Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-12-29
OUR FINANCIAL LETTER.
1898 Has Been a Bad Year for
Railroads.
The Disturbed Financial Waters---Are
the Breakers Real or Imaginary---May
Wise CounseIs Prevail and 1904 Bring
Renewed Courage and Confidence.
"A BROAD STREET,

Renewed Courage and Confidence.
"a BROAD STREET,
New YORK, Dec y, 1898. {
According to statistics compiled by the
Chicago Railway Age no less than Il rail
way companies have gone into receivers
hands during the year. The stock and
bonded debt of the II roads amount to the
sum of $1,2S7, $4,000. Since the pub
licaton of these statistics the Atch-
ison road and the New York Il New
England have been placed in the hands of
receivers. Five large railroad systems are
now under the protection of the courts
the Reading, Erie, Union Pacific, North
ern Pacific and Atchison. 1t hardly need
be said, from the above data, that 1893 has
been very disastrous year for railroads.
The outgoing Of the old year leaves the
financial community in disheartened con-
dton. People of all industries have been
clinging to straws for several months, and
these straws have slowly, but surely, been
drifting into deeper water They have
been floating on the tide of hope. They
are now tossed on the bilows of despair.
Shall we look for rescue to the crew of the
"lighthouse,' or shall we look to the APP
pointed mariner of the "Whte House?n
If to the latter let him first prove that he
is a good sailor. When the captain of our
Ship of State first took command, the grand
old ship was sailing in waters of conf
dence. Now she is lloundering amid the
breakers OF uncertainty. These breakers
seem to be free wool, free iron and free
raw materials. Whether these breakers
are real or fancied is what the country is
trying to prove. In this connection, how
ever, the writer could not help noting that
while the ways and means committee were
sitting in Washington, trying to decide on
the different industries that should eat at
the table Of free trade, great many thous-
and people in this country were eating
free soup over free lunch counter.
A strange coincidence, was it not?
When cotton, wool, wheat, iron, and, in
fact, all the staple commodities began to
decline in price right after the 'land-slide''
of November Il would now name it pow
erty-slide), We We're told it was owing to
the obnoxious Sherman silver law. This
alleged menace was repealed long ago, and
still these same commodities sell lower and
lower. Fifteen months ago who would
have dreamed that wheat, stocks, bonds,
iron and wool would be selling at the pres
ent prices on the eve of 1894? The
shrinkage is something startling to con-
template and whether the causes leading
thereto be real or fancied, it must be ad-
mitted that the results are truly real, and
the consequent devastation seen on every
hand. At the present time ii is estimated
that 100000 of people are idle. The
thrifty New Englander, with his home and
a bank account, has little idea of the pov-
erty that is stalking through our country,
especially in manufacturing towns and
cities.
The writer is of the opinion that the
Wilson bill will never become law in its
present form. If it does, the wage earners
must submit to the inevitable, and have
their wages reduced from % to 40 per cent.
Most of the commodities have already gone
through this scaling down, and wages must
certainly suffer a proportionate reduction.
Let us hope that 1894 brings order out of
chaos, and that the many hearts and hopes
may be lifted out of the slough of despond.
w. p. EAGER,
Banker and Broker.