The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-11-24
TtTE COOP TIMES DIFFBRfeSc }E
RETWEEN PROMISE AND
PERFORMANCE.

N0CateU on luc Slpuhu Ah"@ ~ ~
restore universal prosperity to the eoui
try. Great headlines in the papers tol
MS of millions locked in tight vault
every dollar of which would rush int
trade and manufactures immediatel
upon the election Of Mckinley. On tn
9th Of October, the Pittsburg Dispatc
filled its columns with kilograms froi
manufacturers and business men in all til
States representing themselves as cage
to make large investments just as 500
as they could. A telegram from Bosto
conveyed the news that Boston MANI
facturers are eager, if Mckinley
elected, to run day and night" in Ken
lucky flour large manufacturing enter
prises, with capital of $1,500,000 wer
waiting to be launched if the election
is for Mckinley; and in Kansas ION
well known fnancier says that McKin
ley's election would at once put 5,000,OO
into various local enterprises. Simila
kilograms from many States appeared
Among others the following:
philadelphia. Oct. ga conserva-
tive estimate of the money that is idle
in this city, awaiting the result of
the election, is $25, 100000. Several
important operations are being held
over. Many of the banks have big
surplus.
The Philadelphia National Bank
has 100000 on deposit and $780,,
900 gold and legal tender in reserve.
This is double the sum required by
law. The Fourth Street National
Bank has more than $1,0O0,000 over
its reserve. The Provident Life and
Trust Company has $1,500,000 that
will find an outlet should Mckinley
be elected.
The Dispatch correspondent called
on many prominent tinanciers to-day,
among them President Shipley, of the
Provident Loan and Trust Company;
President Kitchener, of the Bank OF
North America; President w. r.
Earle, Of the Finance Company and
Tradesmen's National Bank; Jay
Cooke, Jr., f. w. Clarke & Co, w.
w Kurtz & Co, G. A. HUM & CO.,
G. d. Basney & Co., and President
III. Pheller, OF the First National
Bank All told Of many orders con
ditional on McKinley's election.
1.-THE general stock market is fair
ly firm, but very unsatisfactory
Banks are not doing the usual bust
ness, although the universal opinion
is that confidence will be restored
with the success Of the Republican
party. There is plenty of money for
investment, but the moneyed meR
are not prepared to take chances.
MANY important improvements are
contemplated by the Pennsylvania
Railroad and other corporations if
Mckinley is elected. Jay Cooke,
. Jr., said:
Il know of man who stopped
work on a private residence when
the result of the Democratic CONVEX
ton was known. 1t means an out
lay of $4,000. 1t shows the feeling
Of unrest that has been carried into
bigger ventures. The election of
Mckinley will open vaults and strong
boxes and result in q complete restora
ton Of confidence
In the same issue, in large black type
the Dispatch said:
Reports from commercial eenters
in every quarter OF the Union tell The
same story, Of business held up by the
lurking fear that Bryan might pos
sibly land in the Presidential chair.
Millions upon millions Of cold cash
are locked up-not only in banks, but
in safe deposit vaults-awaiting the
q l.
II that verdict be for Reputation, it
will stay locked up, and millions
more will be withdrawn from trade
and manufactures to join its com
pany. If Mckinley should get the
decision, every cent Of it would seek
employment, giving work to thou
sands Of laborers and mechanics and
putting life into every honest indus
try in the land"
This was before the election. When
The result was announced, the metropolis.
tan papers were full Of kilograms from
every State and Territory giving the
intelligence that hundreds OF
factories, long closed, had been opened
HIS GOlACeIL Va fOlGGG Aulscu lu a ShVhue
Of good times was received with sus
piscion by some, but all hoped that il
was not continuation of Hanna's
press bureau, but real and genuine
of renewed industrial activity
Less than three weeks have passed
since the election of Mckinley. A few
mills have been re-opened and employ
nent given to willing hands, but others
have closed down, banks have failed
and the reports Of business show that
these stories or wonderful prosperity
were "doctored," and that in most parts
Of the country business is at as great
a standstill as at any time before the
election. 1t is some easier to borrow
money on stocks and bonds and othel
collateral that can be easily converted
into cash, but the value or desirabilit!
Of real estate as security has not changed
and the great wave of prosperity hal
not touched the agricultural communitie
or those dependent upon agriculture.
An examination Of the market report
II -