The Republican. [volume] (Oakland, Md.) 1877-current, 1893-09-28
FINANCIAL REVIEW.
Henry CIews's Weekly Letter on the
Business Situation.

aiSHiy Views 5 WEEKLY LSllCT on Sf1G
Business Situation.
! New YORK, Sept. 23.-The delay
in voting on the repeal bill brought
business almost to a stand still, and
the large traders showed no dispo-
stlon to come to the relief until
they received assurance that the
senate will soon act. The same
may also be Sd d of the London
market. In view of this, prices for
several days have been swagging,
although one noticeable feature is
that long stock does not come out,
and the bears, while they indulge
in their usual pessimistic talk, do
not care to add materially to their
outstanding short contracts. | re-
gard the repeal of the Sherman act
as inevitable within II comparatively
short period. After haylng with
stood its dangers so many months
aud years, few days extra delay
Is of small consequence. except to
| ulIId SeuSlIlNc luulNluudlS WHOSE
nervousness unsettles their judg-
ment.
Railroads generally are still show
ing losses in gross earnings as com
pared with last year, but consider
able improvement when compared
with the last two or three weeks,
(Which is taken as an evidence that
the tide has turned and that
all kinds of freight will soon assume
its wonted activity. 1t could not
be otherwise than that the railroads
stould suffer from the late depres-
sion in business. 1t is equally
natural. therefore, that they should
now reflect the improvement in the
business situation, and that us fac
tories resume and goods begin to
move more freely into consumption,
the gross returns will return to nor
NAL figures. Whether they will
continue to maintain the large in
creases which they had previously
shown or not, it would be rash to
predict. 1t must be, remembered
that the movement of wheat, cot
ton, corn, provisions and other ag-
rlcdltural products has been very
backward. For various reasons,
though largely because Of low prices,
farrh hers have held back their prod
ucts as much as possible. The
Farmers Alliance has undoubtedly
influenced many farmers IN this
couke. Whatever the reasons,
therefore, it is evident that the
products of the soil, of which we
have IN abundance, must soon begin
to move freely, and thus bring bust
ness to the railroads. When it is
considered that there is no over
production of railroads, as IN for
mer panics; that prices are already
low; that Europe stands ready to
buy when our currency evils are
abolished; that expenses are being
largely curtailcd, and that we have
certainly seen the worst that can
happen, there is no reason whatever
for anything except sturdy conf
dence IN the future of good railroad
stocks ana bonds. The Chicago
exposition has proved II boon tc
many lines; and while this source
of income will soon be lost, it has
nevertheless proved very timely
aid in keeping up earnings,
As an evidence of the improve
ment in the financial situation the
New York banks have recently re-
tired So, 100000 Of their clearing
house certificates, leaving the
amount now outstanding $50, 000,-
600. Out of the 1913, 100000 orig
inally issued, it is credltable to
Wall street that during the crisis
less than 20 per cent. of the sum
was required to carry Wall street
interests through, thus showing the
soidity of the financial centre OF
country. The remarkably sound
position demonstrated through the
trying ordeal OF such long panic
period naturally had most telling
effect in sustaining the entire nation
from more general and widespread
disaster than was produced by the
most severe contraction of credits
that this country hAe ever expert
enced, every section OK it virtually
being compelled to 60 INTO IA credl
liquidation. The test which thu
panic has furnished of the sound
ness Of business affairs almost every
where makes the foundation a soliC
one now to build up on, and i
should therefore bring about more
rapid recuperation than after any
previous panic. The financial dis
turbance of 1873 was produced b.
an excess Of railroad construction
The new roads and the banker
connected herewith as sponsor
mostly all came to grief. The panic
of 1884 was caused by the COLLAPSE