Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1898-01-08
Business of the Past Year.

ness of the year 1897, says:
"The business year 1897 began
with delay, followed by rush, and
ends in an unexpected check to de-
mand.
Little was expected in the way
Of revival in 1894. That was the
first year after the last panic, and
observation teaches that the first
voar after years of panic is one OF
depression, followed by slow re-
euperation, BY the end of 1894
confidence was generally felt in the
outlook for improvement. The re-
suit showed it was not misplaced,
for between March and September,
1895, there was what has been
known as the little boom in iron
and steel
THAT was the first wave in the
tide OF returning prosperity. Those
who had expected a tidal wave were
disappointed, and looked forward
10 1886, little thinking that the
tremendous interests of a currency
campaign instead Of fight over a
tariff were to restrict enterprise as
never before during presidential
campaigu since the war. With the
success of the friends of sound
money anticipation of an easy re-
vival in business became general.
There we're three months OF wait
ing before congress convened, and
four more months of deliceration
and legislation before the Dingley
bill was born. In this way the first
half of 1897 was but a prolongation
Of the delay and depression which
characterized 1896 The only con-
spicuous commercial activity was
shown in the efforts of various i'm
porting interests to forestall the
new tariff with large stocks of i'm
ported goods. Beginning in July
and ending in October, there was
eomrressed all that there was to be
of business revival this year.
First to feel the effects of this
the second inrolling wave of the re-
turning tide of prosperity were
makers of iron and steel, who have
enjoyed large expansion of bus
mess and the unique experience Of
successfully competing with the
English, Belgian and French in the
worlds markets Dealers in wool
and manufacturers of wooden goods
were next to feel the effects of the
new tariff, and the WOODEN mills,
which had long been idle, have
been and still are doing a prosper
Gus business, with enough orders to
carry them we'll into next year.
ut is evident the south was not
to participate in the revival as fully
or as early as the east and west, for
which floods in the lower Missis-
sippi valley in the spring, an unus-
ually large crop of cotton of a poor
average quality, yellow fever scares
and guarantees are responsible
Short crops of wheat IN other ex-
porting countries and in some of the
larger importing countries, together
with a large domestic crop, are re-
sponsible for the gain of almost so
per cent. in the price of wheat and
for double our usual volume ofwheat
exports This uplifting of the in
austrlal and western agricultural
interests has had natural effect
On transportation, and reports of
the latter reflect the expansion OF
commerce in the greatly augmented
totals of earnings. A conspicuous
drag is found in the low price of
cotton and its effect on southern
trade. But as one extreme follows
another, the outlook for q rebound
in cotton prices is far better than
was that for wheat last fall. Judged
by the volume of bank clearings,
an excellent measure of the course
of trade when considered for pro
tracted periods, the volume of bus
mess of the country this year ranks
with that of 1891 when there was
a falling off following the Barring
crash in December, 1890. In 1892
business and speculation were again
increased in volume, after which
the drop was steady and swift till
the end of 1894, the revival modest
IN 1895, the check conspicuous in
1896, and the upward turn pro.
nounced this year Next year we
shall witness the third a still laro-