The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-09-19

easterly winds
Missouri-Generally fair; except showers
in east tonight or Tuesday morning; slight
ly cooler; winds becoming northwest.
THE STOCK MARKET.
New YORK, Sept. 18-The dealings on
the Stock exchange today were mainly
confined to the professional traders. There
were some selling orders from London,
mainly for ST. Paul and Atchison, but
they did not cut any considerable figure
in the trading. Except for An occasional
rally the market was weak throughout
and closed heavy, in many instances at
the lowest point touched. The declines
ranged from q TO per cent, the latter
being in American tobacco. Minneapolis
and ST. Louis preferred trust receipts were
down 27s per cent.
Henry Clews. in his weekly financial
circular, says:
During the past week there has been
continuation of the improvement in Wall
street Interests, and a marked recovery in
the tone and amount OF business at large
In all parts of the country. The restOra-
ton OF the banks to something approach
ing normal condition has contributed
much towards this improvements; mas
much as it has removed the money
blockade, restored confidence in credits.
renewed discounting and prepared the
way to a general return Of ease and low
rates in money. The action of the house
OF representatives on silver has made
still more important contribution towards
the recovery OF confidence, for it has given
strong assurance of the remedy of the
evil from which all the arrangements
monetary, financial and commercial-have
primarily arisen.
Unfortunately. the recovery is obstruct-
ed by the needless delay of the sente in
confirming the action of the house on silver
repeal. For the ordinary purposes OF trade,
the strong assurances coming from the
house and the probability OF the senate ul-
timately giving light majority may be
accepted as a sufficient guarantee of Il mod.
crate business; for trade Obligations do not
usually extend over a period longer than
few weeks or months. But with the
larger operations OF capital it is different
case. When outlays of large projects have
to De provided for, those who are to advance
the capital need to be assured that nothing
will Interfere to prevent due payment of
their loans, and when doubt exists as to
the kind of money in which liquidation
may be ultimately made, the capitalist re-
fuses TO lend until the radical doubt Is
moved. Ii thus comes to pass that the tao
tics of delay so resolutely persisted in by the
senate are iDfiicting upon the large IIscra-
tions of finance and upon new undertake
lngs OF Industry as complete paralysis as
has existed at any time since the depres-
sionse in. Equally is it holding in restraint
the disposition OF foreign capital w seek
employment in this country providing our
money of account is made satisfactory.
However much, therefore, business inter
ests may owe IN the prompt action Of the
house On tn, silver question, it
owes it 20 the reckless trining OF the
senate that the recovery OF conf
dence and of commercial activity Is still
very far from being complete and that vast
amounts ofcap;tal are held stagnant or but
employed.
Another serious effect of the obstruc
tive attitude of the minority of ths senate
Is that it is holding in suspense other
measures In which the country is urgently
The action or congress on the
large prospective deficiency OF revenue,
upon the impending tariff legislation. aud
upon measures necessary TO provide bet
ter elasticity in our currency system, is de-
layed to the detriment OF business interests
While the country insists |
upon being finally exempted from the |
dangers connected with deprecated sill |
yer currency, yet it does not overlook the |!
fact that, when that source OF currency |
supply is cut off, it is necessary that some
the circulation medium must be supplied; |
and, in view of our late experience of the |
effect OF n currency famine, the people are |,
not willing that such provision be post |
poned any longer than is really.necessary. |
To deal with that measure, however, be |
fore the silver problem Is disposed Of |
would be but to put in the hands or the |
silver minority the means of deferring |
legislation ON silver purchases and of |
the whole currency question into |
confusion. 1t may not be necessary to n |
dertalle at present any broad scheme of |
currency reform; but whatever has to be |
done must wait until the senate has voted |
on silver.
'I5 is true that, when confidence has |
been restored and the whole circulation |
has thereby been brought again into free |
we shall fiud the supply of money |
equal to immediate requirements, aud the
more so as the new tariff policy will estab- |
Iish, from this time forward, a lower range |
Of prices, which will proportionately re-
1uce the amount of currency needed. But, |
that fact, it Is to the last |
degree undesirable that oar eyer expand |
ing trade should be left 10 opsar,e under |
that there exists no legal pro-
vision for AN increase in the amount of |
and there are large sections of |
5he country that would become restive |
lDder such condition OF things. 1t is |
lot therefore to be expected that congress |
will let the situation stand just where the |
of silver purchases leave it.
Just what congress may choose to do |
n the circumstances does not yet appear.
Ia some quarters there are plain indica.
lions OF disposition TO initiate large |
measures of reconstruction. While that
may become positive necessity at some |
not distant perIod, yet p much mora linn
ted treatment wonld suffice for immediate |
Ii the national banks were >
allowed 10 issue notes up to the full face /
value of taeir bouas, shat would bring out !
l1w issues OF national bank notes whc |,
yoniC more than satisfy immediate wants; |
md the country would have an interval |
or considering what should be the nature |
)f future arrangemeats--S question u pom |
which there has so lar been very little in
eliigen6 discussion. Considering the |
many and serious questions that require |
he attention OF congress, it seems that |
his one might weli oa dismissed with 1
,hls partial and transient treatment"
Johnson's Magnetic Oh kills all pains |
= hether internal or external Sold at
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