davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1908-01-19
BANKS IN CHICAGO
ARE NORMAL AGAIN
All Clearing House Certifl-
Gates Retired From
Circulation.

CHICAGO. Jan. 1S.-Banking condi-
tons in Chicago were restored TO an
absolutely normal basis Monday BY the
action Of the Clearing House Associa-
tion in practically retiring every clear
ing house check and certificate issued
during the recent financial furry
By formal resolution the association
Gecreed that. beginning on THAI day. no
clearing house check should be received
by the Chicago Clearing House AssO-
citation in payment OF bank balances;
and that after Tuesday no clearing
house certificates should be received in
payment OF bank balances.
This sweeping action by the asSOCia-
ton was the spoken word of nineteen
Chicago banks, with a total capital and
surplus Of S1,0O0 Co., BY the passage
Of the resolution, these banks, forming
the association. declared 10 the world
that they have fully returned TO a cash
paying basis, and that the necessity for
the use OF emergency currency has
passed
In discussing the action of the as
ISOLATION W. d. c. Street, its manager,
said.
THE associations decree against the
further use by banks of clearing house
certificates and checks was TIE result
of changed condition. The banks no
longer ind il necessary to offer this
paper in payment Of their balances For
several days past all the banks have
paid their balances in cash"
The Washington times., 1908-01-19
LACKAHANNA WORKS
REOPEN IN BUFFALO
Head of Company Looks
for Better Times Than
Ever Before.

BUFFALO, Jan. 1S.-An the works Of
the Lackawanna Steel Company went
into commission this week. They had
been idle for more than a month and
the effect was generally felt The open
hearth furnaces opened a short time
ago. President Clarke has beer, in Buff
falo looking over the situation. He
said conditions are now good. and there
is small chance Of a shortage of work
IN the future.
There was much ado about nothing
during the so-caIled financial strin-
gency." he said. People became excited
and brought on a shortage OF money by
withdrawing their savings from the
banks. There was never any danger.
A few institutions In New York are no
longer an indication of what condition
the country is in. Business has quickly
picked UP. and where II was necessary
for the time being 10 suspend opera
lions, the old prosperous condition again
prevails.
Business will continue to improve in
Buffalo, and I would not be surprised to
hear that times are better than ever"
with the return OF the 1900 men to
work at the Lackawanna Steel plant,
there is a general feeling that financial
skies are clearing.
In several local institutions, en-
pIoyes who have been on short time
have been put on full time. and III
some instances the working force has
been increased. Altogether the condi-
ton is considered greatly improved with
a prospect Of a speedy return to normal
conditions
The Washington times., 1908-01-19
RENEWED PAYROLL
FROM STEEL MILLS
AID TO PTTTSBURG
Conditions in Adjoining
Towns Reflect General
Prosperity Of Season.

PITTSBURG, Jan. 1S.-While Pitts
burg was shaken by the financial furry
conditions are becoming normal. and
within a short time will, no doubt, be
as prosperous as ever.
Some of the mills had been running on
reduced time. but they are beginning to
operate in full. Thousands of men have
returned TO work within the last few
weeks.
When the mills are operating and pay
rolls become large. the amount Of
money thrown into circulation by the
workingmen and their families is I'M
medIately reflected by the general hnan-
Cial situation.
subcommittee representing various
branches of Industries have held con-
fereHces from time to time and a re-
adjustment in prices is being made in
various lines.
More confidence is manifested in the
Iron and steel trade and the waiting
policy which was manifested for some
time is fast disappearing.
The great mills at Homestead are
running steadily. Jones & Laughlin' s
are rosumiug steadily, and the same can
be said Of all other mills. The Singer
& Nimick plant of the Crucible Com
pany. which has been idle for some
weeks. is again operating, and there are
SUFFICIENT orders ahead to predict that
the mill viii run steadily
The condition in manufacturing towns
surrounding Pittsburg also arg improv-
ing. Merchants report that business is
picking up so steadily that within a
--r,vt r5r,o f1raz- mill he pWunVicuCiug the
great prosperity that prevailed for
number of years.
Members of the chamber of commerce
and prominent bankers and brokers are
most optimistic. The consensus of opin-
ion is that PittsbuTg is too great a
financial city and has too many in
dustries to suffer long from temporary
slump.
The Washington times., 1908-01-19
FAITH MANIFESTED
IN CENTRAL STATES

CHICAGO. Jan. 1S.-The employers
and manufacturers in the Central
States are, generally speaking. con
tent with the present situation of
affairs. A comparatively small num-
Der Of failures and financial embar-ass.
ments indicated that the manufacture
found himself in a well fortified position
when the financial furry occurred.
The gist of opinions on the future Of
Chicago anticipates a faith that busi-
ness will continue good throughout the
year. The volume may not, perhaps
surpass that of the previous rear. but
1907 was a record-breaker and would bs
hard to suTpass.
A strong indication that business fs
sound is the fact that Chicago meT-
chandiSe warehouses are empty and
granaries are full, with prices above
the average. There seems to exist no
excuse for people Curtailing purchases
of wants and luxuries.
The business men of the city are urg-
and attend TO business in normal ana
conservative way. RestOral of con-
fldence will do much toward greaSing
the wheels of prosperity.
John NJ. Glenn, secretary of the Hi
nois Manufacturers Association. said
that Illinois could not suffer materially
from the financial scare because of the
great value of the States farm products
The coal mines he said. were affected
only because it was difficult TO get
ready cash for their operation
II believe that business is generally
picking up" said Mr.. Glenn. 4 also
believe that it Will continue so. The
country has been in too good COndi-
ton TO be affected for any length OF
time by a tightness of money.
The Washington times., 1908-01-19
RESUME.
OUTLOOK BRIGHT
Conditions Around Cincin--
natl Manufacturing Enter
priSeS Recover.

CINCINNATI. Ohio, Jan. 1S.-Not over
a half dozen large manufacturing
plants were forced 10 close IN account
OF the money panic. and these left idle
about $500 employees. At least 5000 TO
5000 employees, however. were laid off
by cutting down the working force Of
other local plants.
With possibly one exception, all the
plants which were shut down because
OF the panic, have resumed, as well as
a large number of other plants on d
normal basis. In the metal working
lines alone, which is the largest indus
try here, employing about 10000 hands
In normal operations, only about 1850
are now estimated TO be idle.
No large improvements have taken
place within the past three months, and
none are at present under way. A num-
Der Of local concerns. however, have
moved into larger and better quarters
and increased capacity. The general
business outlook here is good.
The banks Weathered the storm with
out the necessity OF issuing clearing
house certificates, and the scrip is being
redeemed There are nearly 5000 vari-
Gus manufacturing plants and business
houses here.
The Washington times., 1908-01-19
Greater Financial Stability
To Be Outcome of 1907 Furry,
PrOphesies Carroll D. Wright
Says There Is No Fear of Permanent Disaster
While Agricultural and Manufacturing
Interests Flourish.
By CARROLL D. WRIGHT,
Former Commissioner Of Labor.

prosperous while there are paniclIy con-
ditions existing in other parts Of the
country. Had the recent furry amount
ed to a great deal. the Northwest would
have felt and evidenced it.
II is wise in an accounting to show
just. where the country stands from
4 business point of view. 1t has larger
per capita circulation than at any time
In its history. The farmer has enjoyed
unprecedented prosperity. His labor and
knowledge have been rewarded with
products the sum Of whose value the
present year is SAP, 100000. Such a
statement ought to go far toward re-
moving any apprehension OF a long
continued period Of Industrial depresr
sion.
Fifteen billions represents the annual
production or manufactures in the
United States. While this statement
is based on partial data it is so sig
niflcant that it leads 10 conclusion
paralleled by that concerning the pros
perity of the farmer.
The stringency in the money market
/ is already about over. The iron and
stee Industry is engaging in renewed
activity. There is general activity in
railroad building-tTue indication OF the
solid condition of business. Pages could
be taken up with lists of manufacturing
establishments, railroads, and other en-
teTprises that are TesuC1ing work ia
/ confidence as to the stability Of the near
future.
This means prosperity, and continued
prosperity. in spite OF temporary fluTries-
With such vast business interests AT
stake with the enormous capital con-
trolled and managed by corporations,
! each Of which cannot afford to see an
other fall. the elements Of general pros
/ perity exist, and ] think II is not too
| bold to say that the recent scare Will
! have nothing but beneficial results and
will have the effect Of restoring the
/ country To a more conservative manage
ment of its business and 20 bring its
great financial transactions to safer
lines,
The Washington times., 1908-01-19
Newspaper Men Confident;
South in Good Condition
Following Slump in Stocks

ATLANTA, Ca, Jan. 1S.-(By Clark
Howell editor of the Atlanta Constitu-
tiOn)
so long as cotton is selling for its
present good price. nothing can shake
the splendid prosperity of the South.
Business is moving forward satisfactor-
lily for the new wear, with indications
pointing to another year of prosperity
The South IS in good shape and no fears
need be entertained that she viii cease
10 grow and be prosperous
tBy +. /. Seely, publisher of the At
lanta Georgian }
Il believe the South is in good cOndi-
ton for the new year and that there viii
be no letup in general good times. The
farmers are in better shape than they
have been in many years and they are
the backbone of things. Many mills and
factories. suspended during the brief
period Of depression. are resuming on
full time. ] have every faith in the
South enjoying g year of continued
The Washington times., 1908-01-19
Cheering Convalescence
To Be Seen in Michigan

DETROIT. Mich, Jan. lS.-James
Schermerhorn. publisher Of the Detroit
Times, says:
Detroit and Michigan gradually and
hopefully are readjusting themselves to
new business levels.
THE banks have retired ali clearing
house certificates. They have ample
currency for all demands and more 70
spare. Detroit and Michigan appreciate
the broad and considerable attitude OF
the New York banks throughout the re-
cent stTinEenCy.
Manufacturing is steadily Teviving.
January trade in necessaries is brisk
and quite VI to a year ago"
The Washington times., 1908-01-19
FARMERS HAVE MONEY,
BUSINESS IMPROVING

SEATTLE. Wash. Jan. 1S.-The fnan-
ciaI condition of the State of Washing
ton was never better. Farmers have
plenty of money and business is good.
State Bank Examiner A. W. Engle has
compiled statistics showing the amount
of the deposits in the State bank of the
State. The total of 1S1 banks reaches
the grand total OF SIS, 32l, 1I5-43- The
total deposits in Seattle banks, with
the exception OF three banks not iucIud-
ed in the compilation. is $4,000, 900.
The per capita resources for last year
was S19424, which is above the average
of the United States and its possessions
collectively
There is no pessimism in this end of
the country. People have confidence in
the resources Of the nation and regard
the recent financial scare as q brief
shower such as might happen at any
time after a period of unprecedented
prosperity.
The Washington times., 1908-01-19
HH - p

I took occasion in an article last year
to say that there is an important fac
tor which leads TO the conclusion that
the next industrial depression in the
United States will be postponed, or Will
not be as severe as depTessions in the
past
That factor is the steadying influences
of great combinations OF capital, wheth-
CT in manufacturing or otherwise. or, TO
use another expression, the steadying
influences of the trusts.
This is what occurred. In October last
the controllers or managers Of great
capitals, both individual and corporate
rallied and prevented a general panic.
They applied their Steadying influence
and what might have been a serious
panic was nothing more than furry.
Ii is a thing OF the past, with its in
structive lessons stin operative.
We read i'm the press every day or the
Improvement IN business. Temporarily
manufacturing establishm mere ana
there shut down. but Il was only Tor Il
short time. Outputs were limited, bat
they are again approaching normal con-
uition.
Within three weeks of the furry many
establishments began TO start up. Men
J eturned 10 work, and here was little
sign left of the depression. The great
Northwest went through the temporary
difficulties without a noticeable change
in business transactions
We must look 10 the Northwest for
certain powerful elements in prosperity.
The country banks OF that territory re-
port that they are continuing business
as usual and have been supplying funds
for moving the great grain crop Money
has been plentiful all the time and has
been obtainable- Conditions have been
restricted for a time, but there has been
no panic-nOt even q furry.
We need have no fear OF a perma-
nent disaster when a great agricultural
territory, also given TO manufacture, is
The Washington times., 1908-01-19
Stock Gambling Blamed
For Transitory Panic

COLUMBUS. Ohio. Jan. 1s.-John J.
Lentz, former Congressman from the
Columbus district, says.
This Republican panic is due to stock
gambling, and not 10 the fact that the
products Of the farms the factories,
and the mines approximated thirty bill
lions Of dollars last year, the largest in
the history Of the country. National
Legislation, which will prevent banks
from lending for gambling purposes, viii
prevent the plague Of such a panic as
We have.
Il believe some action viii soon re-
store confidence and business activity"
The Washington times., 1908-01-19
More WOrkmen Needed
For Conncllsville Plants

CONNELLSVILLE,P Pa. Jan. 1S.-The
welcome cry from the coke region is
for. more workmen. over 1000 ovens Of
the Prick Coke Company have been
fred. which means the employment Of
about 1900 men.
The scarcity of labor is due TO the fact
that thousands Of foreigners returned
10 Europe last fall Conditions have
not been brighter in the coke region for
a LONG time, and as long as men can be
secured to work there VIII be plenty OF
industrial activity.
The Washington times., 1908-01-19
Bessemer Steel Works
Has Resumed Operations;
1000 Workmen Are Happy

JOHNSTOWN, Pa, Jan. 1S-The
Bessemer steel plant, which has prac-
tically been idle for the last six weeks,
resumed operations this week. Four
thousand wOrkmen who had neen sus-
pended welcomed the news. Conditions
in this region are becoming better every
day The mines are working and the
steel business is prospecting. Johnstown
is somewhat of a national barometer
because of the industries located here
The steel mills, the many mines, the
lumber industry. and others are Of such
proportions that the prosperous cOndi-
tons Of the country are quickly re-
fected
The Cambria mills are among the
biggest of their kind in the country and
employ thousands OF men. With these
mills running. the general condition Of
prosperity Is good.
The Washington times., 1908-01-19
Grand Rapids Is Prosperous
During Clash in Markets

GRAND RAPIDS. Mich, Jan 1S.-Not
having had any panic, Grand Rapids
continues On the even tenor Of her way.
No clearing house certificates having
been issued, there are none 20 retire.
There being no surplus Of stock in Ou.'
furniture factories, there have been no
5hutdOwns. The January furniture sales
have been good, in many cases its orders
being larger than q year ago, when
smaller we're expected Showing that
dealers are pretty we'll sold out.
Building operations continue active
and winter taxes have been more
promptly and fully paid than usual.
The Washington times., 1908-01-19
Business Is Not Injured
BY the Money Stringency

ATLANTA, Ga. Jan 1S-Com-
mercial and industrial conditions in
the South and in Georgia are rapidly
responding to the restoration OF con-
fidence at the financial centers Of the
North. Business activity I'm Georgia
was never materially aeffcted by the
recent panic, but in some lines there
was evident marked conservatism.
The price Of cotton has been main
tanned at approximately the average
OF the past few years, and, according
TO the State commissioner of agricul-
ture, the farmers have never been
more prosperous than at the present
time. In some instances mills and fac
tories have been impelled to Curtail
production. and i'm isolated cases to
shut down entirely. but these con-
Germs are again Tesuming operation
to full capacity. The demand for labor
10 uarE
The Washington times., 1908-01-19
Industrial Plants Reopen
After Syracuse Furry

SYRACUSE, n. Y, Jan. 1S.-While
several plants suspended operation at
this place when the financial depdes-
sion was first felt hey have resumed
work. Contracts are being renewed be-
tween the building trades people and
employers and there is plenty of de-
mand for men The branch Of the Ma
tionaI Tube Works, which suspended
some time ago, is again operating in full
Three hundred men are at work. The
same spirit Of industry prevails in all
the plants about Syracuse.
The Washington times., 1908-01-19
Help Wanted" Signs Hung
At Millville Glass Works

NILLVILLE, n. J.. Jan. 1S.-"Heip
wanted signs. hanging in front Of the
office CT the big glass works at this
place, tells more eloquently than words
of the splendid prosperous condition OF
the community.
When the financial scare first hit New
York and was reflected throughout the
country. there was a feeling of uneasi-
ness at this place. AS a matter of fact
several plants suspendeds among them
the glass works. These plants have all
resumed. and in the glass works alone
nc less than 3,005 men are wcrkins fun
time Melville never knew a more
The Washington times., 1908-01-19
Plenty Of Money and Work;
Plants Running Full Force

YOUNGSTOWN, Ohio, Jan. 1S.-Con-
ditions IN Youngstown are good. There
is plenty of money and plenty of work
The Republic Iron and Steel Company s
plant. the Valley Iron Works, and the
BrOwn-BOnnel plants. which it controls.
are working fun time. The outlook for
the future is good. All miles have
ent time TO run well into the summer.
The general impression in Youngstown is
that prosperous conditions win prevail
for some time
The Washington times., 1908-01-19
Plants Running on Full Time /;
Conditions Greatly Improved

AUGUSTA, Ca, Jan. 1Sl-Big Au-
gusta concerns suspended operations
only for Christmas week, and all are
now operating on regular time. The
North Augusta Crate Factory and the
Tyler Knitting Mills are two new con-
Germs Of small proportions, combined
capital being $500 The Augusta
China Company is projected with S25,-
600 capital. 1t viii be ready for opera
ton March l.
The Armour Fertilizer Company have.
decreased tn cir capacity TO double their
former output, and give employment
- about seVenty-fiVe more men, The
Industrial situation in Augusta is gem
L. ..c...l
The Washington times., 1908-01-19
Mil Goes on Full Time
In Course Of Few Weeks

POTTSVILLE. Pa, Jan. 1S.-After
weeks Of ldleness, the Eastern Steel
Company at this place is running FIVE
davs a week. Announcement has been
made that the mill goes on fun time
within q few weeks.
The company has large orders for
structural steel from New York, Phila-
delphia. and other cities, which indi-
cate great building activity in the
spring. The outlook for the future is
good.
The Washington times., 1908-01-19
Lumber Business Improves;
General Conditions Good

JACKSON, Miss, jar. IS.-A general
resumption of the lumber manufacturing
Industry in southern Mississippi is now
in progress. and practically all Of the
mills that have been closed down for
the last sixty days are booking heavy
orders. and preparing to run the usual
working hours. Industrial conditions
generally in mississippi are satisfa Glory.
Barring the lumber industry there are
no clOsings Of manufacturing plants
during the period of depression
State and na%&al banking institutions
have in their - 5 more money TO loan
80 : - takers for, and the
. every way graft
The Washington times., 1908-01-19
DECEMBER BROKE STEEL RECORDS.

the outlook for the Improvement OF bust
ness conditions in the United States.
The buying of gems in this country
decreased somewhat, OF course, but it
Till be bit a short time before the peo-
pie Of America are again buying. Lon
con and Amsterdam are we'll supplied
with diamonds, ana as a result OF this,
coupled with the recent scare in this
country, the diamond-cutting factories
IN Amsterdam were closed down. Now
they are again open and working full
time.
The people OF America need have no
fear OF the future Your resources are
too great TO stand panic"
ITouwoIkers Not Reduced.
The National Erectors' Association.
consisting Of firms engaged in struc-
tural iron work throughout Canada and
the United States. has announced that
there VIII be To cut in the wages Of its
employees. IronwOrkers at present are
earning $50 per day, and about 5000
men are kept busy by the different
firms Of the association.
The condition OF the iron working
business throughout the country Is
good. There is plenty OF building. and
q good demand for wOTkmen.
The announcement that there would
be no cut in wages viii be welcomed,
for. since the recent financial scare,
there have been pessimistic predictions
The association held a special meeting,
so as 10 dispeI such anticipation by an
uouncing that wages would be held up
TO the standard.
Clothing Trade Good.
All the local cIothiers are busy On
spring orders and the outlook is good.
The entire range of spring goods has
withstoOd the test Of the last few weeks
and prices are being lowered as an in
centive TO buyers The restoration Of
of people in the industrial and
financial situations is helping along. AS
TO fall orders, the cIothiers are going
slow.
This action IS not the result OF an
ticiDated hard times, but is more the
exercising Of caution in the selection
of cloth As far as can be observed in
the trade. a general optimistic feeling
prevails,
The Washington times., 1908-01-19
IMPROVEMENT SHOWN,
MEN RETURN TO WORK

MEMPHIS, Tenn, Jan. 1S.-Industrial
conditions in this city have shown a de-
cided improvement in the last few
weeks. Only about three of the large
lumber plants let off men during the
panic, but none of them closed down.
The only factory which suspended op-
eratiOns was the plant Of the American
Car and Foundry Company, employing
l,2CO men This has not yet been re-
opened.
Conditions are still unsettled, and
there are no new enterprises of i'm
portance being launched, but optimism
as to the future is general.
The Washington times., 1908-01-19
WORK RESUMED IN GENEVA.

GENEVA. n. Y. Jan. 13.-Geneva was
but little affected by the financial dis
turbance and those institutions which
felt some temporary embarrassment and
were compelled to run on half time
have now resumed. for the most part
on old schedules. Nothing but optimis-
tic talk is heard here.
The Washington times., 1908-01-19

Fairer Business Methods
Will Follow Recent Panic,
Declares Ebert 4. Gary

movement should be here early this
year. and should continue TO be more
marked until fall. ! look for a salts
factory volume of business before the
year ends.
Confidence is the essential thing. The
Cptimist Wilt he successful as long as
he KEEPS within the limits of his re-
sources. Nobody can shiTk the restora-
ton Of confidence. for everyone IS re-
spOnsibIc for the lack OF confidence
when IL comes. It is. not a time for
motives Of cupidity or other improper
motives"