Article Text
Washington, D.C., Oct. 2.-The reports of business improvement and activity in masufacturing and commercial lines which have come to the front since the enactment of the Dingley law has suggested to somebody with a good memory a comparison of present conditions with those ot the corresponding dates in the first year of the Cleveland administration. It is a curious fact that the enactment of the Wilson law came at just about a corresponding period with the meeting of the free-trade Congress in the first year of Ceveland's second term, [and that it is therefore possible to contrast business conditions under the shadow of approaching free trade with the business condition in the sunshine of returning protection. This comparison is startling. This period covered in the comparison of the two months since the final action upon the Dingley bill compared with the corresponding two months in the Cleveland term. or from July 24 to Seteraber 24, 1893, contrasted with July 24 to Setember 24, 1897. Here is the contrast; it is well worth laying for reference: Week ending July 24, 1893-Failure of Bozeman. Montana, 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; capital, $250,000. Bank failures At Vernon, Tex., and Knoxville, Tenn.; capital. $200,000. Failure of Tacoma (Wash.) National Bank; capital, $200,000; also failures of banks at Great Falls. Mont., and Orladno, Fla. ; capital, $200,000. Suspension of work in manufactories reported from all sections. Week ending August 1, 1893,-National banks at Manchester, N.H., and Indianapolis, Ind fail; capital $500,000. Failure of First National Bank at Spokane, Wash. ; capital, 2500,000. Ten banks sus pended in one dav (July 27) capital, $2,000,000. Bank failures in South Dakota. Montana, Illinois, Kansas, Texas, Washington, New Hampshire, and correspendingly large number of business suspensions. Week ending August 8, 1893-Collapse of Chicago provision deal and many failures of commision houses. Failure of National Bank of El Paso, Texas. Failure of National Bank of San Antono, Texas. Failure of National Bank of Mounce, Ind. LIIId Congress meets in special session to begin its destruction of the McKinley law. Week ending August 28, 1893-Encounter between the Anarchists and Soeialists averted by New York police. Failure of National Bank at Hindman, Pa. Failure of National Bank at Tacoma, Wash. Suspension of manufacturing establishments in numerous states. Announcement by controller of the currency that 155 national banks and 560 private banks had failed during the year ending August 28. Railroad receivers appointed during August for Northern Pacific, Pt itadelphia & Reading, New England and Pittsburg, Akron & Western. September-Railroad receivers appointed for Wisconsin Central. Chicogo, Peoria & St. Louis, Cleveland, Canton & Southern. Evansville & Terre Haute railroads. The mileage of roads placed in the hands of receivers during the year 1893 was 25,375, nearly one-seventh of all the lines in the United States, and their indebtedness $1,212,217,033. During the year there were 16,115 mercantile suspensions, involving liabilities amounting to $346 779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange as high as 72 per cent. The following statements of revival of manufacturing industries during the sixty days following the enactment of the Dingley law. the period corresponding 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 adminisration. The statements which follow are from "Brad street's:' Week ending July 24, 1897-Twenty thousand workmen resumed work in iron and steel industries. Bigelow Carpet Company, at Clinton, Mass. resumes
