Stagnation in America

Waihi Daily Telegraph, Volume IV, Issue 1057, 3 August 1904, Page 2

Stagnation in America

Kvidknues of trade depression all over tho United Slates are daily increasing, writes ft New York correspondent. Businesses of all kinds arc reducing their working steffs and culling down wages, tho cotton mills "> tho Jot England Stales having recenti.y made a rcluciion of 10 per cent in wages. c

In addition to the 75,000 men dis-i climged by various railway companies a low days bro, nenrly 8000 clerks havebesn '•eeently dismissed by tho g ra u Fow York Urokerago and Fimu.oo establishments, A ! reports tudicato that, business is fully oO per cent below the standard of last year, and is likely to reach a much lower level. Among the reasons assigned for tho general stagnation is the presidential elee* tion campaign, which finishes next Kovmnber, The possibility of a ohanie oluilininiattat'on ahvays \ m „ disastrous ellect on business and causes general depression iu trade. Another important factor is tho ouoi> '"oils loss sustained by tho general public in slock exchango speculations. I*o heavy fall in steel stocks was Bnffleiont to turn investors away from Wall street for n considerable period, The public lost millions in cmmm sloc k »one, and that has made peoplo wary of all classes of stock,