New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-25
THE COMING TkPROVEMBNT.

| Wall Street Is not often very sensible. but IL
showing less sense than usual The depression
ON Tuesday because 1t was reported that III"
new tariff would not be- approved by the ir"Si-
dent had no respectable excuse whatever. Tor Il
veto Of the biz would insure an Instant ana
great expansion Of business. The truth Is That
| a material Improvement ought 10 come now III
any case. If the Jill becomes a law, there
should be- Improvement. because Of certain ana
definite basis for operations in place of past
uncertainty. II It is vetoed. there should De
! Improvement for the same reason. with the
great additional advantage that industries VIII
not be embarrassed by IFS operation.
As was said on sunday the breaking OF a
dam which has long kept back business and
| trade may be expected 10 cause a sudden rise IN
the stream whether that rise is 10 last or not.
II there Is no solid change for III" better In the
conditions which govern industry and commerce,
the rise may be temporary. but 1t should never
theless be considerable During the last SIX
months. TO go back no further. the shrinkage III
payments through clearing houses has been
very great Ii was about SJ.3OO,WO,OOO
in the first quarter OF the year. or 30
per cent, and about $3GOO,OO0OOO IN the
second quarter. or "a per cent; IN July
II was about JO.UOO.OO0. or rs per cent, and
In August the average OF transactions daily
has been still smaller All this means that
vast amount OF business has been postponed
until the parties could Judge more accurately
what prices they could afford to fix. or whether
they could trade at all with reasonable prospect
Of profit
1t is impossible to say, Of course, how much
Of this lost business was in fact merely de-
ferred or how much Of the deferred business
will now be done under new conditions. But
there Is abundant evidence already that In some
branches Of trade great preparations are being
made for an expansion Many manufacturing
establishments have received orders within the
last few days, and quite large number have
resumed operations which have long been Idle.
This Is largely due TO the fact that the stocks
OF traders throughout the country have been
very much reduced Indeed. II Is said that both
wholesale and retail stocks have probably never
been smaller in recent years than they have
been rendered by the prolonged uncertainty and
postpOnement Of trading. Men have bought just
as little as they could. and have sold out stocks
on hand az far as they could. not only In order
to liquidate or lessen indebtedness, but because
the uncertainty regarding prices in the future
made II unsafe to venture largely.
One important reason for Improvement Is that
the bill which has passed. however injurious and
unjust to Industries. is nevertheless very much
less threatening than the measure which was
passed by the House. and which at least In part
many expected to see passed by both houses
1t was the almost universal impression for some
weeks that the House would obstnaely insist
on many Of the changes in the tariff which It
had made, and that II would not yield partlc
ularly in regard to the textile industries When
the Senate bill finally passed without
change there was distinct and important
alteration in the prospect regarding the great
industries Although the bill will unqucstlOn-
ably do serious harm. the immediate effect Of
this change in the prospects gives sense Of
relief
Another cause OF probable improvement Is
that new crops are coming forward rapidly.
The wheat crop is evidently large one. and Is
believed to be even larger than that Of last year
which the returns Of actual movement indicate
must have been considerably above JOO0O0OOO
bushels Although prices are extraordinarily
low. the farmers nevertheless will have a great
quantity Of wheat to sell. There Is also reason
to believe that the cotton crop will be very
large aud while the injury to corn has ma