New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-10-18
HEN B Z l,LEWS&
sThe New York Bankers See Hopeful
Signs in All Directions
Gut One.
The Continued Talk in the Upper
House OF Congress Makes Them
Very Weary.
Nevertheless There Is a Better General
Condition of Things Than For
Some Time.

New YoRK, Oct. "a. In their weekly
review of the financial situation Henry
Clews & Co. say
Still the senate debate drags its weary
course, and still Wall street as YEARLY
waits its conclusion. If evidence were
wanting of the serious effects of this
delay it stands out clearly in the fact
that another of our great railroad COR
porations has been compelled to seek
protection in receivership. The state
menJ of the Union Pacifc's finances, on
the application for receiver, is mainly
recital of the immense losses of bust.
ness pending the late silver depression
and the protracted deferment Of re peal,
and it is very doubtful whether the
company would have drifted into it's
acknowledged bankruptcy had it not
been for these drains upon it's business,
The Signs at Washington,
however, are now looking brighter, and
we may be permitted to hope that the
deadly incubus Of suspended legislation
will soon be removed from the business
and the credit of the country. The
people are SO positively incredulous
that the senate will dare to persist
much longer in disregarding the un-
mlstakably expressed will, that their
attitude is one OF impatient waiting
rather than dependency. Nor is it
supposed that, even We're the repeal
measure to fail of adoption in the
upper house. such defeat would amount
to anything more than a transient post
pOnement Of success.
Upon business operations at large the
position OF the senate has a discourage
ing effect. Among the mass of traders
the situation is not so clearly under
stood as it is in the higher circles of
capital. and there therefore the conf
dence In the ultimate adoption of re-
peal has less positive sustaining eff
feet. But while this much has to be
conceded, yet it cannot he denied that
IN the commercial situation at large,
there are many elements sugges-
tive of hope The past disasters
Have Purged Business
Of it's weak points and the basis of
credit is sounder than it was before the
depression. Industries are resuming
and in many cases under conditions
which will yield improved profits.
Labor is being correspondingly called
into more regular employment and the
purchasing power Of the WORKING mil
lions is thereby being increased. Taken
as whole, the commercial situation is
that, in case Of the passage of the silver
repeal, there could hardly fail to be a
marked revival of trade and a large re-
turn towards generally normal con-
ditions.
Monetary Movements
continue in the direction of an ease call
culated to stimulate any reviving ten
dency that may arise in business
Throughout the entire country money
is accessible to sound borrowers. At
this center the reserves of the banks
have risen to figures rarely touched at
this season of the year. The course of
our foreign trade is so largely in favor
of this country as to neutaalize the late
uneasiness as to whether we might not
find it necessary to return some Of tine
gold lately imported from Europe.
Upon the whole, therefore. present con-
\ ditions are, in our view, suggestive of
an early recovery from the effects re-
naming from the late depression.