Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-03-22
An Encouraging business Outlook.

(New York Herald Editorial, March 2istD
Every day brings new evidence OF
more hopeful sentiment pervading the
business community. and sentiment IS a
very important factor in trade. as well
as in speculation.
Larger imports OF merchandise indicate
that dealers expect a brisk spring trade.
An increase in the amount OF bank clear
ings reflects an increased interchange OF
commodities. and railway traffic returns.
while not large. show an encouraging I'M
prOvement over those reported d month
ago.
Silver Is steadily rising In value. and the
markets for grain and cotton have broad
ened and advanced In manner which
recently would have appeared incredible.
The recently-issued government bones
have risen 10 a level at which they yield
less than per cent. TO investors, ana
corporate securities have begun to adjust
themselves to this standard 10y general
advance in prices.
Wall street. which Is popularity supposed
to foresce and discount good or bad
times in prospective. has awakened into
new life, with a widening and advancing
market for stocks. Merchants notice
among their customers an increased Will
lingness to spend money. and as con-
sequence Of the naScent revival more COM
mercial paper is being offered for discount
and banks and other money-lenders are
feeling more cheerful II IS natural that
the country should rally, now that 1t is
relieved from the incubus Of currency
tinkering Congress. with Its daily out
breaks Of free-coinage lunatics and at
tondant fears Of a suspension Of gold pay
ments: but cautious people are asking
whether the Improvement Is permanent
IL Is argued that there can be no last
Ing prosperity. unless We have good crops
and sound money These being given,
good would follow. OF course. Now. IN
even the most conservative mercantile
and manufacturing lines there IS neces-
sarilv speculative element, and the
successful men are those who look ahead
and adjust their affairs TO meet future
conditions. These men regard the outlook
as favorable. They cCncede that there is
at the moment no actual improvement in
basilar conditions, but they believe mat
after five years of the most varied ana
trying experiences in It's history the coun-
try has touched the lowest point OF de-
preston, and that period Of recovery
and expansion is inevitable. The pros
poets of the crops in this country are
favorable, and there promises to be an
increased demand for them from abroad.
1t is true that the radical defects of our
monetary system which produced the
recent crisis remain uncured, put the
people are hopeful that the next Con-
gress will deal intellgenty with this ques-
ton.
During the past few days considerable
purchases of our railway securities have
been reported for foreign account. Am
sterdam and Paris. as well as London.
have Joined in these. II this should prove
TO be the beginning Of movement on the
part of foreign investors TO Tepurchase
the enormous mass Of stocks and bonds
sent back since the year OF the Baring
paIic--or any considerable portion OF 1t
the stimulus to enterprise here would be
tremendous. Until the new crops come
into sight the earnings OF many railways
must continue light and the returns TO
shareholders cOrrespondngly small: but
when prices have reached such a low level
that the reduction OF dividends is fol-
lowed by a rise in the stocks affected, IL
would seem that nothing short of unfore-
seen disaster could cause further depre-
citation. At any rate, commercial ana
speculative interests alike have been
pounded and compressed TO such an eX-
tent that reaction and expansion may
naturally be expected.