The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1897-10-21
SOME COMPARISONS
OFFICIAL REPORTS SHOW THE
DIFFERENCE IN THE TIMES.

Under the First 60 Days OF tho Cleve.
land-Wilson Low Tariff the Country
Was in Panic-Under the Mckinley
Dingley Tariff the Country Confident.
E. F. PARSONS, Special Correspondent
Washington, D. C.-The close OF the
first sixty days of the operations of the
new tariff law and the business i'm
provements which are visible in every
direction during that time have sug-
gested comparison of the conditions
during the two months in question
with those of the corresponding date III
the first year of the Cleveland admin
istration, during which time the free
trade congress, elected with President
Cleveland, was Just beginning it's at
tack upon the protective system which
the Dingley law sixty days ago re-es-
tahlished.
The two periods from July "A to Sep
tenn Der "a in the years 1898 and 1897,
respectively, present a marked contrast
as to business conditions and it Is pos
sible to obtain from government records
some data bearing upon this subject
and now especially interesting.
The following data gathered from
official reports presents a picture of the
sixty-day period of the year 1898 with
which the two months just ended cor
respond both as to the portion OF the
year and the period of the presidential
administration and also proximity to
tariff legislation:
Week ending July "a, 1893-Failure
of Bozeman, Mont, National Bank;
four Denver banks closed their doors;
bank suspensions in other western
cities; two bank failures in Milwaukee
and runs on numerous other banks;
Commercial Bank of Denver fails, capt.
tai $250,00O; bank failures at Vernon,
Texas, and Knoxville, Tenn, capital
5000, 900; failure of Tacoma, Wash,
National Bank, capital 5000, 900; also
failures of banks at Great Falls, Mont,
and Orlando, Fla, capital 5000. 900;
suspension of work in manufactures
reported from all sections.
Week ending August l, l893-Nation
al bank at Manchester, N. H., and In
dianapolis, Ind, fail, cpaital $500, 900;
failure of First National Bank at Spo-
kane, WASH, capital $250,000; ten
banks suspend in one day DULY 30,
capital $2,O00,000; bank failures in
South Dakota, Montana, Illinois, Kan
sas. Texas, Washington, New Hamp-
shire, and correspondingly large num-
Der of business suspensions.
Week ending August 8, 1893-Col-
lapse of Chicago Provision Deal and
many failures of commission houses;
failure of National bank of Ell Paso,
Texas; failure of National bank of San
Antonio, Texas; failure of National
bank of Muncie, Ind; fifty-third con-
gress meets in special session to begin
its destruction of the Mckinley law.
Week ending August %, 1S93-En-
counter between the anarchists and
socialists averted by New York police;
meeting of anarchists broken up by
New York police; failure Of National
bank at Hindman, Pa; failure OF
National bank at Tacoma, Wash, sus-
pension of manufacturing establish
ments in numerous states; announce
ment by comptroller of the currency
that 155 National banks and $50 pri-
vate banks had failed during the year
,nding August %; railroad receivers
appointed during August for Northern
Pacific, Philadelphia & Reading, New
England and Pittsburg, Akron & Vest
ern.
eptember-Railroad receivers ap-
pointed for Wisconsin Central, Chicago,
Peoria and St. Louis, Cleveland, Can
ton & Southern and Evansville & Terre
Haute railroads. The mileage of roads
placed in the hands of receivers during
the year 1898 was 25,S75, nearly one
seventh of all the lines in the United
States and their Indebtedness $l,212,-
217,O33.OO. During the year there
were 16, 115 mercantile suspensions, in
volving Liabilities amounting to $780,
79,SS9.00. During the bank suspen-
sions of July, loans were made on call
at the N. Y. Stock Exchange as high
as 70 per cent.
The following statements of revival
of manufacturing industries during the
sixty days following the enactment of
the Dingley law, the period correspond
ing with the similar dates in the first
year of Cleveland's second term, show
the contrast between present conditions
and those of the corresponding months
of the preceding administration. The
statements which follow are from Brad.
streets Financial Journal:
Week ending July "a, 1897-Twenty
thousand workmen resume work in the
iron and steel industries; Bigelow
Carpet Co. at Clinton, Mass, resumes
work, 900 hands; Packer Colliery at
Rappahannock, Pa, resumes work,
1000 hands; Columbus, o., Buggy Co.
resumes, 400 men; G. B. & @. Co. re-
ports full complement of hands at work
in its railroad shops for first time in
several years; Chattanooga Tradesmen
announces large number Of iron fur
naces in South resuming work; McKen-
ma Steel Works, Joliet, Ills, resume,
400 hands; spinners at silk mills, Pat
erson, N. j., receive increase in wages
from to 30 per cent; Pittsburg
Plate Glass Co., Kokome, Ind, re-
sumes, 800 hands; Jones & Laughlin
Iron Works, Pittsburg, resumes, $500
hands; Maine Central railroad increase
wages of employees.
Week ending July 81, 1897-Tod
Furnaces, Youngstown, O., resume
work; numbers of manufacturing con-
Germs in Connecticut and Pennsylvania
resume work; furnaces at Birmingham
and Bessemer, Ala, resume work;
Algonquin Wooden Mills, Passaic, Nj,
increases wages 10 to ID per cent: