The herald., 1896-08-30
BUSINESS LOOKING UP

A few days since we expressed the be-
! lief that the calamity shriekers' had
retired from business recognizing that
the business men of the country had no
faith in their predictions of the disasters
! which they vehemently asserted would
assuredly follow the endorsement by
| the people of the principles of the Chi
cago platform. 1t seems that we gave
the Republican orators too much credit
for discernment and discretion. Mr.. Nc
Kinley in his letter of acceptance. and
ex-Presdent Harrison, in his speech de-
livered in New York on Thursday even
ing, reiterate the Worn-out threats OF
distress and ruin. 1t is, however, very
apparent that these threats have lost
their effect. At the opening of the cam
paign, before the issues were fairly and
fully defined and understood there was
an evident feeling of uneasiness and ap-
prehension in financial circles. and it
was feared by many that this feeling
might so far develop as to become
panicky in its tendency. As we have
heretofore pointed out, there are evil
dences on every hand that this feeling
has passed away and that business has
resumed its normal conditions. While
Messrs. Mckinley and Harrison were
concocting their prophesies and since
they have delivered themselves. the
strongest possible refutation was being
given by the improved and steadily i'm
proving condition of affairs. : A New
York financial journal of the oath in
stant says: THE statement of the
ola !,
able surprise after the gloomy forecasts
which had been made as to the decrease
of reserve. The actual decrease of re-
serve for the week was only s127. .525, the
total now standing at S9,272 $50" (The
latter amount is that held by the banks
in excess of legal requirements.) The
article then proceeds to point out that
the banks have maintained this strong
position in spite of the heavy calls for
money from the south and west which
are natural and anticipated at this time
of the year; which money goes into the
pockets of the farmers and planters for
their crops.
The New York banks and their Gus
toners do not show any indica tions of
being scared.
Bradstreet's weekly review of the sit
uation said on yesterday: AT the end
of the week there was an appearance
of covering which could only mean
that the big bears did not like the sit
uation, and that some at least among
the more prominent class of specula tors
were inclined to take the bull side of the
market for turn. Europe has not been
a factor in any true sense. A little al
ternate selling and buying from that
Quarter summarizes its operations in
our market. The whole speculative sit
uation, in fact. hinged on the action of
money and exchange, and large impor-
tations of gold which have followed the
break in foreign exchange rates. This
and other things would seem to be re-
sponsible for the improved tone of the
stock market and the decidedly more
cheerful feeling which is now asserting
itself in speculative quarters. Another
encouraging influence is found in low
er rates for foreign exchange, the move
ment of s10.000000 in gold from abroad
to the United States and the expression
of opinion that not less than s25, 900 900
in gold is to be imported in the near fu-
ture'
All of which means that the shrewd
stock operators lelk for a continuation
of the upward tendency in the market,
and that gold is coming into the country
instead of leaving it. IF the election were
over and Mr.. Mckinley had been sue
cessful, his organs would be claiming
that this pleasing condition of affairs
was directly attributable to his election.
We have quoted goldbug authorities
as to eastern conditions. Locally, mat
ters are still more satisfactory. In every
presidential election year there is a
large shrinkage in business. This has
come to be recognized and expected as
surely as the recurrence of the seasons.
1T is therefore not surprising that the
weekly bank clearings for the United
states as reported in our columns yes
terday show decrease of 1886 per cent
as compared with the corresponding
week of 1895, New York showing a de-
crease of 1871 per cent In Los Angeles.
however the decrease was only "a per
cent, an amount so insignificant as to
occasion no comment in ordinary
times and highly satisfactory in a year
like the present.
We cannot stop the mouths of the
prophets of evil, but it is at once a duty
to our readers and pleasure to orr-
selves TO show the utter absence of any
foundation for their assertions.