St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-21
HOPE SPRINGS ETERNAL
IN THE BREASTS OF BUSINESS MEN
or THE COUNTRY
HAVE THEIR EYES ON SENATE,

And Will Invest Their Money
Rapidly as soon as the Senate
Gets Through Tariff rinksring
Good Fall Trade Expected
Money Market Assuming a
Healthier Appearance.
Special t. the Globe.
NEW YORK, May 30. During the past
week Wall street has found nothing to
lift it out of the prevailing inactivity
For the moment there are no conSpIcu-
Gus influences calculated to stimulate
large buying, and that fact encourages
the "bears," who. by succession of
pretty cautious raids. baye been able to
make some slight inroads upon prices.
The market however. still shows a firm
disposition on the part of material hold
erS to cling to their stocks until con-
greSS has removed The uncertainty that
overhangS all kinds Of business. I'm
fortunately, although the senate APP
pears to be awaking somewhat to the
prevailing universal impatience at the
delay OF tariff legislation, yet the end is
J
shows little or no abatement. ASSur-
anceS are now and then Forthcoming
that the vote will be taken within a GER
tain near date, but such promises have
so many times failed that they only
make the future still more uncertain,
and operators are therefore standing
still
IN MORTIFIED IMPATIENCE,
but with no disposition to make any
sacrifice, for the reason that, whenever
the question may be settled and wheth-
ct the bill be enacted or defeated. there
must be general release of business
from its present suspension and depres-
sion. There is some reason to believe
that the spring trade, however unsatis-
factory, has not been really so had as
might be inferred from the general
spirit OF complaint. Impressions have
been formed from the smallness of the
separate purchases, and sufficient allow
ance haS'not been made for the fact that
the greater frequency of the transac-
tons has in measure compensated for
the Smallness of the amount of each
one. Reports from interior merchants
indicate that, in the South and West, a
better feeling prevails than at the East
ern centers, and nope is very generally
expressed that. with fair crops. the fall
trade will SHOW a material improve
ment on that of the spring. In fact,
generally throughout the country. the
expectation is that the business of the
second half of the year will show
notable improvement on that of the
first half. Manufacturers are generally
making Increased preparations for the
fall business; but contracts are held III
suspense until the settlement of the
tariff gives n certain basis for fixing the
future course of prices Already prices
are SO exceptionally low as to afford
REASONABLY SAFE BASIS
for contracting for future supplies; and
this fact makes manufacturers cautious
about undertaking future commitments,
as they deem il possible that, when the
suspense Is removed, there may be some
recovery in values. Even the most con-
Servatiye observers incline to the ex-
pectation that, when the congressional
distractions are removed, the revival of
oooihSSo Hlik no obltClt ldpius
They reason that the rebound which
follows an artificial restraint is always
apt to be<yigorous, and attach import
ance to the fact that the extent of enter
prises waiting to avail themselves of the
present abundance OF idle capital has
perhaps never been exceeded. The
creation of new investments has been
held in absolute check for nearly
eighteen months; not because there is
no room tor them or no capital to float
them, but simply for the reason that
confidence has been momentarly
chilled by Encouragement of certain
conditions in our industrial affairs. 1t
does not seem reasonably probable that.
when the causes of this interruption of
confidence have ceased to operate, these
deferred undertakings will continue to
walt. Among the new enterprises at
present held in suspense perhaps the
foremost is
RAILROAD CONSTRUCTION.
During late years. the additions to our
railroad systems have been exception
ally light. Between the years 1889 and
1887, there was an Increase in mileage
Of DC, 900 miles, or an average Of 5000
miles per year. For the four next sue
ceeding years, the annual increase av-
eraged but $500 miles; and for the two
last years the new constru ction has av-
eraged only 1850 miles. Judging from
past experience, the present very low
rate of construction may be regarded
as preparing the way for an important
revival of this form of enterprise: and
it is we'll understood that, in the higher
circles OF capital. arrangements for I'M
portant undertakings are already, in the
formative stage. This is the more to
be expected from the fact that The pres
ent low price Of railroad iron and the
decline in wages afford an exceptionally
attractive opportunity. Railroads. at
present costs of ma eral and Labor can
be built for much less than paid around
1880.
THE TEMPTATION TO BUILD
new roads is therefore very great; be-
sides Which there are many existing
roads that need extensions aud i'll
creased equipment. while the growth OF
the country has created demand for
new lines. The undertaking OF works
Of this character would give an indirect
impulse to business at large and help
the general recuperation. These are
among the things Oh which Wall street
has its eye i'll its expectation of an early
revival of the financial mark cts The
money market is assuming a healthier
appearance. the loans show a steady
and wholesome expansion. which indl-
Gates better condition of both credit
and business. and the exports of gold
are diminishing the unhealthy initiation
OF the cash reserves. The gold that is
going TO Europe helps to relieve the
glut here, while 1t is stimulating foreign
investment i'll ways that will ultimately
benefit American interests.
HENRY EI E1US