Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-08-02
~ INTERE6TLNG CLRCULAR

The weekly circular DULY 29) of Henry
Clews & Co. of New York is interesting
as an intelligent discussion of trade mat
tiers, and also as showing the tendency of
manufacturing westward and Southwark
to be of such magnitude that it COM
mands notice as a cause of trade de-
rangement. And now, that this tenden-
cy is assuming such shape, those COM
munities that desire to participate in the
benefit of the removal of spindles from
New England to the South should be in the
field with men of energy and intelligence:
Some uneasiness naturally fol-
lowed the failure of Lewis Brothers s. Co.,
a wholesale dry goods house of the high
est standing; but their embarrassment was
more due to series OF misfortunes directly
connected with the house than to the state
of the dry goods trade, which is in excep-
tionally satisfactory shape. Still, this failure
serves to draw more emphatic attention to the
condition of business generally. The great bust
ness interests of the country, it should be borne
in mind, are passing through process of read.
justment almost amounting to revolution, and
which can not be expected to be completed with
The building of new distributing centers, and
the competition between both these and rival
railroad systems, have contributed to very ma
terially change the channels OF trade. Wholesale
trade AND MANUFACTURING are BOTH drifting
aCestIraTd; and in some instances EVEN SOUTH
WARD. The fall in interest rates has also revo-
lutionized business methods, and affected some
branches of trade to just as great a degree
as it has railroad finances. Then, again,
have only just passed an era of very small
profits which has resulted in the formation of
an innumerable number of trusts and other SIM
liar forms of combination or concentration, the
effects of which have yet to be determined. If
profits are to be increased and business main
tanned upon healthy basis by these trusts, the
results will be welcomed by all; but there is
much imitation. stock watering, etc., about most
of these schemes, and they too frequently favor
so much of an attempt to sell out upon the pub
lic that their ultimate effect for good is open to
very serious question:; and this apart from po-
litical considerations. Still another factor to be
considered is the strong tendency of British
capital to seek investment in our industrial es-
adjustments. While great deal of the talk
about English syndicates is sheer wind. sput-
tered out by lot of irresponsible sChemers,
there is undoubtedly e tendency of this sort
on the part of foreign capital which
if directed in proper channels and upon honest
methods would benefit all concerned. There is
a great plethora of money abroad seeking in
vestment at fair rates of interest, and the I'M
satisfactory results from American railroad
shares as well as the recent limited offerings of
new bonds have drawn attention to large
manufacturing interests, particularly those
which have been of a highly profitable nature.
-oF+ 6,,,l
chasers, we need not object; for the funds they
receive in payment will be quickly invested in
new home enterprises which they consider more
profitable and the country's development cor
respondingly stimulated. The West never OBJ
jected to Eastern foreign capital building
their railroads on the score that the profits left
their locality; neither should they object to
foreigners buying their breweries -four mills,
ETC., if they viii pay the price. We are sure to .
get back good portion Of the dividends in res
investments.