The National tribune., 1893-08-03
THE FINANCIAL SITUATION.


financially. 1t was the worst of the year in
failures and depressioneof all species of
property. Though there were but 4s9 fail
ures, against 527 the previous week,
they were more important, and carried
much greater liabilities. The price of
wheat went to the lowest point on record.
Stocks fell an average of 81 a share on
Wednesday, and this was followed by still
farther fall of rs cents share on Saturday.
The total fall for the week was 1854.
In Chicago the vicious effects Of the
gambling in wheat last Spring were shown
in runs which carried the price of the grain
below the lowest point ever known. When
the spectators forced May wheat up to 1O
and IL cents above the price it would bring
at the seaboard, and over 20 cents above the
legitimate price, it was clear to all that the
reaction must be disastrous. Unfortunately,
the disaster has not been confined to the
banks and operators interested in the
deal" In going down themselves they have
carried everybody else with them, and I'M
reasonably depressed not only the price OF
wheat, but that of all other grains, and have
held it down in spite of the short crops in
this country, and the strong demand there
must be from drouth-stricken Europe.
The iron, wool, cloth, cotton, tobacco and
other businesses are depressed by dread of
what Congress is going to do, so that there
is no market for these products, and mills
are daily closing down, throwing tens of
thousands of men and women out Of employ
ment
So much for the cloud Now for the silver
lining. The banks have stood the pressure
wonderfully well, and have shown strength
that is doing much to restore public conf
dence. A great many which closed their
doors are resuming business, or are preparing
to do so, and this encourages everybody.
The feeling is becoming general that prices
have been unduly depressed, and that prop
erty at present figures is good investment
ing out their boards of money to
take advantage of the low prices is very
great, and beginning to attract attention.
The stocks of manufactured goods on hand
are rapidly becoming exhausted, and if the
mill-owners could have some assurance that
they will not be flooded with foreign prod
ucts they would resume operations. 1t
seems clear that the tide of gold shipments
is now turned, and the stream has begun to
flow back to us. Already over 100000 is
on the way here, the FIRST ipstallment of the
large sum which must come in payment for
stocks, that prove a tempting investment
for foreign capitalists, apd for our agricul-
tural products that must be taken in large
quantities for the next year.
1t is nature that all things must have an
end. We believe that the end Of the panic
is here, and that hencef6rth there will be
steady revival There is Just as much good
money and good property in the country as
ever; just as many active, skillful men, and
just as much business enterprise. Every
one recognizes that the present depression is
unnatural and unreasonable, and that it
must not continue. The dull Midsummer is
passing, and the Autumn is coming, when
everybody must be doing something. IF
there is any wisdom or patriotism in Con-
gress it will promptly make such declara-
ton of its purposes as will give business
men basis upon which to 60 ahead, and
the foreign need of our agricultural products
will make satisfactory prices and activity in
our markets.