Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-12-30

sence OF any really sound measures for
putting monetary and banking affairs
upon basis OF aouuduess and stability.
1t is also necessary that there shall be
some deliverance from the uncertain ties
growing out of the political situation,
which is SO perplexingly confused by the
senseless Issues into which large por-
tion OF our farmers have been mislsd.
Moreover, there hangs over the country
a marked probability that, within the
next three years, the country may be
started upon an important change OF
commercial policy; which is question
involving more or less directly every in
terest, whether Industrial, mercantile or
financial, and which, considering the
differences of opinion on the question,
must produce o good deal Of ferment and
hesitation Of enterprise. 1t is also a
matter upon which an important class of
people will wait for future light, as to
whether the New York banks are likely
to remain subject to the severe periodic
monetary drains which have become an
increasingly disturbing element for
the last three years, and which
are disqualifying the banks from
adequately meeting large, local re-
quirements. In short, the impress
sion Is becoming quite general that the
enterprise OF the country Is gaming at a
rate much more rapid than the financial
facilities upon which il is dependent, and
this impression is calculated to promote
caution in all undertakings requiring
large credit support. Indeed, il is one
peculiarly of the future of the stock
market that II will have to deal not only
with the latter effects of the crisis and
toi, sifn tn
railroad interest, but that we are enter
ing upon an era which will require some
considerable experimenting in the way
of extending and improving the instru-
mentalities for transncting business, and
this probability is confirmed by the fact
that the late crisis, il not largely caused
by, was certainly much aggravated
through the impsrfection of such ar
engagements. In view of so many impor-
tant contingencies affecting the future,
1t seems reasonable to anticipat' that
specula ton may have TO encounter many
Influences of an unusual character; 1t Is
not impossible, however, that those in
huences may prove the occasion OF wide
fluctuations In stocks, and therefore, q
stimulus to activity on the stock ex-
change, the more SO as such state of
things would be calculated to enlist long
heads and long purses.
The considerations above mentioned
mainly relate to the future of the mar
het: some, however, are already begin
ming to affect the present, especially
those connected with current legislation.
The Immediate course of business will be
chiefly dependent on the investment de-
maud usually incident to the opening of
the year. Ordinarily, the effect of that
demand is antlcipa ted, so that when it
actually comes prices are little affected.
This year, however, there mas not been
the usual prospective buviug; aud as 1t is
estimated that about Sl20 900, GOO will
be disbursed early in January in interest
and dividends, much OF which will be
reinvested, 1t seems reasonable to expect
a urmer feeling and some recovery in
prices early next month.
Money is comparatively easy to "call'
borrowers; but the rates on time loans
remain too hieH p admit of any impor-
tant trauss n,aaS The banks lost dur
ing the wee kt 81 200. 900 on the in
terror eur1fnc movement. most of
which west New Orleans. The
weeks exc anes If the banks with the
sub-treasuT, about balance.
=. HENRY CLEws.