New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-18
VIEWS ON THE OUTLOOK.
MORE TALKS WITH BANKERS AND MIR
CHANTS.
ryDEyIAnLE IMPROVEMENT IN THE sITUAlloN
HOPES OF FUTURE PRoGHEss-EtfEOr
OF TARIFF UNCERTAINTY AND De
r,y OVER THE SILVER BILL.
LAY OYER THE SILVER BILL

OF TARIFF UNCERTAINTY MD DE-
LAY OYER THE SILVER BILL.
,r, , fo,, davs ago published interviews
Win many prominent bank presidents ara ihei
chants Indicative of the revival In business which
has set in recently and the relaxation III ',"'i''"
conditions. on all sides testimony wa a q
to the improv enc Mt already accoihpllShe, an"
generally hopeful sentiment was deVeopeu' Nu 49,,
,ional talks with men OF prominence are ne' 49,
,,,or and tho same recognition OF the prigh'e''
ing of the outlook Is shor'n. An undercur''n' ".
conservatism is to be noted, however, WIN a.
evidence that the fear Of tariff uncertai'u'a
recognized AS an element that retards recovery,
PROMPT action by tn, Senate On the silver hrpe"'
bill is desired. but the lettering Of the times
garded as having already Begin.
,p VAN Week SEES A PROMISING siGN'
William d Van Week cashier of the Shoe ana
oatber Rank in the absence of the president WAS
asked for his views Of the situation
..There Is no question: he replied. put tha'
general improvement from three weeks dso IL APP
parent promising sign which We discover !"
orr banking business Is m easier tone In the COLI
vereation of business men, They all feel easier.
rho currency question which has bsen "A source OF
60 much trouble, seems to have entireiy "isap
reared from the situation. But regret 10 say 'a'
we do not find that merchants are easy py any
manner of means. Collections are p2pr IN many
lines Of trade in many places There Is also cohsia-
orob,e removing Of discounts. There are, however
not many new applications for discounts In fact
| think business men are waiting quietly ioi '"e
troubles to pass over and are hesitatins ABOUT "N
ing up new burdens until the atmosphere becomes
clear. On the whole however, '"' '"
certainly is favorable.
Asked for his views respecting Chicago banks
exacting discount on New-York exchange MI van
Week said ne believed that II Chicago bankers had
bravely met the situation by the issue OF olear-
ing House certificates done by tn" New
York banks, they would have contributed much 10
the easement OF the general situation.
A DECIDED IMPROVEMENT NOTICED.
Oliver F. Berry, cashier of the Tradesmen's Ma
tional Bank said: There is a decided Improvement
and we appear to be getting upon higher ground
and out OF the mre through which we have been
struggling during the past six weeks. IL the Sen
ate passes the act to repeal the silver purchase
clause of the Sherman law there will be a return
OF confidence in every quarter. Still, the confidence
must necessarily be of slow growth. There Is no
doubt however. that the Improvement has been
rapid within the last fortnight. "A result of Con-
gressional action in the matter of silver"
James T. Kibreth. the Collector OF the Port. said
to Il Tribune reporter, when he was asked to give
his views the present feeling in the business
world.
II am not very well posted on the financial side
Of the question. but will say that within the last
few days / have found that in my association with
business men there has grown up much better
would require for the full restoration of confidence
would be the final passage of the Silver Repeal bill"
The cashier of the Custom House. W. l.. Bost-
wick told the reporter that the number Of checks
which had been received for the payment OF duties
and the interest Withdrawals had increased
largely. THAT shows" he sad. that the banks
are becoming more liberal with the merchants than
they were. and are advancing money to them to do
business with"
MR.. IVES FEARS oVERCONFIDENCE
Brayton Ives. president Of the Western National
Bank said: There is doubt that the financial
condition has improved to remarkable degree
in the past ten days. In fact. If the Senate
TO pass the Wilson Repeal bill once. and then
II Congress were to adjourn. believe that business
would begin to return rapidly to it's normal state.
One OF the most encouraging signs Of the times IL
the fact that the last few weeks have shown that
the condition of business generally inherently
sound. and therefore there is every reason be-
lieye that when the money question is settled
business will revive rapidly. But there is danger
Of people becoming overconfdent long the
passage OF the Repeal bill is delayed. and so long
there is a chance of further legislation which
may be hostile to the banks and thereby bring
back Of the distrust under which have
been suffering While the Improvement in the
financial world is undoubted. it must be borne in
mind that the deposits in the New-York banks are
still only little above the lowest points, and
far | hear. the return of money 10
this centr, is slow While there are Clear
Ing House certificates outstanding, ard the
banks below the legal reserve. ii behooves every
one to move with caution. We many signs
here Of disposition to ask urgently for money
on the part of the South and the West whenever
the strngency Is relaxed. In fact, the pressure on
us for money from out-of-town places has been
great at any time in the last few weeks.
While greatly relieved by the Improvement. | think
1t is best for all concerned not to speak in too
o he
The action of Congress il the key the whole
situation. AMI while the silver Senators persist
in the policy OF delay it Is impossible for any
well-informed business man to regard the future
without some apprehension"
Robert VI. Galloway. president OF the Merchants
National Bank. said business is certainly reviv-
ing 1t will be slow until the Senate acts on the
silver bill for while we all believe it is of
passage. the great body of people want the as
surance of positive results before entering freely
upon new engagements. But money is flowing
back from all channels. and capital draws other
capital with it whenever ii makes a move. The
New-York banks will doubtless show a surplus
by the statement this week Yes. II is true
that railway earnings poor, but that Is the re-
suit of the shutdown of mills and factories which
has checked the movement OF the raw material
and the finished product as well. But with the
in money. mills and factories will start up
agaln-in fact. they resuming rapidly
and with the movement of traffic under way again
and with increased production and consumption.
railway earnings will begin pick up again. The
feeling everywhere Is better. and more confidence
is shown in every direction"
MR. GIBSON'S HOPEFtLNESS.
George Rutledgc Gibson. OF. Watson & Gibson,
expressed these Views: THE panic of this
summer has been produced by complex causes
but its chief manifestation has been a
currency famine which foresi the suspen-
sion of numerous banks and the stoppage OF many
mills These banks and manufacturing establish
ments were sound and they had not been practising
kiting methods, but they ran short OF the physical
pieces Of money to pay depostors and to meet
payrolls AS soon the circulating medium and
public sentiment got the benefit of the heavy gold