Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-04-13
ON CHANGE.
Spot Cotton Unchanged, Futures
From 1 10 4 Points Lower
Money Market Easy.
Wheat Opened Firm Fluctuated Mar
rowly and CLOSED at an Advance
Live Stock transactions Brisk.
Commercial.
HENRY CLEws' CIRCULAR.

NEW ORhg hPEll I.-du CuCOuIaStHS
change tor the better has taken place in
Wall street affairs since last weeks ad-
vices, sld indications point towards its
continuance. This Improvement is what
should have taken place weeks or even
months ago but for the unexpected hind
RANGES of labor troubles, congressional
inertness and the extraordinary severity
OF the westner. These Influences alone
were sufficient to III Ire the prospects OF
the early months of the year; and they
were further aggravated by the conten-
tons of rival western liaee, which ia part
resulted from rapid extension OF new
lines and in part from the conditions i'm
posed by the interstate law. In conse-
quence, railroad prof Wer3 much re-
due d. Notwithstanding the large volume
Of lr,ffic and the gains il gross earrlGgs.
The declines ard be.r manipulation
which followed are now s matter Of his
tory, and we incline to the opinion That
it will be some time before prices again
reach such low level as on Mondsy
lsst.
The failure of the railroad strikes at &
moment when they were most threaten-
ing exerted very important effect. Not
the railI oads alone, but tue business in
terests of the entire country were sefl-
ously imperilled by the unreasonable de-
mAnds ofiemp!oyes; and it is probaole that
had the end then not come serious trou-
ole would have followed, for no other
course lsy opsn to railrosdimanager than
to oppose taese demands by the same
methods of organization so efficiently
Taught them by their employees. Such q
contest would have been highly deplora-
Bile; and, now that the danger is past,
nothing remains but regret that the strik-
ers have injured both themselves and
their cause by unreasonable and impossl-
bic demands, which could not end other
wise than in disastrous failure. With the
notable exception of the Rock Island, all
the western lines supported one smother
| in their opposition to the strikers; and
this fact, in connection with recent ex-
periences, should promise US an exemp-
ton from such disturbances for some
time to come.
From Washington also we have re-
ceived some encouragement. Congress
st last has awakened sufficiently to act
upon the bond purchase bill, and, while
the present easy condition OF the money
market renders this action less urgent
than of late, yet last weeks consideration
upon the bill has had favorable effect in
spite of the silver amendment discussion.
Ia regard to The tariff, the prospects are
that nothing Of any consequence will be
accomplished this session, bus that the
whole question will be pushed over until
after the election. Still another import
snt influence upon the future value oil
securities will be the public debt opera.
tions both in the United States and Great
Britain. Large amounts of investments
will be thus displaced, snd the vacancy
so created must naturally be very largely
filed by the better class OF American Sc.
curities, for the simple reason that no
better are available. Apsrt from this
however, Europe still shows great conf
derc3 in our securities, and the plethorit
condition Of the foreign money markets
indicates that large sums Of capital are
only awaiting good opportunities for in
vestment. Our leading bankers ere
awake to this, and in the course OF the
next few months it is probable that very
important amounts of bonds and stock:
will be placed abroad. There is still ,
feeling of hesitation on account of threat
ened political disturbances in Europe; blu
this can only produce temporary derapge
ment here, and Europe's difficulties Will
IN SOME QlleCtlOnsJ NC W lux utClueu du
vantage. The! railroad situation at tt;
west requires some attention, thougl
since the strikes are past the msnsger
are free to settle the differences between
themselves. The present decreases il
earnings are in measure due to com
psrison with the exceptionally heav.
traffic last yesr, when goods were
rushed forward in anticipation Of the in
ter-state law; while the March blizz srt
caused serious losses everywhere. Busl
ness, though quiet, is in healthy condi
ton, and would readily respond to en-
favorable developments; and navigation
having opened, we msy look for improve
ment in this direction. The future OF tn
market is, therefore, encouraging from
almost every standpoint. Values hav
been unuaturslly depressed, and the frs
reaction was vigorous and general. A
, for the bears, there are no further chance
for profit on that side, and many Of tins
contingent took advantage of the late lo'
prices and joined forces with the bull;
From now on we look for gradual i'm
provement in vaiues; reactions M
!, occur, but stocks bought on these will i
all probability show . profit to the pm