The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-10-24

is an anchor that will keep the country
from again drifting on the rocks OF panic
from which we have just escaped. AHe
positiveness of this confidence Is the main
cause of the underlying strength OF .ne
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 Ii Is
evident that similar view or the pros
pects of silver reform Is taken IN the
foreign markets for our securities; Tor,
iisheartening as the action or the senate
may be supposed to be upon observers AT
such a distance, yet there has been no
noteworthy return of our securities since
the silver vote of the house OF representa-
tives. except in the case of certain stocks
which have been upfayorably afteot; ID Dy
uuite other causes.
But while this confidence in the ultimate
suspension of silver purchases serves AS
strong support to the market. the delay OF
that conclusion acts III many ways rs
drag upon both values and transactions.
It keeps up reservation in the larger op-
erations of corporate credit. which tends
20 the EN- mbarrassmento Of railroad finance.
1t puts obstacles in the way of the resuscl-
.ation of important reads now In the pro-
less of financial reconstruction; and IL
throws a certain cloud of suspicion around
properties which otherwise would enjoy
unqualified confidence, all of which has
certain effect upon railroad investments
Tor the time being.
Upon business operations at large, the
position of the senate also has discOurag-
ing effect Among the mass Of traders
The situation is not SO clearly understood
as it Is in the higher circles of capital, and
there, therefore, the confidence in the ulti-
mate adoption of repeal has n less positive
sustaining effect Consequently, in the
retail business. the growing excitement at
Washington rather tends to suggest dis
trust than to encourage hope. But while
this much has to be conceded, yet it cam
not be denied that. in the CONNER cisl sit
uation at large, there are many elements
suggestive of hope. The past disasters
have purged business of its weak points
and the basis of credit is sounder than 1t
was before the depression. Industries are
resuming their suspended work,
and in many cases under conditions
Labor is being correspondingly
called into more regular employment and
the purchasing power of the working mill /
ions is thereby being decreased. The in |
creasing supply of products has not sufficed
10 fill the vacuum caused by depleted stocks
and as a rule, prices OF commodities are /
consequently well sustained. Taken rs a
whole the commercial situation is such !
that. in case OF the passage of silver repeal,
there could hardly fail 10 be a marked re- /
viyal of trade and large return towards
general normal conditions. Considering |
that all the present indications point 10
the early forcing Of a vote Oh silver repeal,
it will therefore be apparent how near we
may possibly be TO a general revival Of
business.
"Monstary movements continue in the
direction of an ease calculated to slim ulate
any reviving tendency 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; and although this is an
evidence of business depression, Yet it may
at any moment become the Cause of its re-
vival. The course of our foreign trade is
so largely in favor of this country rs to
the late uneasiness as to
whether we might not find it necessary to
return some of the gold lately imported
from Europe. Upon the whole, therefore,
present conditions are, in our view, sug-
gestive of an early recovery from the ef
.ects remaining from the late depression"