The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-05-14
FINANCIAL REVIEW.
Henry clows's Weekly Lottor on
tho Business Situation.
EFFECTS OF TARIFF COMPROMISE.
Its TendcUcy In tho Direction OF Pro.
tootion Relieves Much OF tho Apprc.
hcnslon-Evcry Day that shortons
tho Agitation is n Gain for business,
Continued Exports Of Gold-Banks
Welcome tho Outflow.

" ~ ANhNANsNHAAFH
NEw York, May Fin Wall street
there are SYMPHONIC OF the beginning of
an improvement OF tono in both invest
mcnt and speculative operations. The
change does not yet chow itself in any
increase Of transactions, nor in any ma
tcrial advance of quotations; ut present,
it rather preGgures than realizes such
effects.
Every day that shortens tho tedious
paralysis attending the prolonga.Ion OF
tariff legislation Is so much GnIn for
business, and Us the time comes moro
clearly in sight when the buSbcar will
disappear, hopo rcvivcs, and thero ia
more disposition to discount tho grCat
revival which that relief will bring.
Tho country has had such n schooling
in waiting that tho defUrment OF hopo
no longer breads distrust; on tho con-
.rary, men Of business arc chcriahing Il
strong confidence that, when these tom.
porary obstacles are removed, thoy will
be followed by u very pronounced and
thorough revival in nil interests. Amer.
leans know how TO patiently tolerate re-
straint Of cnter prise; but when euch
restraints are removed there is no limit
to their energy; and, for that reason, It
Is safe to calculate upon an unusual nC-
tivity OF business when tho present leg
islatiyo obstacles are removed. Wall
street is not likely to overlook this fact,
and is already getting ready to discount
it in advance.
Tho concessions to manufacturers In
tho senate notifications OF the tariff
bill have produced q marked change In
estimates as to the working OF that
measure. They lift the cloud OF apprc.
hension that has rested upon our indus
tries for twelve months and open tho
way to n quicker and more general re-
sumption OF production than has been
hoped tor; and, provided there DO no
important retractions OF these changes
in the later discussions. there is likely
to DO an important revival OF business
even before the now duties take effect.
In the circles that initiate the larger
movements OF capital there is agrowinc
impatiGnce at the postponement OF new
undertakings. During the long months
Of idloness. plans have boen devised for
enterprises that would give employment
to tho vast amount OF now idle capital,
and it would require no great further
recovery OF confidence to start up this
class OF operations. From what Is
known or surmised OF preparations OF
this character, it would not be surpris-
ing il, within the next twelve months,
we witness an unprecedented launching
OF corporate enterprises. Thie time has
rarely been moro, promising for floating
new undertakings, provided they arc
framed upon such conservative ideas as
late experience has taught investors to
respect and insist upon. For not only
is the accumulation OF Idle funds nnpre.
ccdented and the rate OF interest ab-
normally low in tho homo market, but
tho Same state OF things exists through
out Europe. In Europe and here,
promoters arc hungry after their long
starvation, and bankers and great specu.
lators arc eager for opportunities to
mako upfor tho losses aud thedull times
under which they have been suffering.
These classes are waiting for Indications
OF the arrival Of the biting mood among
the fish OF which they are anglers,
and they may be expected to be soon
seen throwing out their lines. This at
least We augur from present symptoms;
and tho starting time is likely to date
from the passing Of the tariff bill, or its
near prospect.
The exports OF gold continue, without
any symptoms OF immediate cessation;
but have little or no effect upon the
stock market, for the reason that the
money can be well spared, and that its
transfer may stimulate an ultimate
European demand for our securities by
increasing the ease on the foreign
bourses. The banks rather welcome
the outflow than otherwise; as it will
help to reduce the superabundance Of
cash at this centre and stitfen rates. 1t
is not q welcome incident that the gold
should have to be supplied from tho
treasury with the result OF cutting down
its coin reserve. The hanks, however,
scarcely feel it to be their concern that
the treasury Il is thus drawn
upon. They roason that last year tho
government had experience enough to
open its eyes to the danger Of carrying
tho present large liabilities payable on
demand in gold and that, il it is not
thought necessary to take stops either
to diminish them or to protect them in
some surer way. there is all the more
necessity why the banks should hus.
band their own u This seems
to boz wise policy; and it is to BIO hoped
that it may Impress the administration
and Congress with the gravity OF tho
responsibilities borne by the govern
mcnt in becoming SO large an issuer OF
credit currency. 1t Ia very clear, how
ever, that if the treasury is to BIO cx-
pected to satisfy the future requirements
Of gold for export, it is imperative that
some means must be taken to enable it
to meet that demaud, which has been
heretofore mainly supplied by the
banks. Congress cannot too soon be-
stow earnest attention upon this ques-
ton. HENRY CLEws.