade in hardware. but other trade is quiet.
No Improvement is noted at st. Joseph and trade
at Kansas City is quiet, with liberal receipts of
cattle and hogs Trade at st. Louis Is satisfactory,
with good orders for the Fall, and business Is
ahead Of the average for the At Denver
trade is quiet. but collecting slow. Louisville
ports easier ioney and business fair I'm volume At
Nashville trade is fair and at Montgomery improy-
ing.