The Fort Worth gazette. (Fort Worth, Tex.) 1891-189?, 1891-04-09
THE "BULL" SEASON.
APRIL HAS A REPUTATION FOR
"BULL" OPERATIONS.
The Outlook Free From ANY Threatening
COnditions-An Abundance of Money
in the East is Promised.

New YORK, April I've have now about
reached the point on which common ex-
pectation has fixed as the beginning of a
recovery in the stock market For some
time past, the opinion has been more or
less general that prices have not recovered
from the decline incident to the panic to an
extent corresponding to the intrinsic merits
Of many stocks. This feeling has given
stay to prices and has kept alive a 'bull''
element of some force; but IL has been
Offset by the caution growing out of the
recent crisis, and something has been con-
stantly occurring to postpone operations
for full recovery in values.
The month of April has traditional
reputation for favoring "bull'' operations
1t is the time at which currency begins
to flow from the interior banks to their
New York agents, to rest here until the
crops have been harvested and money IS
needed for marketing them. With clear
prospect of four months of ease in money,
this is always regarded as the season
most favorable for a ''bull'' campaign; and
it is not clear why the present should be
an exception to the rule. 1t has seemed
possible that this accumulation of money
might be checked by a liberal expectation
of gold: but the present course OF the
foreign exchanges diScourages the expec-
tation of large shipments, for the present
at least. In some quarters there has been
an apprehension that the after effects of
the financial troubles in Brazil and the
Argentine Republic might force London to
realize upon some Of its American securi-
ties; but, on the contrary, British investors
seem more disposed to buy than to sell our
stocks. The serious embarassments of
certain large Italian banks have served as
another sharp test of the European de-
engagements growing out of the Argentine
crisis but have proved to have no serious
consequences in either London or Paris.
which has had wholesome effect in allay-
ing the apprehension of further trouble
arising from that source. AS it is now
nearly six months since the suspension of
the Earrings revealed the alarming magni-
tude of the South American crisis, it
seems safe to assume that all the weak
spots in that quarter have been probed
and that London is now safe against fur
Their disturbing consequences, which is
matter of no small consequence to the future
of American Investments.
So far as respects conditions at home the
outlook, if not positively encouraging, is at
least free from any threatening conditions.
The railroad situation is improved, If not
by any general recovery OF rates, yet at
least by more moderate counsels among
managers. by the absence of reckless cut
ting" by moderate gains upon the large
gross earnings of last year, and by more
considerable attitude of state legislatures
and state commissioners in the granger sec
tons. Any general advance in rates is not
to be expected under the present light for
warding of wheat and corn to the East; but
it is good symptom that, notwithstanding
this deficiency of grain freight, rates are so
steadily maintained The movement of
merchandise, however, is Of healthy dimen-
sions; so that although the grain receipts at
the seaboard for January and February
were 10, 900 900 bushels less than for the same
months of 1890, yet the general traffic of
the roads has exceeded that of year ago by
about 5 per cent. The condition OF the
winter wheat crop, is, for the most part,
unusually encouraging, and the prospects
are so far good for getting in the spring
crops under good conditions.
Taking the situation as q whole, there
FORE there is nothing in it encouraging to
selling; while the present range of prices
must pc regarded as falling below fair
valuation of stocks upon their intrinsic
merits. With no further shocks to conf
dence to be expected from the after eff
fects of the recent financial upheaval, it
seems reasonable TO expect that, with the
coming abundance of money, both transient
and permanent investors will be forth
coming as buyers. Railroad bonds have
advanced much beyond the recovery in
stocks. and this disparity may be expected
to produce an early advance of the latter
The tone of speculation, though still con-
sentative, is becoming more distinctly hope
full, and the tendency of the market is per-
haps best told by the caution and timidity
Of the "bear" side. HENRY CLEws.