The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-16
VIII Remain Closed Until After the
Election. and IL Bryan Is the VIM
ncr All VIII He Chaos.
M'KINLEY CAN OPEN THE PLANT
HIS ELECTION WOULD CAUSE RE-
SUMPTION BY DEC. L.
Statement OF Employees of Parry Man.
u~facturing Company Refutes An
other Campaign Lie.

The plant OF the Indiana Bicycle Com
pany shut down last evening, and will not
be started again until after the election
perhaps not until next spring. The COM
pany has been greatly affected by the gen.
eral business depression and uncertainty
for months. and it is deemed unwise to
manufacture any more wheels until it is
known what the financial policy of the
country is TO be. Charles r. Smith, presi-
dent of the company. said yesterday after
noon that it has always been customary
for the company to close down the plant Tor
a few weeks at this season of the year in
order 10 invoice. In the past it has been
the custom to resume work after invoicing
with a force of men sufficient TO keep to-
gether the best workmen and still not load
the warehouses with an overproduction.
Now II is regarded AS ~foolhardy TO UNDER
take to manufacture wheels for next years
trade. as there is no telling what the con-
ditions will be when the bicycle season
opens next year. In three or four weeks a
f~orce~of less than 100 men will be put TO
work in the tool room, but the manufacture
ing rooms will remain idle until Dec. /.
perhaps all winter,
By the closing of the plant three hundred
employees. a large per cent. of them men
with families. are thrown out of employ
ment. Mr.. Smith says that the company
employees a number of women and girls,
who receive small salaries. but there are
many men who receive such high wages
that the average is SO a week. No firm in
the city has a higher average pay roll, Mr..
Smith says. In prosperous times, when the
factory is running full force. the weekly
pay roll runs from $4,000 to $4,000. The
Indiana Bicycle Company hasNone of the
largest plants in the world and has hpan
noted for liberality to employees. Several
months ago a new building was erected
containing a large restaurant, operated for
the benefit of the workmen and a surgeon
IS employed TO attend their families. Mr..
Smith says that if the company had real
lied a year ago that the future held in
store such conditions as now exist, the ad-
dition to it's plant would not have been
built. You see." said Mr.. smith yesterday
afternoon, about 30 per cent. of the man
ufacturers OF the country have TO borrow
money to pay operating expenses. 1t is i'm
possible TO borrow money now. Banks are
unwilling TO loan. as they do not know
how soon depositors may demand their
money If the banks make loans they can
not pay OF deIoSitorS, as the firms who
borrow could not repay at demand. 1 have
Just returned from London, where we have
several agencies. While there i was sur
prised 10 learn that there is plenty of mon
ey TO be had at three-fourths of ] per cent.
per annum, on good collateral. i doubt il
IL can be had here at 10 per cent. An effect
OF the uncertainty has been TO keep English
money that would have come here TO be
loaned at small interest out of the country.
Collections are hard TO make and with
large sums outstanding the company thinks
II unwiSe 10 put more money into the bus
mess. considering the extreme uncertainty
IF Mckinley is elected will confidence be
Undoubtedly People win understand
that no change is TO made and confidence
will revive almost Immediately"
What if Bryan is elected?"
No one can tell how long it will take
for business 20 adjust itself to the changes
the wheels of the factories ii takes a long
time to start them going again"
will follow McKinley's election Immediately
Mr.. Smith says that he believes people will
regain confidence, and money which is now
being boarded away will be put in circula-
ticn. so tina manufacturers will have no
trouble in borrowing money on which to
operate. while they are waiting. returns
from their output. IL on the other hand
Bryan is elected. although it is generally
understood that the gold Standard will be
eliminated from the monetary system, what
the results of that sort of legislation will
be is not known, and people Will be even
still more unwilling 10 loan money than
now. They will wait until the practical
treme cautiousness will be the rule in every
line of manufacture and commerce.
w nat Is your politics.. MI. CIlilln.
Il have none. My family are all Demo-
Gratis and i voted that way until about ten
years ago. For the last three years l have
affiliated with the Republicans. / am a
firm believer in sound money
MIR. Smith says that he believes in a pro-
tective tariff. although it is not much ben
eft 10 bicycle manufacturers now. In this
country competition in the bicycle trade has
grown so keen the prices are away below
for the Indiana Bicycle Company to seek
foreign markets. The company now has
three agencies in Eng and. Wholesale and re-
tail. and does a good business In France
Steps are row being taken 10 enter the Ger
man market. Mr.. Smith says that he prefers
10 do business at nome. but owing to the
unfavorable conditions now existing in this
country it has been fou nd necessary to go
abroad. England and Germany pay debts
In gold and the Ames can manufacturers
know they will be paid I'm safe money. Mr..
Smith says England Is now trying for pro-
tective tariff. Germany has protection.
Her goods are manufacturer more cheaply
than in England and the latter country is
suffering by free-trade competition with a
herd a great deal of talk i'm favor of pro-
lection while he was In England.
rs il not a fact that the bicycle industry
IS now able 10 compete with foreign coun-
tries as a result Of being fostered by pro-
tection?'
business grew Up under protection so hat
rails were being sold here at a price lower
than the tariH- Ihe experience or the Dicy-
Gle trade has been ldenticallY the same.
our business was built up under favorable
circumstances
Mr. Smith says that when the plant will
be putin operation again depends entirely
on the result of the election. II Mckinley
is elected work viii probably be resumed
Dec L. Otherwise nothing will be done I'M
Til. February. and then the company viii
proceed cautiously until ii is ascertained
lust what conditions are 10 be met.
After the factory closed last night a poll
OF the voters on the money question was,
taken. u showed that there are l5 gold
standard men. = for silver and . unde-
cided.