Evening star., 1897-07-27
CERTAINLY ON THE.UPgGRADE
Controller Eckels on the Outlook for
Business.
Good Eject of the Settlement of the
Late Adminfstration's officials.


talked most encouragingly about the finan-
cial outlook to a Star reporter today
Il am confident" he said. that whatever
change now occurs in the business con-
ditions of the country will be for the bet
ter. Some time since we reached point in
our financial depression where further de-
cline seemed impossible. Then came a
period of dead level, and now, however
slow the progress made, it is certainly on
the up grade. AS long as it was determin-
ed by those responsible for governmental
affairs that there should be a complete re-
vision of the tariff, I think it was wise to
have a session of Congress to make that re-
vision at the earliest practical moment
Whatever may be the merits or dement's
OF the new act, the fact that its passage
establishes the law upon the subject is
settled. which at this time is the really i'm
portant thing to the business world.
Effect of Good Crops.
with the basis upon which manufacture
ing and trade can be carried on settled
there will of necessity be a revival in many
branches. the effect of which will be felt
in all. Then, too, the evidences of unusual
crops, with apparently guaranteed good
prices and markets, must tend to aid in an
improvement of financial conditions. The
market by the failure Of the wheat crop
abroad. Such a state Of improvement is
reflected in the increased earnings Of the
granger railroads in the west
All this, of course, means something to
all who sre connected, either directly or in
directly, with these great interests. l have
of late talked with many bankers and bus
iness men from various sections of the
west and northwest, and all seem 20 agree
that the people generally are in a better
situation for an improved condition of bus
mess than for many years, and that in
many instances that improvement was on.
A member of one of the large bond houses
of the country told me few days ago that
his corpora ton, having offices in Chicago,
Boston and New York, had lone a larger
business in June than ever before in its
history. Other instances have come to my
attention.
IAN investiga ton, however superficial,
will show that throughout the last five
years people have ceased speculatins, have
economical, ard, though more than living
within their incomes, have been enabled to
pay off many Of their debts. In the ten
years previous different rule vas OBJ
served. Everywhere 1t was evident that
extravaganza prevailed, and Indebtedness
was created. With increased extravaganza
came increased debt, public and private,
resulting in the inevitable end-a settling
day.
THAT settling day, 1 hope, has passed.
Our excesses gave us a sort OF low financial
fever, with recurring periods of improve
ment and relapses. 1t was impossible to
have gotten well of it in an instant ard
it is equally impossible that there should
be a return of complete prosperity IN mo-
ment. Such thing is beyond the power of
any law; but with the thorough clear sing
we have had there will come about gradu
ally a feeling of safety on the part OF in
vestors in making investments.
Cash Awaiting Investment.
"The amount Of actual cash on hand to
be invested is greater in volume than ever
before in the history of the country; but it
is not going to be put out In speculative
enterprises. Those who control 1t are go
ing to be content with lower rates of In
terest, demanding in return surer invest
ments and a warrant that principal as well
as interest will come back to them. Such
result VIII prove great blessing, for it
will aid those having honest enterprises
ard kill off the business of speculative pro-
moters. 1t will make impossible the carry
ing out of every undertaking in every town
ana village in the country that wishes to
put on city airs, to the loss Of all who fur
nsh the capital for the same.
l am not surprised that, in view of the
past overspeculation, overeXtension of cred
it and overcapitalization of corporations
confidence is slow of return. 1t will con-
tlhue wanting In many instances, and this
fact must be reckoned with by those who
thlnk that riches are now fully at hand
The investor who owns capital is going
to constitute of himself an interrogation
point, even though his so doing causes his
means TO lie idle for awhile longer. His so
doing Will give US a measure of prosperity
in the end that is healthful and bottomed
on sound business principles.
The South ana West.
Il think the country generally is to be
congratulated that the best evidences of
Improvement are to be seen in the west
and south, where heretofore the complaint
has been of the poverty and depression
seems to be agreed that in. the states west
of the Mississippi there is a marked change
and a hopcfulness heretofore wanting
cages Cancelled and increased price for
farm products, coupled with abundant har-
vests.
If now the people could be free Of agi-
tators and the individual citizen given a
chance to attend to his individual business
without the burden of superintending
everybody else's the country would again
he the one great profitable field Of invest
ment for the surplus capital of the world.
AS guarantee of this it is only necessary
to have, as controlling our financial affairs
sound monetary laws, to practice public
ana private economy, maintain harmonious
relations between capital and labor, Kidding
both OF the danger of the professional
demagogue, carry on business In busi-
ness way and be strictly honest in deal
ing with those from abroad who are will
Ing to place money In American enter
prlses. While one sharp trick upon a
foreign investor gains a profit in that in
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