The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-06-18
DIPS INTO FINANCE.
"PROMINENT BUSINESS
MANS" CONTRIBUTION.
"A Confession OF Failure-Nore Hard
Times Predicted-Any Farmer Can
Give This Gentleman Many Good
Pointers.

handed to each emplOye of the Bridge
& Beach Manufacturing Company of
st. Louis, we are told by the Journal,
with his pay envelope, Monday:
From the Stove and Hardware Re
porter, May 6, 1897: A Business Mans
View: In response to a request to gise
his views on the outlook for the bu! i
ness future, Mr.. George H. Holland,
vice president and manager of the
Bridge & Beach Manufacturing Com
pany, a concern which, as is well
known, stands second to none in the
stove business for financial strength,
replied as follows:
In my opinion, this year of 1897
will be another waiting year. We
should not ~aggravate the situation by
prophesying further tribulation, but,
on the other hand, we should not
blind ourselves by talking of a reac-
tioA and good business outlook being
in sight when it is not. The existing
conditions are bad; there is little in
the immediate future that promises
relief, and the only real encourage
ment we have is that this state of af-
fairs can not last for all time to come.
1t is true we said this in 1895 and
1896, and when Mckinley was elected
l was one of those who felt that
prosperity was in sight, and we had
every reason to believe SO. The cleo
ton was over, the financial question
was settled for four years to come, and
we were saved from the terrific results
of a deprecated silver currency; the
tremendous liquidation during 1895,
1894, 1895 and 1896, and the low prices
ruling Indicated that bottom had
been reached and that 1897 would
bring prosperity, but since the panic
OF 1893 the situation has never been
correctly analysed. Our condition has
been far worse than we imagined and
recovery is going to take longer
than was supposed. The farmer is in
trouble; his surplus is gone, and he is
encroaching on his capital-mortgag-
ing his farm. The western farmer can
get for his corn an average price OF
only Fl cents per bushel, and in many
sections less, and for oats, a most i'm
portant crop with him. IL to Is cents.
We have not realized the great
change electricity is working for him
and for the rest of us and the new
conditions we must meet. Horses and
mules by the thousands have been
displaced by electricity. The electric
carriages and wagons will o dis
place thousands more. Iowa farmers
have lost go pei cen of their hogs by
cholera, and in other states have suf-
fered heavily. These conditions must
not be ignored. Manufacturers and
business men can not prosper unless
the farmer prospers. Good crops, es-
recially of wheat and cotton, this year,
and proper tariff legislation, will pave
the way for better times. I look for
further failures, but they will be of
concerns who have spread themselves,
are badly managed, and whose inter-
est charges on their bonds and mort
cages are eating them up. While it
sounds hard, still the quicker such
concerns are liquidated the better. The
worst of all is the suffering of mechan-
les, laborers, clerks and their families,
for manufacturers and merchants must
reduce their expenses, cut down their
force and work shorter time until an
increase in their business justifes in
creasing their help. Not until the
farmer can realize a surplus from his
crops that will increase his purchasing
power will we see business improve.
When that will be I know not. Collec-
lions are good, but country merchants
are buying only from hand to mouth
as their needs require. Probably never
before have the country merchants
been in better shape as far as indebt-
edness goes. Their stocks are low,
and, like the rest of us, they are wait
ing, waiting, waiting for the farmer
upon whom after all we are depend
ent for prosperity. 1t took several
years Of disagreement, mismanage-
ment and kite flying to get US all in
to this condition. We can not ex-
pect to get out of it in a few months
a? every thoughtful man must know.
I firmly believe that all business and
manufacture depends on the farmer.
Upon him depend the railroads (who
are suffering with the rest of us) to
haul his crops and bring him supplies.
Upon him depends the country mer-
chant, and upon the country merchant
depends the manufacturer and whole
sale merchant, and upon the manu-
facturer and wholesale merchant de-
pend the thousands OF mechanics,
clerks, statesmen and laborers in the