The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1893-06-16

situation had to come, it has ar
rived now, at a time when it can
do but little damage.
1t cannot injure prices, for they
are already .at rock bottom, nor
can it intimidate trade. owing to
fact that the late disquieting events
have served as a forewarning for
merchants to place themselves in
positions for safety; thus, in re-
ality, it can make but little ha-
voc in the legitimate business of
the country.
Taken as a whole, however, it is
evident that the situation is more
encouraging than appears on the
surface.
There seems an increase OF con-
fidencc in the undertone Of general
affairs, and although sentiment
may waver at times the founda-
tions have been strengthened suffi-
GENTLY for rebuilding.
In the commercial world every
body is prepared for any crisis
that may appear, and this prepar-
alton, together with a determin-
alton to Immediately grapple any
new developments, is serving large
ly to restore confidence and re-
strict liquidation.
Money is fast becoming in great
er supply, and as the amount of
marginal accounts being carried
is now very small. the existing
conditions seem favorable to en-
courage larger purchases Of securi-
ties and merchandise.
1t is true that the ease Of money
assists the expectations of gold,
but notwithstanding this, it is es-
tablishing remedy for the general
distrust which was largely respon-
sible for the recent unsettlement.
Of the present distressing cir
cumstances with which the country
has now to contend, is the state of
trade in the interior which is un-
favorable, and seems to be entirely
owing to the late monetary scares.
1t has been preceded by sound,
active and profitable condition of
trade, but the sinking of the gold
reserve and the precautions of the
large Eastern banks, caused con-
traction of Accommodations to busi-
ness and practically paralyzed
credit. From this cause large
number of failures have been pre-
-cipated, but they were not so from
actual insolvency as from sudden
indiscriminate withdrawal of crey
dit, and considering the severity
OF contraction it is surprising that
suspensions have not been more
numerous.
Detrimental to business as this
has been, it has nevertheless SER
we'd as a good illustration of the
solid position of the banking and
industrial enterprises of the
country. That such a tremendous
shrinkage could transpire, with so
few failures, alone proves this great
strength.
The discrimination made last
week by the Eastern banks against
merchants of the leading Eastern
centres, (while its real object was
70 make their present surplus more
available) is looked upon as being
hv far too severe, and may, should
it. adoption be continued, bring
many tradesmen within danger
GUS proximity to suspension.
By causes born of necessity, we
are rapidly passing into clear
financial conditions, but the COM
mercial world in not in position
as yet, to be subjected to such re-
striction of accommodations.
AS a forced result of the recent
tightness in money and the curtail-
ment of credit, our exports last
month showed considerable in.
crease, but as money is now be.
coming easier, falling off is being
experienced.
Among the present factors indi-
eating the renewed prosperity, the
improved condition of the United
States treasury should be instru-
mental in putting business in bet
ter tone, which should be furnished
stimulated by the ease Of money.
The earning of both industrial
and mercantile companies has
not been impaired to any great ex-
tent by our adverse monetary af-
fairs, and 1t is clearly apparent
that all that is needed to restore
&nhdence and increase these capa-
Gtiesis firm action in appreciation
of the Vpolishress ofcurtailing COM
merciaN NcreJit.
Railroadszsnerally making good
earnings, and publications point TO
continuation Gheevy traffic.
The crop outbok isgood, while
the demand for labd6 is active.
The consumption of eeArytbingis
legitimate and healthfW @1d ~
where is there apparent xatsovers,
stock which has been so charSAter-i
istio Of former times Of inAsdHle-
lneIat. > We
Aerohants who have done 5S6n-