The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-17
Henry clews's Weekly Lister on
the Business Situation.
THE PERIOD OF PaNICS HAS PASSED.
Tho Recent Election a Severe Rebuke
70 tho Party in Power aud a Warn.
ing Not to Further Trins With the
Business Observation-Disclosures of
Confidence in Conscquencc-The
Railroad Pooling Bill.


very marked changes during the week
past, is gradually resolving itself into
one in which confidence in the future is
the underlying basis OF action. This is
shown BY tho improving investment
demand in contrast with the absence
OF active speculation. 1t begins to look,
however, as though the speculative de-
mand also would soon be on the in
crease, since the attention Of the public
is gradually being drawn to the fact that
the security market at this time offers
unusual inducements in the way Of low
prices for properties which are bound
10 improve under the increased general
prosperity which 10 inevitable sooner
or later.
There can be no doubt that the perio.
cd Of panic and liquidation has passed,
and that instead OF constant contrac.
ton OF credit. the country at large is
beginning, though slowly, to enjoy an
expansion Of the same, and the result
will be shrinkage in the large amounts
OF money now lying idle, as 1t goes into
circulation through the medium OF in
vestments. speculative aud otherwise.
The most important event OF the week
has been the passage by the house OF
representatives OF the Patterson pooling
bill, which is 10 amend the interstate
commerce law 90 as TO remove the pro-
hibition of pooling OF business among
competing roads. This is decided step
toward equitable and profitable freight
rates, state oil affairs long needed by
many systems OF our railroads, and con-
sequently OF incalCulable benefit (even-
tually) not only to the roads them
selves but 10 all class OF merchants.
since it will eliminate the feature OF
rate cutting, which is so disastrous to
the profitable handling OF freight, and
also, on the other hand, will obviate the
possibility OF unfair discrimination in
favor OF large shippers as against small
ones. Under the rebate system, which
has been enforced by the fierce compe-
titlon OF business, merchants and rail-
roads alike were sufferers. In the for
mer case rates were secretly mado
which gave one shipper great advan-
tage over rivals, 10 an extent at times
that the later found it next to impossi-
BILE to dispose OF goods in competitive
market excepting at loss, owing to the
lower prices at which the more FORUM
ate shipper could otior his.
As for the railroads, the interstate
commissioners themselves stated in
their annual report this year that one
oil the chief causes ior the many rail.
road bankruptcies now existing ia the
fact that, owing to the means adopted
for securing business among competing
roads, large amounts of traffic have un-
doubleday been handled at such low
rates as to become source of loss rather
than revenue. The desire for this
amendment to become law 10 Us pro-
nounCed, therefore, among the
merchants as among the railroads. in
asmuch as it completely discrepancies
their trade. There can be no doubt
that the interests OF the roads and the
community are in most ways identical,
consequently an amelioration OF exist
ing difficulties is as desirable to the
country at large as to the corporations
themselves. Tho point raised while
ago that the pooling clause in the inter-
state laws allowed union among the
TullTQh0b III
is no longer an argument against the
amendment, inasmuch as the present
bill provides for it through the power
conferred upon the Interstate commits.
sioners to change or modify agreements
ard contracts between roads regarding
tho adjustment OF rates and traffic,
when and where it is deemed advisable,
and in extreme cases TO terminate by
their disapproval the contract itself.
Tie fact that the bill has passed the
house by such au Unexpectedly large
majority augurs well for its passage in
the senate also, as 1t was in the house
that most OF the opposition was feared,
consequently the action in that branch
proves the existence OF sentiment in
Washington favorable to the adoption
oil tho measure.
The feeling in tho street at present
is that it will become law eventually,
though up to the present time the ef-
feet on tho market has not extremely
marked. 1t has, however. given the
whole list n stronger front, and this is
direct reflection OF returning conf
dence in tho future OF American rail-
roads. The only drawback to the mar
ket lust now is the shipment OF gold
abroad; but, in our opinion, this is not
factor which need give any uneasi-
ness, rs money is very plentiful abroad
and has n somewhat hardening tenden-
CIV here, consequently there is no incen-
tive for Foreigners TO import our gold to
any great extent, as Austria, France and
other European counties arc not now, US
they were while ago, in the market for
all the gold obtainable. No fears arc
felt that there will DO any further legis-
lation at Washington OF character
detrimental to tho interests OF tho
country at large. Our legislators have
learned that discretion is the better
part of yalor, and disCreetness now lies
in the direction Of taking such action as
will tend to build up rather than tear
down our industries, as enough and too
much has already been done with that
tendency.
Tho recent election has been severe
rebuke to themembers OF the dominant
party in Washington, and their lesson
has undoubtedly been 80 well learned
that they will for tho remainder OF
their incumbency do all possible to-
wards recovering lost prestige They
are also likely to DO influenced by tho
feeling that it is better to aid in gen.
eral recuperation while they eau rather
than have all the creditors attach to
their Successors. With little to fear for
the future, therefore, (the worst having
now been seem and everything 10 hope
for, there is no reason why rosy view