The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-10-23
Henry Clews's Weekly Letter On
the Business Situation.
CONTINUED DELAY IN The SENATE
Bad Effect on Wall Street.
Union Pacific characterization of
tho scnnte Has DiscouruginG Eff
feet on business ut LarGc-Money
Accessible to Sound borrowers.


clusion. II evidence were wanting OF
the serious effects OF this delay, it
stands out clearly in the fact that an.
other OF our great railroad corporations
has been compelled to seek protection
in receivership. The statement OF
the Union Pacilc's finances, on the ap.
plication for 4 receiver, is mainly u re-
cital OF the immense losses OF business
pending tho late silver depression and
the prptracted deiermcnt OF repeal, and
it is very doubtful whether the COM
pany would have drifted into its ac-
knowledged bankruptcy had it not been
for these drains upon It's business.
The Union Pacific is by no means the
only one OF our railroad corporations
that has seriously suffered from this
cause and there is too much reason to
fear that if the silver question were al.
lowed to remain much longer unsettled
other embarrassment may not unlikely
result. The signs ut Washington, how
ever, 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 not dare to persist much
longer in disregarding their unmistaka-
bly, expressed will that their attitude is
one OF impatient waiting rather than de-
spondency; nor is it supposed that even
were the repeal measure TO fail OF adop-
ton in tho upper house, such defeat
would amount to anything moro than
transient postponemcnt OF success. In
no well informed quarters is the con-
tinued unlimited time issue oil silver
money regarded as possibility, and
that confidence is an anchor that will
keep the country from again drifting on
the rocks OF panic from which We have
Just escaped. The positiveness OF this
confidence is the main cause OF the I'M
DERIVING strength oil the investment
market, which is keeping the bears"
timid about selling and induces squirt
OF buying upon any improving changes
in the posture OF the senate. 1t IS evil
dent that u similarview OF the prospects
OF silver reform is taken in tho foreign
markets for our securities, for. dis
heartening as the action OF the senate
may be supposed to be upon observers
at such distance. yet there has been no
noteworthy return Of our securities
since the silver vote OF the house OF
representatives except in the case OF
certain stocks which have been unfa-
vorably affected by quite other causes.
But while this confidence in the ulti-
mate suspension OF silver purchases
serves as a strong support to the mar.
ket, the delay OF that conclusion acts in
many ways as drag upon both values
and transactions. 1t keeps up rcserva-
ton in the larger operations OF corpo-
rate credit, which tends TO the embar-
rassment OF railroad finance. 1t puts
obstacles in the way OF the resuscitation
OF important roads now in the progress
oil financial reconstruction; and it
throws certain cloud OF suspicion
around properties which otherwise
would enjoy unqualified confidence; all
OF which has a certain effect upon rail-
road investments for the time being.
Upon business operations at large,
the position OF the senate also has
discouraging effect. Among the mass
of traders, the situation is not 80 clearly
understood rs it is in tho higher circles
OF the capital, aud there, therefore, the
confidence in the ultimate adoption OF
repeal has less positive sustaining ef.
feet. Consequently, in the retail busi-
ness, the growing excitement at Wash
ington rather tends to suggest distrust
than to encourage hope. But while
this much has to be conceded, yet 1t can
Lao, lny,inI Ahnt Il, hn iOi
situation ut large, there arc many Gle.
ments suggestive of hope. Tho past
disasters have purGed business OF its
weak points and the basis OF credit is
sounder than it was before the depres-
sion. Industries arc resuming their
suspended work, and in many cases I'M
der conditions which will yield i'm
proved profits. Labor is being cores
pondingly called into moro regular EN-.
ployment and the purchasing power OF
the working millions is thereby being
increased. The increasing supply of
products has not sutficed to fill the
vacuu m caused by depleted stocks, and,
rs n rule, prices OF commodities are con-
seQuently well sustained. Taken as a
whole, the commercial situation is such
that in case OF the passage OF silver re-
peal there could hardly iail to be
marked revival OF trade and large re.
turn towards general normal conditions.
Considering that all the present indi-
cations point to the early forcing oil
vote on silver repeal, il will therefore
DO apparent how neer we may possibly
be to II general revival OF business,
Monetary movements continue in tho
direction oil an ease calculated to stimu-
late any reviving tendency that may
arise in business. Throughout tho on
tire country, money is accessible to
sound borrowers, At this center, the
reserves OF the banks nave risen to
figures rarely touched at this season OF
the year; and although this is an evil
dence OF business depression yet it may
at any moment become the cause OF its
revival. The course OF our foreign trade
is so largely in favor oil this country as
to ncutralize the late uneasness rs to
whether we might not find it necessary
to return some OF the gold lately i'm
ported from Europe. Upon tho whole,
therefore, present conditions are, in our
view, suggestive OF an early recovery
from tho effects remaining from the
late depression. ElESiY CLEws.
Tho Wool Trade.
grul,,ycr,
Tbo,,nI,,no nj troIn coptipuna small