New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-13
MR.. DEPEw ON THE OUTLOOK
SOME OF THE RESULTS OF HIS oRSERvA.
TIONS ON A WESTERN TRIP.
EFFECTS OF THE PANIC on RAILROADS IN DE-
FERENT PARTS OF THE COUNTRYWIDE
REVIVAL OF OONFIDENCE-NEw-
IN

YORK AND THE WORLDS FAIR.
c,rce bis return from Chicago whittier he went
q, no at the Exposition on New-York Day, Chauu.
cev NJ Depew has been kept closely TO his official
business. which had accumulated to an unusual De.
gree during his absence. Meanwhile. however. he
ba heen noting the current of affairs In the bus,
moss world and to a Tribune reporter he yesterday
oxnressed some original views of the situation.
nv trim to Chicago" said Mr.. Depew was
nr,rar,Iv as president of the State Worlds Fair
Commission to participate officially In the cere-
monies OF New-York State Day But ne added
"s,ch trps have business END 10 tnem, and sub
serve the useful purpose OF enabling me to meet at
Chicago the representatives OF our connecting and
affiliated lines
.rh. nrob,en, T have been unable to solve was
H., ,hs conditions should be so much worse the
lines west Of Chicago than they were on the trunk
limos The trunk lines have not suhered mucn from
the effects of the panic while the falling on In gross
earnings on the so-caled Granger ROADS mas been
hovond precedent in railway history. They have
do nm tho loss in net, in part on some lines ana
,r,ost wholly ON others, by equally unprecedented
roductions I'm expenses These reductions were 20
revolutionary In their character that' whiie they
have proyed effective temporarily. they cannot OF
course be continued for any length OF time. II
seems that through the territory west northwest
and southwest Of Chicago the present panic caused
a no ralvsis Of business which had no parallel In
the experience of the rest of the country stop
page of business In panics heretofore mas come
from the loss of capital with whcn 70 90 business.
and the consequent bankruptcy OF corporauons
firms manufacturing enterprises ana CONSTRUCTION
companies They doing business upon vastly
extended credit; their assets turned out to be
small percentage Of their indebtedness. and they
carried down with them their creditors. In this
panic banks suspended, in most cases perfectly
solvent but unable to realize Tor ifImedia'e de- :
mands Mills and factories have stopped with their
goods sold, their floors cleaned and the concerns
ont Of debt The farmers have their harvested
CROPS but the grain-purchaser mas no hohey WI"
which to buy or move them -
WHY THE EAST JARED BETTER THAN THE WEE
"Jn the Middle and Eastern States the disturb
arce Of currency supplemented py Clea'w
House certificates and credits, poss'oie w
close and populous negtborhooos' ~ A'
in those States while there were psh'
stoppages and many thrown out OF epp'oy'
ment there was general paralysis AS d iesu,'
the passenger and freight earnings OF the trunk
line roads have been very we'll kept uI-ih iac.
quite equal to last year over the great Nor'h"eS'
and Southwest however, these artihciai reineuies
were not available hence there came SUSPENSION
OF trafYc much the same as If there had been an
oroan ized strike on those roads. The distress oc'
Ga stoned was vastly greater than we have expert
enced here 1t threw out of employment on "S
roads above $4,000 men, equivalent TO l9o'" peop.
without means of livelihood. All other avenues OF
these people could get to do. The mills ana FAC
tories none OF them large, but all OF them IN
principal of support OF the Villages III "n's
they were situated, with scarcely an eAcepoo'
closed their doors. These plants are all IN d co,
dition to reopen, re-empoy their men ana oesnv
manufacture as as the currency queslioh
sufficiently settled to permit the free movementot
credits and exchanges. The Northwestern Stses
are full of traffic for the railways which VII 10
moved under the same conditions, and our Wesrh
managers tell me that the crops taxing ah"e
cereals together are .he best ever In
sight The experience OF panics heretofore has
been q large falling off il traffic for the to or
three quarters following tie commencement 'hs
regeneration OF business believe that e eA-
perience will be differer this time, becaue our
present condition is not bankruptcy but paralysis
and IT only needs the removal OF the cause which
bav. nrodrced this effet for suspended ANIMATION
IN he Immediately fopwed by the general ac.
tivites.'
TRAGIC COMER IN THE SENATE
Mr.. Depew was askd his opinion as to the per-
manent temporary character OF the recent m,-
provement in fnanca circles well ne repieu'
it is difficult in thepresent condition OF the pup
lie mind TO discuss, rom a business STANDPOINT, the
possibilities Of a raewal OF good times, without
being charged withholding politics. 1t is as PLAIN
nc ANYTHING can b that the great revival or con-
ndence in businesswhn the last twenty days mas
been due TO the passage, by an Unexpectedly large
majority of the I'll for the repeal OF the purchdS-
Ing clause OF theSllver law, through the House Of
| REPRESENTATIVES. 1t Is equally plain that nothing
can prevent the estoration Of confidence ana cream
| oxcent the defat OF this repeal measure in the
Senate: and pthing retards 1t but the tragic
| comedy which is now in progress In the Oh'eG
| States Senate IL is due to absolute truth now
| eyer to say nat all the Western managers WIZ
| whom, 7 convrsed, without regard to pohtcs de
| clared that he manufacturing enterprises along
:
! thrift and shie they would resume II the cur
! ro,,v and credit were properly restored 'ney
| would do I in the most cautious and conser'a.'e
] vav simry to meet demands from DAY 10 uay
until theyknew what was to be the legislsuo" Y"
the tariff question In other words, the uepresso"
| would befollowed by corresponding boom II me-
was no apprehension in regard TO tarin iee's'e-
| ,,or. h while that apprehension existed the Ha'iu
| facture would not put himself In the way any
NOR. tan he could help, of the iron-shod toe vi 'e
| Free raiders boot.
| ,,,,,.rs or THE "sIIMp- on THE FLYER
| -, significant sign OF returning confidence 'o"
,,rud Mr. Depew lis the passenger traVe' .V'
the east to the Worlds Fair. Our flyer had pee"
| carving I'D to its full capacity and our iih'e"
| ,,ns were crowded UP to the day OF the great
sImp in Wall Street, which simply rehecuon
o conditions all over the country IL o'oue
pme to every man that which only those peop,e
With wide opportunities for observation ane.u.
anew The next day the flyer carrier t"e'
messengers and the limited trains on oo'h "s
pennsylvania and the New-York Central ie" VI
nearly one-half. 1t four weeks before me-
trains worked up to two-thrds OF their u'"
complement between New-fork ana Chicaso' o.
we were Obliged to take off four trains one We
after the passage of the Silver repeal Dill throus
the House we were compelled to put an aou''o"
car on the flyer two additional cars on eacn Y,
our limited express trains, and, to accomihoua''
the excess. to restore one OF our limited "a"'.
1t demonstrates how much more sentiment '"a''
distress has to do with the present business -
dition OF the country. With the restoration OIL .O
ads,ce there Is nothing TO prevent the New-Ens
land mills the Pennsylvania furnaces the e'Ae