The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-03-27
Encouraging Bust
Outlook.

Editorial from New York HerrId.

Editorial from New York Herrld.
Every day brings new evidence Of
a more hopeful sentiment pervading
the business community, and senti-
ment is a very important factor in
trade as well as in speculation.
Larger imports of merchandise IN
dictate that dealers expect a brisk
spring trade An increase in the
amount of the bank clearings reflect
an increased interchange of commo-
dities, and railway traffic returns,
while not large, show All encourag.
ing improvement over those reported
a month ago.
Silver ie steadily rising in value,
and the markets for grain and cotton
have broadened and advanced in a
manner which recently would have
appeared incredible. The recently
issued government bonds have risen
to a level at which they yield less
than three per cent. to investors, and
corporate securities have begun to
adjust themselves to this standard by
a general advance in prices.
Wall street, which is popularity
supposed to foresee and discount
good or bad times in prospective,
has awakened into new life with a
widening and advancing market for
stock. Merchants notice among their
customers an increasing willingness
to spend money, and as a conse-
quence of the nascent revival more
commercial paper is being offered
for discount and the banks and other
money lenders are feeling more cheer
full. 1t is natural that the country
should rally now that it is relieved
from the incubus of a currency tink-
ering Congress. with it's daily out
breaks of free coinage lunatics and
attendant fears of a suspension of
gold payments ; but cautious people
are asking whether the improvement
is permanent.
1t is argued hat there can be no
lasting prosperity unless we have
good crops and sound money. These
being given, good would follow of
course. Now, in even the most con.
servative mercantile and manutac-
turing lines there is necessarily a
speculative element, and the success
full men are those who look ahead
and adjust their affairs to meet future
conditions. These men regard the
outlook as favorable. They concede
that there is at the moment no actual
improvement in basilar conditions,
but they believe that after FIVE years
of the most varied and trying ex-
periences in it's history the country
has touched the lowest point Of de-
preston aud hat a period Of recov-
cry and expansion is inevitable. The
prospects of the crops in this country
are favorable and there promises to
be an increase demand for them from
abroad. 1t is true that the radical
defects of our monetary system,
which produced the recent crisis, re-
main incurred, but the people are
hopeful thas the next Congress will
deal intelligently with this question.
During the past few days consider
able purchases of our railway securi-
ties have been reported for foreign
account. Amsterdam and Paris IS
we'll as London have joined in these.
If this should prove to be the begin
ming of a movement on the part of
foreign Investors to repurchase the
enormous mass of stock and bonds
sent back since the year of the
Barring panic-cr any considerable
portion of 1.-THE stimulus to enter
prise here would be tremendous.
Until the new crops come into sight
the earnings Of many railways must
continue light and the returns to
shareholders correspondipgly small;
but when prices have reached such a
low level that the reduction of divi-
dends is followed by a rise in the
stocks affected it would seem that
nothing short O! unforeseen disaster
could cause further depreciation. At
any rate. Commercial! and speculative
interests alike have been pounded
and compressed to such an extent
that a reactions and expansion may
naturally be expected.
According to the transactions Of the