New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-07
CONFIDENCE COMING BACK.
AN IMPROVED TONE IN COMMERCIAL AND
BANKING CIRCLES.
CHANTS HAVE TO SAY on THE STU ALTON
TUE pCpE.T RITZ xD TUE TApITE


THE REPEAL BILL AND THE TARIFF.
The evidences OF a decided restoration in public
confidence are now so pronounced that bankers
and merchants are prepared 10 testify to the inn
provement which has already taken place and to
the Frightening prospects OF a revival in business
and industry. The columns OF The Tribune have
daily recorded the changes in the financial situa-
ton and the more recent developments have been
nearly all of a favorable character. Herewith are
presented some of the results of canvass made
among of conservatism and standing. and
IL Is gratifying to find so hopeful tone marking
the utterances of nearly all of them. 1t is signif-
cant. however. that two notes are sounded in many
of the interviews which ii would be well for our
National legislators to give heed to. one of these
concerns the delay in the United States Senate
of the passage of the Silver Repeal bill, and the
other tells Of the underlying fear of hurtful egis
lation respecting the tariff and currency questions
The obstruction of the silver Senators is recog
nized influencing still some Withholding OF con-
fdence in the National finances, although on no
hand is any doubt expressed of the ultimate fate
OF the repeal bill. But. while the opinion is general
that the soundness of the currency will be as
sIred when final action is taken. it is regretted
that more haste is not shown in reaching that
desirable result, the the repeal bill be-
comes a law the quicker, II is believed will be
the revival of activity in trade and the resump-
ton of industrial enterprise. 1t is evident that
full confidence will return only when Congress
definitely acts but even the delay in the Senate
is sufficient to check the returning tide OF inn
provement.
FEARS OF TARIFF LEGISLATION.
The effect Of radical tariff revision is admitted
be an important factor in the future course of
business and 1t is almost universally believed that
II this danger were removed the horizon would
brighten rapidly There is strong impress
sion that Congress will be brought the peril
of hurtfu tampering with the country's indus
trial interests and that even If disposition to
do much harm existed the circumstances such
as to restrain the zeal of radical tariff iconccasts.
1t therefore apparent that the business world is
inclined TO take a more hopeful view of possible
legislation in this direction. and encouragement
will be put aside by banker and merchant alike
until the party in power indicates that the faith
in conservative action is misplaced In the same
spirit the financial community regards the pos
sibility of legislation currency affairs TO
succeed the repeal OF the Silver Purchase law.
holding the belief that wise counsels will prevail
sufficiently to avert danger of improper measures
that would tend to revive the disappearing distrust
of the country.
In few words the spirit of the subjoined in
tervews may be said TO show increased conf
dence because OF the resumption Of suspended
banks and the increase in the number OF indus
trial establishments starting up again. The dis
appearance of the premium on currency Is SHOWN
TO have been followed by a return to normal bank
ing conditions, a restoration of regular CONNER
Ci intercourse between
easing I'D of money rates. Merchants note a pick
ing I'D in lines CT trade. and the increase OF busl-
ness activity is expected favorably TO MODIFY the
character of future railroad earnings. which are
now rejecting past conditions of extreme depres-
sion and stagnation.
TALK WITH BANK PRESIDENTS.
one Of the most conservative bankers who has
been cautious throughout the panic in not holding
oil, bopeful views prematurey. is j. Edward Sim
Of he National
terday Mr.. Simmons spoke Of the situation as fol-
lows:
The situation is certainly improving. and an
easier and more confident feeling is apparent in
business circles. The premium on currency has
disappeared Clearing House certificates are being
retired and Clearing House balances are being paid
In cash. There is a sale for commercial paper; eN-
change between Boston and New-iork Is at par. ana
our relations with the money centres Of the coun-
try are being rapidly re-esablished The repeal OF
the Sherman law by the Senate seems to be fore
gone conclusion. indicated by the rapid Increase
of Stock Exchange values. l believe the panic *
over but hardly hope for rapid return
general business prosperity after such severe
financial shaking up we have had and think
our convaescence. TO be healthful, must be slow
George g. Williams. president Of the Chemical
National Bank. said: There has been vast i'm
provement in the financial situation apparent here
within the last two or three weeks. The generally
improved condition is reflected in the cessation OF
stances do we hear of the development Of difficult
ties among business concerns Of any magnitude.
while establishments which were temporarily sus-
pended are regaining their feet again Confidence.
the element much desired. is gradually return
ing, and soon as the Senate passes the Dill re-
pealng the silver clause OF the Sherman act We
will see still further improvement in every
quarter 1t can hardly be expected that after such
a tremendous shaking up as the country has had
in It's business system we can get back all at
once TO where were six months ago, for 1t Is
much easier TO go down hill than TO go up. Inc
crops. a a whole seem TO be promising the gen
eral industrial condition of the country appears to
be fair and labor is finding employment at remu-
neratve prices"
AS TO the causes Of the late trouble, Mr.. VIII
Jams said 1.-The whole thing seems to have been
the result of big scare. growing out OF the Tear
of the suspension Of gold and cash payments. NOW
that the fight is over. think 1t is or will be as
soon as the Senate repeats the purchase clause or
the Silver bill may, in my judgment. look Tor
an early return of prosperity. Generally speaking
We have 100000 active, industrious people ana
We need not expect the country to altogether to
the dogs lust now. Trade will soon as
confidence is restored and the attainment OF this
end will be advanced by the early disposition OF the
silver question. AS an evidence that the spasm OF
fright has subsidized currency is quite perceptbly
coming into this centre. The premium on it has dis
appeared exchange is normal as between Chicago
and New-York and New-York and Boston and
Philadelphia"
Mr.. Williams was asked respecting the value to
the country at large of the policy OF issuing loan
certificates by the New-York CITY banks.
The beneficial effect OF that policy. he added,
lis still being felt throughout the country During
the crisis through which We have passed these
loan certificates have served most useful pur-
pose and have undoubtedly prevented a calamity
which many apprehended
But" the reporter suggested. was not the
amount OF these certificates 50 issued extremely
and almost dangerously large?
The amount of these certificates issued by the
New-york banks was large" he replied but the
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