Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-12-12
'a''''s''ss SPECULATIVE.
Cornelius Vanderbilt Gives His Opinion
Concerning Monetary Matters.
On the Improved Ou.l ook, Stocks Ralliod
Sharply, Prices Advancing Above We'd
nesday's Closing.

CORNELIUS VANDERBILT OPINION.
Special TO the Gazette.
NEW YORK, Dec. IA Chicago dis
patch says Cornelius Vanderbilt, &C.
companied By Chauncey NJ. Depew, DR..
Webb, c. T. Cox and n. B. Lerieard
are there on tour of inspection of the
financial situation, and expresses the
opinion that currency of the country is
incapable of meeting the demands of the
ness enterprises and commercial ex-
changes. Not only do the people lock
up money, but the government also doe:
it in time of alarm by buying bonds. He
believed that q postponenment of the
collection of New import duties until
next July would very materially help to
restore confidence and stimulate trade
"But with such a sum as $40 900 900 +,
while importers are securing currency to
pay for duties in February, being now
released into circulation things would
right themselves. We are in q semi
panicky condition, due TO dIstrust, and
no one seems able to dispel that distrus IS
or the government did nothing, for the
country is generally prosperous and its
business is on sound basis. -
Mr.. Depew looks for an mediate
clearing away of all the railroad difficult
ties.
BULLS AND BEARS ON WALL STREET.
srecial 10 the Gazette.
NEW YORK, Dec. 11.-This morning
London prices were better than our clos
ings, but our market after higher open
ing sold off. Lackawanna, on reports OF
closing of some of Its coal mines, was
heavily sold, both by holders and bears.
Later, on improved monetary conditions
the market re- lied very sharply, prices
advancing well above yesterdays closin G
figures. Silver was strong on the pros
pect of a more liberal coinage bill.
Trading ives not active, the market
closed quiet, and below best prices.
Nearly everything in the list, however,
showed material gains with the excep-
ton of Lackawanna.
Important advances were: Cotton oil
preferred, SO; cotton oil trust receipts
2lI; Ate hison, u; Chesapeake and Ohio
Quincy, q; Chicago gas, u; St. Paul
81; Rock Island, /; Northwestern, IS;
Delaware and Hudson. IL; Edison
Il L, AZ; Lake Shore, II; lead trust,
q; Louisville and Nashville, y; Man
haitian, Ia; Missouri Pacific, q; Jersey
Central, % New York Central, q; New
England, q; Northern Pacific preferred +.
81: Oregon improvement, I3S; Pacific
Mail, g; Pullman, 4 Reading, y; Rich
mond terminal, 81; Richmond terminal
preferred, l; silver certificates, q; Ten
nessee coal, p; Union Pacific, q; Dem
yer and Gulf, y; Western Union, 81;
Wisconsin Central, l; sugar trust re-
ceipts, 81.
THE HOUSE BANKING COMMITTEE DISCUSS
ING FINANCE.
WASHINGTON, Dec. 1.-THE house
committee on banking and currency
met this morning aud there was gen.
eral discussion of the finance situation.
There was considerable difference of
opinion manifested. Several members
thought that the great need was the res
toretion of public confidence, and that
with this secured, financial affairs would
right themselves. The result of this dis
custom was the adoption of resolution
to request the house to set apart a day
for the consideration and disposition of
Chairman Dorsey's bill to reduce TO
$1,000 the minimum amount Of bonds
which the national banks should be re-
quired to keep on deposit and permit the
issue of circulating notes by the national
banks to the full amount of the full
value of bonds deposited. This would,
it was said, increase the amount of
money in circulation almost immedi-
stely by SIS 900, 900, and would result in
a freezer issue of national bank notes by
makin, the loss on circulation insignif-
cant or perhaps nothing al all.
Morrii of Kansas was authorized TO re-
port favorably on the subject of national
banks and United States treasury notes
and state taxation. In his report on this
bill Morril says: "Your committee can
see no good reason why one form of cur
rency should be exempt from taxation
while another is liable to be taxed. Gold
aud silver are tendable, and certificates
of treasury notes redeemable in gold and
silver ought to be placed on the same
basis
Mr.. Dorsey, in speaking of the situa-
ton, said: 1.-The circulating medium of
the country is too small. Nearly every
one admits that, but we could go along
as before if confidence could be restored,
and we hope to do that and increase the
circulation somewhat. By a bill we will
call up the banks will have more money
in their vaults than they ever had be-
fore. All the Western members concur
in that our little banks have twice as
much money in their vaults as formerly
carried. Big banks won't rediscouut
our bills, aud We have to protect our
selves. Then great deal OF money has
been taken out of the banks by people
who have become alarmed at the course
of legislation and locked their money in
safe deposits.
sa,., o,,s s.sl ~, ., - ,,,o.,. 80