The Portland daily press., 1893-10-20
suLLEN ENDURANCE.
Disposition of New York Business Men in
View of the senate's Delay.

view OF the SenaIesS Delaya
Boston, Oct 49, A New York letter to
the Transcript says that, the disposition
of the business men of New York toward
the impotent majority in the Senate IN
it's struggle to vote upon the voorhees,
bill seems now to have become suilen
endurance Publicly and privately
sharply conflicting reports come to them
daily from Washington, now hopeful,
now hopeless, today predicting compro-
mise or adjournment, tomorrow prophe-
sying ultimate victory for the advocates
of repeal. In measure the course OF
prices on the stock exchange reflects the
tenor of each days news but the market
now is almost wholly professional. In
stead Of the talk of renewed purchases
by investors that followed the passage
of the Wilson bill by the House in Au-
gust, there is only speculation as to how
! long these same investors will keep the
securities that they already hold. The
substantial, the controlling, interests
!. in the exchange are still waiting. and
&" holding, ON like the great body OF
business men here, in the hope that the
outcome of the contest may yet be favor
able. The shock, if shock it can be fairly
called, at the failure of last weeks eontln-
uous session has passed. Renewed assur-
ances of the Presidents unhinchng oppo-
sition to any sort of compromise nave
come with much show Of authority
ss The diminishing resources OF the treas
ury, show that financiers are beginning 70
quicken action The power of the preslu-
off tho Cnnotp tn force VOUH
is more and more earnestly discussed,
though few see in Mr.. Stevenson man
who would incline even in desperate
emergency, to extraordinary measures.
More important still, under all toe n.y.
ing rumors that which Republican ana
Democratic business men alike real IS
the firmness of the frness OF the
President himself-in the power of pub.
lie opinion when the vital principle OF
the rule of the majority is at stake,
finally to work it's will. Meanwhile there
is nothing to do but to "hold on" in sui
len stagnation. Whatever may be done
in other cities, it is useless, perhaps
worse than useless, say bankers ana
merchants here, for us to send commit
tees to Washington, to hold mass meet
ings, to pass fresh resolutions urging
prompt and unconditional repeal. The
Senators at Washington who profess to be-
Ieve that the panic of the summer was
deliberately plotted in the house OF Presl-
dent Williams of the Chemical bank
would only be irritated anew would only
raise the cry of conspiracy among inc
gold bugs of Wall street. Though
anxiety almost daily increases, though 1t
is well known that, if the cause OF repeal
fail not the hated banks, With their
great Accommodations of idle money, but
the merchants will suffer most. even TO
failure, in the long stagnatlon that VIII
surely follow-it is best, il not necessary,
for the present, in the opinion OF consef-
yative men here, simply to endure.
One noteworthy local effect OF the
PARALYSIS of capital and of every sort OF
business enterprise is the frank ADMISSION
of the Rapid Transit Commissioners that
it is useless for them, until the Senate
shall take some action to make the
future clearer, to devise. further plans Tor
the relief Of the city. They are done, ac-
cording to the statement of their chair
man, for good and all with the Man
haitian company and extensions OF It's
elevated RAILWAYS Two other plans for
new elevated lines, submitted BY COM
missioners and already worked out IN de-
tail by engineers must indeed be dls,
cussed, perhaps long and bitterly. But
| the real concern of the commission IS
| now said to be its first plan for an under
ground road This, slightly modified, the
| mysterious and nameless syndicate, the
| alleged existence of which TRANSFERRED q
| month ago, is still ready to accept. Ii
only through the action of the Senate the
financial sitution materially improves,
| it will promptly submit it's terms, and
abundant capital, it is claimed, will sup
port it. Meanwhile desultory discussion
has begun again of the scheme, formerly
approved warmly by expert engineers,
for an elevated railway around the city,
following the water fronts, and utilizing
as opportunity offers the tracks Of the
New York Central and of the New York,
New Haven and Hartford railways. But
to this plan, whether practicable or i'm
practicable, the commission has never
inclined. 1t is content doing nothing,
perhaps per force, for the time) to
promise, when once it begins to work.
neither the tedious delays nor the empty
expectations of year past.