The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-09-13
cHol ERA AND COMMERCE.

4
| NEW YORK. Sept. 12.-Henry Clews, in
his weekly financial circular. says:
1.-The late improving tendencies In the
| investment markets have sustained a
severe check from the wide prevalence OF
cholera in Europe and the danger OF its
| getting foothold in the United States.
1t is true that, thus far, we have been able
| to keep the pestilence outside our gates;
and, SO long as the means of warding 1t
| off are applied with the same promptness,
vigor aud intelligence ss for the last two
weeks. there is good reason TO hope that
our city populations may be saved from
! invasion by tie disease. Moreover, the
governments order, subjecting arrly-
| ing vessels to twenty days de-
tention i'll quarantine, has had
most saiutary effect, inasmuch AS 1T not
only ipsures the prevention OF Infected
persons from landing on our shores. bnt
has the still more important effect OF
causing the European steamship lines to
suspend the westward transport of e,ni-
grants-the chief means of conveying the
infection-until the scourge has run its
course. From this time forward, there
fore, only first and second class passengers
will enter our ports which Will reduce the
chances of cholera getting inland to a com
paratively light affair. Still, the presence
of the gloomy paraphrenaiia ofqnarantlne
right under our eyes, and the constant
cable reports of the devastations Of the
disease b IN other tine nossby eGhnffes that
its subtle blight may flnd its
way through all distinctions, are
matters calculated to keep up feeling OF
insecurity until the plague has disappear
ed by process of natural exhaustion. Nor
is it the mere horror of the disease that af
fects business confidence. Its spread 10
European ports has very direct tendency
to check imports of American products:
for not only are merchants at the Infected
ports desirous of holding the smallest pos
sible stocks OF goods that may carry con-
tagion, but their trade is crippled and
their means OF meeting their liabilities are
becoming seriously impaired: SO much SO,
IN the case of Hamburg, that the bankers
of that city have found it necessary to
allow thirty days grace on obligations
maturing i'll September.
These causes are visibly checking our
exports Of cotton and of food products
generally, with a corresponding effect up
on the prices OF those staples. And the
curtallment Of those shipments reduces
the supply Of export bills, which has a
tendency to correspondingly stimulate the
export of gold. Hence it has been argued.
In some quarters, that we shall be exposed
to a gold drain at the very time when the
west Will be drawing on this city for cur-
rency. This conclusion, however, ignores
the fact that, TO the extent that the eX-
ports may be curtaied, the forwarding of
products from the interior to the seaboard
Is likely to be interrupted, thereby dimin-
lshlng eastern remlttanceS to the grain
states.
"All these possibilities are Of too
lC,nfx at>a h. \. fin,
certain period they must have their effect
upon the markets and upon business at
large: but. taking the case at its worst, it
is only matter Of few weeks, when the
troubles will end and the effects left behind
Will be confined TO the loss of so much
population whilst the movements Of trade
and finance will be resumed with their
usual confidence and activity. Really,
therefore, rs the situation presents itself
to Wall street, it is mainly a matter
of ability to endure and sustain
values for comparatively brief
period. Had the calamity come
during period Of inflated values, of over
burdened markets, or of unwholesome
speculative enterprise, the visitation would
have been a much more serious affair; but
1t has arrived i'll the midst of a wholesome
reaction from just such elements of dan
ger, and when affairs are being put upon a
sound and conservative basis preparatory
TO a fresh revival Of the productive enter
prise Of the world at large. This is the
view that Wall street is likely to take of
the present situation; and although oc-
casloDs may arise favorable to transient
attacks from ''bear" operators, yet we see
no reason to fear any important declines
In solid securities.
Apart from the transient effects of this
alarm, the general position of affairs in
thlS country IS an eminently satisfactory
one. ID almost every branch of industry.
production is in full and healthy swing
1he harvest, together with the large sur
pluses of agriculture brought over from
last year, gives us supply OF products for
not even surpassed by the
unparalleled abundance OF 1891; so large
indeed that we must expect to again carry
over large surpluses to next year. When
that can be said, and when in addition it
is true that the spirit of enterprise is in
every direction conservative, what more
need be adduced to give assurance that
The situation of our great material in
terests Is one that assures an increasing
value in our national Investments"