The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-01
HAVE BUSINESS CONDITIONS
IMPROVED


The difference between Mckinley pros
perity' and a Bryan panic IS largely
in favor of the latter, for business condl-
tons of all kinds are on a narrower and
more improbable basis, and times are
harder under the operations of Mckinley
prosperity than they were under the
Bryan panic.
There is so much of this kind of talk in
papers which supported the late lost cause
that it is worth while to expose it's falsity.
So far from being true that business con-
ditions are on a narrower and more I'M
profitable basis and times harder now than
they were during the last campaign, the
evidence is overwhelmingly the other way.
1t should be frankly admitted at the out
set that business conditions are not salts
factory at present and times are still hard,
but things are III much better shape and
the Indications of returning prosperity far
more numerous now than they were six
months ago. Every intelligent business man
knows this to be true but the point is to
prove it.
The free trade and free-silver panic
which prevailed during the years 1894 and
1895 continued with undated fury during
1896 For the first week of February 1896
DOLn DuU dIlu bIddSlIGSt iCNlCNo ~
ported an increase in business failures over
the corresponding week in 1895, both as to
numbers and liabilities. The liabilities Of
manufacturing establishments which failed
during the first week of February, 1896, were
81, 900 $50, against $729,34S during the same
week in 1895, and 81, 594, 072 in 1894 For the
three months ended March 81, 1886, the bus
mess failures in the United States num-
bered ASP, exactly 700 more than during
the corresponding period in 1895. OF this
increase in business failures BradsTeet's
said it was 80 much larger than ever be-
fore as to challenge attention, particularly
when it is recalled that these reports ex-
clude failures of those engaged in agricul-
tural pursuits, in any of the professions, In
transportation enterprises, or as employees
in mercantile and industrial concerns or of
those engaged in purely personal service"
Taking the entire year, statistics show that
the total number of business failures in
1896 was never equaled but once in our his
tory and that was in 1893. In addition to
the business failures there were 1875 bank
failures during 1886, and these banks dragged
down many smaller concerns with
them. In all business circles the year was
regarded as the most disastrous in our his
tory.
The first dawn of hope came with the
election of Mckinley. The election took
place Nov 3, and in less than forty-eight
hours after the result was known dis
patches from various parts of the country
began to tell of the revival of confidence
and improved business conditions. Dun e.
Co.'S review of Nov. 6, 1896, three days
after the election, said:
A great revolution has been effected this
week in the conditions which control bust-
ness. 1t could not be in any fair degree
reflected yet in transactions or in rec
ords but there is ample evidence already
that a crushing weight has been lifted and
rolled away and the business world has
begun to adjust itself in a state of free
dom and security which it has not felt for
years.
Bradstreets of the same date said
Manufacturers and jobbers are more in
clined to purchase in advance instead OF
for nearby wants only, and in a few lines
notably wool cotton, iron and steel, larg-
er volume of purchases is reported. That
merchants generally share the confidence
in an early revival is indicated by harden
ing staple prices and the increases in quo
tations in addition TO those given in proceed
ing weeks.
From that time to the present indications
of returning confidence and improving
business conditions have continued. They
have appeared in the shape of increased
orders for manufactures, charging facil-
tiles, employment of more men, working
more time, an easier money market, more
building and better business generally. This
Improvement has been slow, but it has been
steady 1t has been mentioned repeatedly
in Dun's and Bradstreet's weekly re-
views of trade. Feb. 26, the last report be-
fore McKineys inauguration, Bradstreet's
said Genuine Improvement in business
does not come with rush, like the break
ing of a great dam. The growth for some
weeks past has been more encouraging, be-
cause in nearly all lines it has been gradual
and moderate" On March 3, the day after
McKinley's Inauguration, Dun's review
said "The slow and gradual Improvement
observed for some time has continued dur
ing the past week and without material
check" Bradstreet's of the same date said
1.-THE new administration, the certainty
of an extra session of Congress within
fortnight and the promise OF a new tarin
at an early day which SHAH provide ade-
quate revenue and protection, have done
much to stimulate a better feeling In trade
circles and increase confidence in the near
approach of an Improvement in business.
The Improvement in conditions consisted
in a large degree of returning confidence,
which loosened capital and put new blood
in the arteries of trade. That the improve
ment was continuous is shown by the fact
that Bradstreets mentioned it week
after week The review of March II said:
Continued activity in various industrial
lines, based on an expanding conSumptYe
demand, fairly steady prices for staples,
further Improvement in railway earnings
and widespread confidence that the volume
of business will expand materially in the
near future, constitute trade features OF the
week.
The improvement continued during the
period of spring trade, and on May Dun
& Co.'S review said:
Nearly all will be astonished to learn the
actual sales in April by leading houses in
each line of business in the principal cities
east Of the Rocky mountains average only
about 10 per cent. less than in April 1892
the year of the largest business hitherto
and were 81 per cent more than In the
same month last year Yet this is the sum-
mary of 357 reports each covering actual
sales OF leading merchants In a line of bus
mess in one of fourteen cities.
Coming down to date, Dun & Co.'S re-
view of May %. the last published said:
Unmistakable evidence of Improvement
comes in the general increase of CONNER
cial loans. mostly for Eastern merchants
or companies though some well-known
10 Wi