Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-12-31
FINANCIAL OUTLOOK.
Views of Some Leading Business Men OF
New York-Pr0spect for 1891.
Encouraging Words from Cornelius N. Bliss,
John Cla1in, Z. 2. Thurber, B. g.
Clarke Cause of Recon, Panic.
Globe Democrat.


NEW York, Dec. 27.-With the closing
days of the year interest in the CONNER
cial situation, not only regarding the
j immediate past, but the future is seen
/ on all sides. Most New Workers are
familiar with the bank situation and
with the ideas OF bankers. 1t is known
] that the views of these people are of the
most encouraging character. They all
zpeak of the recent troubles as wit bout
I peTceptiole influence at this moment.
In word the banking situation has i'm
proved day by day until now the liquida-
! ton in Wall street and other financial
centers is considered thing OF the past.
with this fully in mind it is interesting
to record the views of men who come di-
rectiy IN touch with the tradesmen of the
country, and an effort has been made to
ascertain Just how these people view the
situation. With that idea the Globe
Democrat presents interviews with n6n
/ who are considered the representatives, OF
their various branches In the com 10 ercial
world.
Mr.. Cornelius N Bliss said that tho
recent troubles in the monetary world
had been ithOut material effect upon
the dry goods com mission people here.
.iThese troub les, - continued Mr.. Bliss,
ncame ut the time when we were be-
tween seasons, and the most of US were
listless and only awaiting the future.
For this reason, more than any other,
the business OF the dry goods commission
merchants was little affected by the up
heavaI Speaking of the situation at
the moment, / can only tell you that
collections all over the country are sur
prisingly good. This is especially sig
niioant in view of the recent troubles In
the money market. But one good fea-
ture must be considered along with these
money troubles, and that is that they
have tended to make the jobbiug trade
most conservative ip their operations.
JoBBERS NOT ALARMED.
''These troubles came at time when
the jobbers had practically liquidated on
their stocks, bought u number of months
ago, and when the most serious diff
oulties were confronting Wall street dry
goods jobbers held very little stocks,
and, in the majority of instances. were
not at all alarmed by the news from the
money csnIers of the world. In fact,
these jobbers had liquidated on last
YEARS. business and provided reason
able condition of affairs continues in
E. the money market, the prospects for the
% coming year are very good.
"Lookiug over the whole situation for
the year now before us, l feel great
deal encouraged, though, of course,
something will depend upon the financial
legislation by congress. In my opinion,
congress had better do not hing in the
way of such legislation rather than take
up unwise suggestions. 1 can not help
saying that l am very sorry that
Secretary WINDOWS convertible .
per cent bond plan was not favor
ably received by the caucus in
Washington. | believe that this plan,
If adopted, would provide just enough
of elasticity to the currency of the conn
try TO meet the demands OF the CONNER
cinl world. Still l have no complaints
TO make, and as Mr.. Sherman s ideas
are accepted, doubt not that they will
be most valuable. The general condi-
tion of the country is one of unusual
prosperity. Merchants. as a class, are
prosperous, and manufacturers are fairly
so. The profits of the manufacturers are
not large, but they ara sure, and had It
not been for the recent unexpected liqui-
datIous in England, followed by those in
America, not vestige of trouble would
have been developed among these manu-
faoturers and others. The supplies of
goods in jobbing hands, as L have said,
are light, and so are they among first
hands. l see nothing before US that
does not warrant the most encouraging
views.'
JOHN CLAFLIN.
Mr.. John Clafiin, speaking for the
great jobbing interests in the dry goods
center; said he WAS glad to tell how
vastly collections were improving all
over the country.
"'This has been especially the case in
the last ten days. said Mr.. Cha fin,
''and to my mind. looking over the sit
uation carefully, the country at large
was never more prosperous than now.
The situation looks even brighter than
before the money troubles caused such
commotiou. AS matter of fact the
supplies OF merchandise in the hands of
people who directly deal with the con-
sumers were never so low. Prices, be-
cause Of the situation, are very firm and !
the tendency is toward a higher bias Is of |
value. This early winter has been of |
great value IN disposing of all kinds of |
heavy goods, and for this reason, quite |
as much rs for any other, supplies of |
goods all over the country are much |
lower than usual IN the last few years. |
Inoeed some of the denominations of |
stock of the last TWO years have gone int |
the hands of the consumers, and from |
the present outlook everything portends |
prosperity for the new year.
"While speaking of the situation [ |
would like to call attention to the imne- |
date results OF the panic of 1873. That |
panic was followed by five years of de-
preston. Why WAS this SO? Simply be-
cause all kinds of merchandise at that
time were at about twice the prices now
current, and ii was necessary that there
should be gradual falling down of |
prices to the level where people could
pay for them. This situation prolonged
the depression. But, looking at 1884,
the situation is different. We had a
great msnv troubles in Wall street and
elsewhere during that year, but mer-
chandise was cheap. 1t was not so
cheap as now, but it was on basis of
values, which brought about Il speedy
recovery In 1885. In that year all the
dry goods people had a good season,
and, with stocks now low and prices for
merchandise at the lowest cost, there is
every indication that the year before US
will be prosperous one, not only 20 dry
goods jobbers, but TO dry goods commits
air nd N ha pf-va Ia ,, |