The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-21

better feeling prevails than at Eastern
cenJers, and tie nope Is very geneLaHy
expressed mat, wan Iair crops, tie IaA
trade VIII snow a material Improvement
on that OF Inc spring. Ia tact, generally
Throughout the country, the expectation Is
Jnat the business OF the second hair OF the
year VIII snow a notable Improvement on
mat or the nrst halI. manufacturers are
generally making increased preparations
Tor the fall business; but contracts ale
held in suspense until the settlement OF
the tarin gives a certain Das4s Tor n&lhS
the future course OF prices. Already, Prizes
are SO exceptionally low as 70 aHoId a
reasonably safe basis for contracting 1or
future supplies; and this fact makes man
uIacturers cautious about Undertaking
future commitments, as they deem II pos
sible that, when the suspense Is removed,
there may be some recovery in values.
Even the most conservative observers
incline TO the expectation that, When the
congressional Instructions are removed,
the revival of business will be compare
lively rapid. They reason that the REBOUND
which follows an artincial restraint Is al
ways apt TO be vigorous, and attach i'm
portance to the fact that the extent or
enterprises waiting to avail themselves or
the present abundance OF idle capital has
perhaps never been exceeded. The creation
OF new investments has been held in alb
solute check for now nearly eighteen
months: not because there is no room for
them or no capital TO float them. hut
simply for the reason that confidence has
been momentarily chilled by a rearrange-
ment or certain conditions in our indus
trial affairs. 1t does not seem reasonably
probable that, when the causes or this IN
terruption of confidence have ceased to
operate, these deferred undertakings viii
continue to wait.
among the new enterprises at present
held in suspense perhaps the foremost is
railroad construction. During late years
the additions to our railroad system have
been quite exceptionally light. Between
the years 1880 and 1887 there was an In
crease in mileage of 5000 miles, or an
average of 5000 miles per year. For the
four next succeeding years the annual In
crease averaged but $500 miles; and for
the two last years the new construction
has averaged only 1880 miles. Judging
from past experience, the present very low
preparing the way for an important re-
vival of this form Of enterprise; and il
is well understood that, In the higher cir
cles of capital, arrangements for important
undertakings are already in the formative
stage. This is the more to be expected
from the fact that the present low price OF
railroad iron and the decline in wages ar-
ford an exceptionally attractive oppor-
tunity. Railroads, at present costs of ma
terial and labor, can be built for much
less than paid around 1880. The tempta-
ton to build new roads is therefore very
great; besides which there are many ex-
listing roads that need extensions and In
creased equipment. while the growth Of
the country has created a demand for new
lines. The undertaking of works of this
character would give an indirect impulse
to business az large and help the general
regeneration. These are among the things
on which Wall street has it's eye in its ex-
pectation of an early revival Of the bene-
fetal markets.
1.-THE money market is assuming a
healthier appearance. The loans show a
steady and wholesome expansion. which in
dicates a better condition Of both credit
and business. and the exports Of gold are
diminishing the unhealthy imitation of the
cash reserves. The gold that Is going to
Europe helps to relieve the glut here,
while 1t is stimulating foreign investment
in ways that W. ultimately benefit Amer
lean interests