The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-16
CHAIR FACTORY SHUTS DOWN.
Frank HeIwig Thinks the Country's
Troubles Caused by Speculation.

Another industry that is sorely affected
by the hard times and general business
Suppression is that of the manufacture of
household furniture. A week ago last Sat
Grday the Indianapolis Chair Manufacture
ing Company. at the corner of New York
and Ellsworth streets, closed down, throw
ing the majority of the three hundred en-
pioyeS out of work. A good many
have been kept at work in the finishing and
wrapping departments, as the work on
winch they We're engaged is of such a
nature that it had to be completed. Frank
f. Helwig, superintendent of the company,
says that it is probable work will be
sumed next week, although the full quota
of men will not be employed. In pros
porous times a very large force is employed.
and Mr.. Helwig says that the factory ought
TO be kept running day and night with a
of the year, as September is regarded
as busy month. For the last two years a
force of but three hundred employees has
been retained.
When asked why the factory shut down
Mr.. Helwig replied that it was not deemed
wise to borrow money TO continue opera
tons in such depressed times. He said that
the indianapolis Chair Manufacturing Com
pany had never found it necessary to mort
gage its plant and did not propose to do so
now. Sales have been very poor and 1t is
almost impossible to make collections
Failures of furniture dealers are being re-
ported from all sections of the country.
Mr.; Helwig had before him copy of a
daily paper published in the interest of the
furniture trade. 1t showed quite q number
OF failures for single day. beside num-
Der OF cases III Nnlcn judgments mad been
taken against furniture dealers. Iii num-
Der of other cases claims of manufacturers
had been placed In the hands of attorneys
for collection, and numerous firms were
rated as being poor pay. Under such con-
dition of affairs Mr.. Hewig says that man.
ufacturers are not overly anxious to make
sales as no one can tell how soon firms
regarded as perfectly solvent may be forced
into bankruptcy.
Mr.. Helwig has some original ideas as to
the causes for the financial depression in
this country. He does not believe that it is
anti rnixr lrFx.
deprecated dollars. but thinks that hard
times are caused by speculation. He be-
HeVeS that If Congress will pass laws MAX
ing il q criminal offense for bankers. brok-
erS and other business men to carry On
speculative transactions with other peo-
pies money that fewer men would become
bankrupt and there would be less financial
depression. He regards the evil of specu-
lation as greater than any other CONNER
cial evil, even than the agitation of the
money question. AT the same time Mr.. Hell
wig says that he does not believe in the
free coinage OF silver at the ratio of 16 to
j, as he does not think the silver mine own
erS should be favored and enriched at the
expense of the rest of the country. In his
opinion Congress ought TO pay little atten-
Its efforts TO stamping out the evil of spec
ulation. He would have every man pun
fshed whom II could be proven dealt in
margins. He says the principle of buying
and selling railroad stock, wheat and other
necessities on deposits of / cent on the dol
transactions. Ii this evil were stamped out
Mr.. Helwig says he believes the country
would enter upon an era of true prosperity
and that hard times would be a thing of
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RJou in rta ~ II