Prospects Are Brightening

Gradtially, during the latter halt' of j August, the position aud the spirit af j affaire in Wall street liave been undergoing a change for the better. The result of the harvest may now be regarded as having reached an assured position. Taking the various cereal crops, - which combined view is the true method oí estímate- we inay regard this erop year as affording a full average output. Tlie yield of cotton may be exected to fall considerably short oí our Iargest ïecentyears; butfor the growers that. eau hardly be regarded as a, misfortune ; for, with the inevitable higher prices, the net return to the planters will be much better than that of the larger crops which sold so low that virtually no profit was made on them. This promise of a prosperous agricultural year means a great deal for the commercial and financial situation. It is the realization of the one condition for which conservative men have been waiting as the condition precedent to a more complete restoration of confidence. It not only confinns the improvement in affairs up to the present time but also justifies the hope of its uninterrupted continuance until tbo next harvest at least ; the prospect to business men is consequently most encouraging. The railroads aro already bêginning to show a very general return to the old scale of earnings ; and, with the larger trade to result from a good harvest, it ia safe to expect vet larger increases erf both freight and passenger traille from this time forward. It goes without saying that these wholesale developments of business are destined to still further enhance the value of securities, especially those which are dependent upon the moveinenls of comnaerce, which meaus eapecially railroad nuil sound industrial stocks. Of course, the áncfirtainties attending the disorganized state of the Treasury finances still remain unsettled ; and it must be conceded that there can be no absolute restoration of eonfidence uutil that source of distrust is removed. It is manifest, however, that a return to sound and prosperous conditions in our industrial and trading interests must indirectly, if not directly, contribute towards strengthening the gold resources of the government. So far as a revival of business may increase our itnports it u-ill be a tangible and welcome evidence to fareigners of our recovery and prosperity, and to that extent it will Btrengthen confidence in our investinents and bring out European orders for our securities. 80 far as prosjitüity may increase our surplus of exportable producís, it will help to créate a favorable condition of the foreign exchanges. In this way, prosperity at home is calculated to bring back so much of our normal stock of gold as has drifted to Europe under late adverse conditions and is now resting idle at nominal interest and awaiting an opportunity for investment. Current symptoms indícate that the present exports of specie may soon cease, and it is greatly to be hoped that this concession and the growing hopeful feeling may be turned to early account by negotiations between the Treasury and the Clearing House looking to the resumption of gold payments between them, and thereby putting an on.l to tlus embarrassing Treasury question.