The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-02-02
HOIST BY rHRIR OWN PRrARD.


1t is not easy for anyone sitting in an
editors easy chair to see many signs OF
business revival in the east, and yet
Henry Clews's last circular, and the ut
terances of number of conspicuous
business men, take that view of the
matter. Mr.. Philip D. Armour is quoted
as saying that it is high time to hedge
on bear views" He added: Trade
"has picked up 80 much in the last ten
days that feel like hedging myself on
"the view OF the situation | took fort
might ago. There have been more
Signs of returning confidence this last
week than l have seen for long time.
''The general mercantile trade has very
much more of the old time look to it
''than have seen for many MONTH"
The same cheerful notes are heard from
st. Louis. The great pinch seems to be
in New York. The capitalists OF our
principal metropolitan city having
started in to wreck the country, find
themselves hoist by their own petard.
Speaking of the experiences OF mer-
chants from the interior on arriving in
that city of gold-bug greed, Clews's last
circular says:
Unfortunately, on arriving here, these
interior buyers find still discouraged
feeling, much complaint and lack OF
firmness in prices Notwithstanding the
extraordinary lowness of the stocks OF
goods; and under these circumstances
they deem it prudent to buy less than
they really want, with consequent dis
enlargement to our local merchants. A
few days ago, a series OF concessions
were made in staple cotton goods, which
instead of encouraging sales, have
frightened buyers and produced gem
eral check on business in that branch OF
trade. 1t would seem as though manu-
facturers and commission merchants
have allowed their fears at the effects of
tariff changes to get the better of their
sober judgment, with the result of
their overlooking the favorable points
in the situation and placing them
selves at the mercy OF customers, who,
under such circumstances, buy much
less than they want. And yet the fact
that the long idle factories are so gen.
orally resuming work implies that man
ufacturers are aware of the exhausted
state of stocks and believe that the mar
kets are prepared to take fair amount
of goods. AS this city i5 the head
quarters for manufacturers as well as
tor distributors, it is not surprising that
the dispirited feeling among the former
should find expression here more than
elsewhere; and little more experience
is likely to convince producers that it
does not pay to infect their customers
with their own misgivings. When that
point is reached. there is likely to be
marked change from the feeling and the
volume OF trade which exist at the
| moment.
The United States, in the Mckinley
bill, started out to paralyze the trade of
the world, and it has had the poisoned
chalice commended to its own lips in
the shape of the return OF our securities
and diminished orders for our products.
This country did not do nearly euch q
cunning work as it thought at the time.
1t is pretty much the same with New
York city. The purse-proud, moneyed
autocrats of Gotham thought they could
wreck the business OF the country with
outinjuring themselves. They know bet
ter now, and the tlepidation and discom
future OF their business men is looked up
on by the people OF the rest of the country
with sardonic enjoyment. This is a case
in which the principle of the boomerang
comes into play very appropriately.