The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-14

Messrs. John IL. Davis q Co., Oh Ne"
York city, have issued financial crcu-
lar. from which We make the ioilo"iHs
extract:
al the time Of issue Of the last two
months oil these circulars, the country
was overshadowed with uncertainty, Dusl-
ness remained inactive, the securities
market was stagnant and, altogether
the situation WAS dIscourging 10 the OF
binary observer. We had no hesitation
in declaring our belief in better uneS
being at hand. and gave the reasons lor
this belief Events have Justined our po-
sition. throughout the entire country
there is more cheerful feeling. MeI
chants and manufacturers are only await
ina, The adoption of the new tariff NOW
near at hand To lay out their
work for the coming year. Iron
and steel works have booked
orders enough TO keep them busy
to the end OF 1891 Railroads are SHOW
ing gratifying gains in earnings. Inc
outlook for the staple crops is all that
could be desired. Money is abundant ana
easy. New enterprises are projected ana
capitalists are willing 20 listen to them.
The market for securities Is broadening
and hardening. The national treasury
is i'm very satisfactory condition, ana
i'm sharp contrast to the situation year
ago. Then, the gold reserve was barely
above the theoretical requirements of one
hundred million dollars. Now there is Il
stock OF gold Of over 100000 600. and the
Secretary of the Treasury Is quoted as
saving that there is no indication in sight
that it will not continue at that very
comfortable level"
This may be a couleur de rose estimate
of the situation. but we feel strongly in
clined to believe that 1t does no more
than state the case as it is. We have
always looked on it as preposterous to
expect the new tariff bill to revive pros
perity. and yet its final passage will un-
doubtedly contribute in a measure, TO
improving conditions. Whilst the subject
is agitated, men are kept in measure
in uncertainty, and that operates as a
drawback upon business. When the bill
is finally passed. the subject will he drop
ped. and men will know they have a
fixed, il even a bad. basis upon which 10
make their contracts. Anything is better
than uncertainty. The great injury that
the agitation for free silver has done the
business of the country, is the state Of
uncertainty that it threatened. People
contemplating investments in industrial
enterprises reasoned that if they put out
a dollar they might get back only fifty
cents. and that operated as positive
brake and check upon all investments.
We do not take the same hope from
the fact that money is abundant and
easy in New York that Messrs. John ii.
Davis q co. do. Like all New Workers.
thy think that easy conditions in New
York must mean easy conditions every
where else. The average New Yorker
never looks at public affairs with eyes
that can see beyond the horizon Of New
York city. But easy money in New YORK
generally means tight money everywhere
else. IL means that the natural tendency
of a national money to flow to the money
centres has Hooded New York's strong
boxes. but, in doing this. it has denuded
the rest of the country
But we believe there is an abundance
Of money and currency together for all
the business of all the cities and towns,
and so we look for an early revival Of
business that will make an era Of pros
perity for the cities and towns. In time
however, this will run its course. and
unless something is done in the mean
time TO satisfy the country people, we
shall again have to 20 through what we
have been through. and we may not come
out of it next time even so well as we
have come through it this time bad as
that is