The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1894-05-26
symptoms of Enforcement.

pairing W bullu rallfOauS IN our state
this year. Register.
Symptoms of Improvement.
In Wall street circles, says the FL
nancial Review, there are symptoms
of the beginning of an improvement
of tone in both investment and specu-
lative operations. The change does
not yet show itself in any increase of
transactions, nor in any material ad-
vance of quotations; at present, it
rather prefigures than realizes such
effects.
Every day that shortens the tedi-
Gus paralysis attending the prolong
alton of tariff legislation is so much
gain for business; and, as the time
comes more clearly in sight when
that bugbear will disappear, hope re
wives and there is more disposition
to discount the great revival which
that relief will bring. The country
has had such schooling in waiting
that the deferment of hope no longer
breeds distrust; on the contrary, men
OF business are cherishing strong
confidence that, when these temper
airy obstacles are removed, they will
be followed by a very pronounced
and thorough revival in all interests.
Americans know how to patiently
tolerate restraint of enterprise; but
when such restraints are removed
there is no limit to their energy, and,
for that reason, it is safe to calculate
upon an unusual activity of business
when the present legislative obstacles
are removed. Wall street is not like
ly to overlook this fact, and is already
getting ready to discount it in ad-
vance.
The concessions to manufacturers
in the Senate notifications of the
tariff bill have produced a marked
change in estimates as to the work
ing of that measure. They lift the
cloud of apprehension that has rest
ed upon our industries for twelve
months and open the way to quicker
and more general resumption of pro-
duction than has been hoped for;
and, provided there is no important
retractions of these changes in the
later discussions, there is likely to
be an important revival of business
even before the new duties take eff
feet.
In the circles that initiate the lar
ger movements of capital there is a
growing impotence at the postpone
ment of new undertakings. During
the long months of idleness, plans
have been devised for enterprises
that would give employment to the
vast amount of now idle capital, and
it would require no great further re-
covery of confidence to start up this
class of operations. From what is
known or surmised of preparations
of this character, it would not be
surprising if, within the next twelve
months, we witness an nnprecedent-
ed launching of corporate enterpris-
es. The time has rarely been more
promising for floating new undertak
ings, provided they are framed upon
such conservative ideas as late ex-
perience has taught investors to re-
spect and insist upon. For not only
is the accumulation of idle funds un-
precedented and the rate of interest
abnormally low in the home market,
but the same state of things exists
throughout Europe. In Europe and
here, promoters are hungry after
their long starvation, and bankers
and great spectators are eager for
opportunities to make up for the los
ses and the dull 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 argue from present symp.
toms, and the starting time is likely
to date from the passing of the tariff
bill, or it's near prospect.
The exports Of gold continue, with
out any symptoms of immediate
cessation; but have little or no effect
upon the Stock Market, for the rea-
son 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 stffen rates. 1t is not a
welcome incident that the gold
should have to be supplied from the
Treasury with the result Of cutting
down its coin reserve. The banks,
however, scarcely feel 1t to be their
concern that the Treasury resource
10 thus drawn upon.