The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-10-24
CLEWS&CO
The New York Bankers See Hopeful
Signs in All Directions
Dut Oac.
The Continued Talk in the Upper
House of Congress Makes Them
Very Weary.
Nevertheless There Is Better General
Condition of Things Than For
Some Time.

NEW YORK. Oct. 24.-In their weekly
review of the financial situation Henry
Clews 81 Co. say:
Still the senate debate drags its weary
course, and still Wall street as YEARLY
waits its conclusion. Ii evidence were
wanting of the serious effects OF this
delay it stands out clearly in the fact
that another of our great railroad cor
porations has bsen compelled to seek
protection in a receivership. The state
ment of the Union Pacifc's finances, on
the application for q receiver, Is mainly
a recital of the immense losses of bust
ness pending the late silver depression
and the protracted deferment of repeal,
and 1T is very doubtful whether the
company would hav, drifted into its
acknowledged bankruptcy had it not
been for these drains upon it's business.
The Signs at Washington,
however. 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 dare to persist
much longer in d~isregarding the IN
mistakably expressed will, that their
attitude is one OF impatient waiting
rather than dependency. Nor Is it
supposed that, even were the repeal
measure to fail of adoption in the
upper house. such defeat would amount
to anything more than a transient post
ponement of success.
Upon business operations at large the
position of the senate has a discourag-
ing effect. Among the mass of traders
the situation is not SO clearly under
stood as it is in the higher circles of
capital. and there therefore the conf
dence in the ultimate adoption OF re-
peal has a less positive sustaining ef-
feet But while this much has to be
conceded, yet it cannot be denied that
in the commercial situation at large,
there are many elements sugges.
tive of hope. The past disasters
Have Purged Business
Of it's weak points and the basis ol
credit is sounder than it vas before the
depression. Industries are resumine
and in many cases under condition!
which will yield improved profits
Labor is being correspondingly called
into more regular employment and TIN
purchasing power Of the WORKING mil
lions is thereby being increased. Takel
as q whole. the commercial situation i
that, in case OF the passage OF the siive
repeal, there could hardly fail to be
marked revival of trade and a large re
turn towards generally normal con
ditions.
Monetary Movements
continue i'm the direction of an ease cal
culated to stimulate any reviving ten
dency that may arise in business
Throughout the entire country none
is accessible to sound borrowers. A
. this center the reserves of the bank
!, have risen to figures rarely touched q
this season of the year. The course
> our foreign trade is so largely in fave
of this country as to neutaalize the lat
uneasiness as to whether we might M
find it necessary to return some of th
gold lately imported from Europ
Upon the whole, therefore, present col
: ditions are, in our view, suggestive
an early recovery from the effects r
naming from the late depression.