Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-04-17
ON CHANGE.
Spot Cotton Fractions and Futures from
r One to Three Points Higher.
Wheat Opened Lower, FIuctuated Widely and
Closed at an Advance-COffse and Wool
Markets Unchanged.
Daily Review.
UFFJ[E OF The GAZETTE,
FoPT WORRIES TEX, April I6, 1890.


FoRT WoRTES TEX. April 16, 1890.
Trade to-day was fair in retail departments,
though the usual brIskness was decreased by the
good rainfall of last night and portion of to-
day. keeping great many indoors who would
have otherwise been out. The wholesale trade
was up to its usual good standard in all depart
ments.
The general markets are in fair condition and
firm, with no changes to note in any commodity.
The weekly financial circular of Henry Clews
Co, Nos. IL and 10 Broad street, New York,
April II, says: Speculation on the stock ex-
change was dull and unsettled Mr.. Could S
intimation that the Missouri Pacific would not
be a party to any agreement that recognized the
Union Pacific Northwest combination was
chiefly responsible for this. Just what that
gentleman's purposes are, these tactics do not
reveal; and they are all the more mysterious
because it is probable that eventually
but also the Gould lines will settle down to some
sort of an agreement, when the various parties
interested realize the amount of valuable time
and profit wasted by prolonged dickering.
There is undoubtedly an earnest desire among
Western managers for more harmonious work
ing relations between them, the prospec for
which are materially strengthened by the present
heavy pressure of traffic and the restraint i'm
posed upon unreasonable state interference
by the recent decision of the supreme
court. Therefore, we are of opinion that
Mr.. Goul is not sincerely opposed to the forma-
ton OF the proposed new ASSOCIATION, but is
simply contending for more favorable terms.
This naturally produces hesitation in the alb
sence of further developments, as the tendency of
the market might easily be affected by the course
of these negotiations. Ultimately an agreement
is probable; but while strong parties standing
sloof for terms, light-waisted operators may
easily suffer for their temerity.
Another feature which tends to promote conf
dence in the future is the extension of Wander
bilt influence into Union Pacific affairs. a nat
ural outcome OF its present close relations with
the Northwest The strength, conservatism and
prestige Of Vanderbilt backing will tend to re-
store confidence in certain stocks which have
tfarI hnaTN I-1y
that element. 1t is confidence IN the market
that is now wanting, and to ths absence of it
may be largely attrlouted the dull spell from
which the market has suffered for some time
past.
A better tone prevails in London, which was
partly reflected in a reduction of the Bank Of
England rate to 8lb per cent. This action, in
face of the situation in Berlin, Argentine and
Brazil, indicates that London is in a stronger
position, and that the great banking interest
there confident in their ability 10 postpone,
if not avert, any financial disturbance in that
locality, LONDON has been the chief market for
the great loans and vast promoting enterprises
which have been ioated in various parts of the
world during the past two years, and large
number of these having proved ILL advised
illegitimate, there were grave mutterings OF i'm
pending disaster. Happily, this has been
averted. The great bankers at that center have
been doing their utmost to restore confidence,
and success is shown in the better feeling there
displayed, as well rs in the action of that ultra
conservative institution. the Bank OF England.
still more assuring factor is the decrease in
new capital creations in Great Britain. which
amounted to only $50, 900, 900 during the first
quarter of 1890, compared with over
ESQ, coo COO within the first three months of 1899.
This shows wholesome and much needed
tailment in the business of company promotion.
A considerable portion of the capital employed
in these enterprises was obtained by the selling
of Americans; hence the return of considerable
amounts of our securities during the last few
months, which mover''ent has visibly ceased of
late. Mr. j. s. Mora n sudden death is to be
regretted, for it removes g staunch supporter of
American interests abroad, and his great wealth
will be less effective support in future than
when concentrated in Mr. Morgan's own hards.
The money market has been in a more settled
condition, the outlook now being orrising bank
reserves and easier rates until after the middle
of July, Collections are reported easier from
some sections; and, while trade reports are not
SO uniformly encouraging as a few MONTHS ago,
still there are no important symptoms of over
production, and business still continues on
steadily increasing scale, as demonstrated by
railroad traffic and clearing house returns.
Speculation, however, is dull; and the mild
winter has left certain trades, especially the
WOODEN industry, in an unsatisfactory condition.
The declines OF the past week were accelerated by
bear attempts to dislodge weak stock, whose
success was hardly commensurate with their ef-
fort. The unfavorable crop report, showing the
condition of winter wheat to be only eighty-one
as against nlnety-four the same time last year.
of course affected values adversely. 1t may be,
therefore, that prices will touch a still lower
level before starting on the upward turn, which
we anticipate during the next few months. This
week the East has withdrawn considerable
amounts from the New York banks which also
lost through sub-treasuiy operations.