Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-03-05
WEEKLY FINANCIAL KLyIEw.


Henry CLEws, for the week ending
February 2s, 1891, reports depression
In the stock market. Speculation viii
be dead, until Congress adJourns. Feb
ruary IL usually n dull month, and
money Is usually scarce In March, 10
that the market may remain dull for
some time.
Prices, however, have held up during
the excessive duilner- OF the past.
This shows confidence worthy even OF
consideration from "bcar." II indl-
Gates In the future higher range OF
values. Shortness In the corn crop
has affected some railroads little, and
especially the Rock Island, and q. ID. 4
O., but sanguinc hopes exist that the
roads will pull up In other depart.
mcnts. Henry Clows further says:
"in my judgment, the unusually de-
pressing influences affecting the market
Tor tho last i've months have prcdisposod
Wall street Ia very fully, perhaps excess
slycly, discount the uniAyonblo factors
In the railroad situation; whilst tho moro
favorable hclorr seem not 10 have 70.
colycd tho full consideration they
merit. Tho railroad interest appears
to hayc touched it, lowest point OF
depression about tho period OF the
late panic. Composition aud granger
legislation aud agitation had then done
their wors, and the injury arising from
tho corn crop was estimated ut IL maxi.
mum; aud these factors were taken at
their fnll value when the panic level Of
prices was reached. Since that time, i'm.
portant changes bcnehclally affecting tho
rillroad. have occurred. There can DO
no doubt that the oNponses OF operating
aud management have been reduced
under tho pressure to which tho roads
have been subject. That pressure has
also discouraged tho construction Of now
roads, with tho effect OF corrcspondlngly
checking the most reckless form Of com.
petition. From tho samo cause, tho
construction OF branches by existing
roads has been placcduudor check, with
tho result Of lesscning tho diversion OF
earnings from dividend account ~ con.
siruction account. Tho fierce aggres.
sions of granger legislation have reached
their climax, and the blind popular senti-
ment that has demanded such legislation
'is now beginning TO discover that 10
cripple tho public carriers IL To oh.
struct tho channels Of trade nnd OF
industrial development. A break IN
tho ranks NJ the Farmers Alliance
IN threatened by the large element Of
wage.earners, who ind that repression OF
the railroads means the discharge Of en-.
ploycs aud the reduction OF wages. Tho
higher courts, even In the Granger States,
are beginning 10 toach legislators that
laws which do not afford a fair compon-
saiion 70 the common carrier are Ia the
nature OF unconstitutional oonnscation-
position which had been already az.
nrmed by the United siatcs Supreme
Court These licts very plainly Indicate
that point has been reached at which
legislative oppression of tho railroads ~
hNhlhNAhN W aAh' lAf'N w " lhHl'A lAii'Ns
Tho Western railroad Association Is also
factor frolh which some good results
may be reasonably expected II Is at
least calculated to put check on oompe-
tiuon and to reduce the eosts OF manage
mont over very large mileage OF road;
how nir Il may secure an advance In ratcs
fonlalus 70 BIO scent but, notwithstanding
tho disclaimers Of any purpose To mlse
freight charges, II seoms dlfiioult to JUS
lily the creation Of such powerful or
gnnlsailon II II Is not intended to advance
tarin rates which are admitted to be ruin.
ouvly low, II therefore seems probable
that rates on through freight may be adj
vanced Mt an early day on the roads of the
Western Association. Another element
calculated to affect railroad Investments
iavombly Is tho failure Of tho cree coinage
scheme under circumstances which fore.