Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-11
Clews on Stocks.

| Week Calls IOr lllIlo comment DeyOnO nOL
ing that 1t has been on par, as respects
dullness and stagnancy, with the several
| weeks next preceding. At one end OF the rope
| have been the room bears and at the other
the room bulls; and their mutual Juggling
has shown only gains for the down side,
while the ordinary outside operators, great
and small have, listlessly watched the per-
| Torrance. Something of the dizziness may
be attributed to the election excitement
aud to the holiday attending it; but it
| would be difficult to make the market more
! lifeless than it has been of late.
Last weeks advance in the Bank of Eng
land rate and the recent report that Russia
had prohibited the export OF all cereals
| have had no perceptible effect. The latter
rumor would have been important if
| true;'' but it has received neither confirma-
| ton or denial, and may therefore be re-
| garded as having been based upon antici-
| patton. The advance of the Bank of Eng
land rate appears to have stitfened the
| money rate on the continental .bourSes, and
as that measure was doubtless intended to
| divert the westward drain of gold from
| London to the European centers, it may be
| expected that the German reichs bank and
| possibly even the Bank of France will soon
| follow the example of the Bank of England
| as measure of defense, in which case the
| latter institution may find it necessary to
! further advance its rate at no distant day.
| London finance is subjected to new and
| by no means insignificant strain by the out
break OF what appears to be serious form
Of revolution in Brazil. The suspension of
congress, the declaration of martial law,
| and the creation of a dictatorship mean
revolution in its gravest form and the re-
ports represent this state of things as being
by no means confined to Rio but general
throughout the country This is another
great South American disaster added to the
arrangements still remaining from the Ar
gentine collapse of a year ago, all of which
is calculated TO affect unfavorably wide
range of securities held in Europe
To this must be added the dis
turbance of bank reserves in Western
Europe likely to arise from the remittance
to Russia OF the proceeds of the recent loan
negotiated in Paris. Much of that money
would, under ordinary circumstances, have
remained on the continent to be drawn
against for Russian disbursements outside
the cars territority; but the distress and
the financial exigency arising from the crop
failure are calculated to create a use at
home for much of the proceeds of the loan
that would have been otherwise used. I'm
der these circumstances, the great banks of
Europe are likely to clutch their gold with
special tenacity,-a condition of things any
thing but conclusive to confidence in Sc
curlties and especially those of q specu-
latlve class. So far, these facts and pros
poets have had no effect upon American Sc
curities in the foreign markets. On the
contrary special preference is shown for
them, on account of their being more than
any other investments outside the sphere of
these influences. So far, this exemption is
very gratifying: but it must be remembered
that, IN the event OF any acute pressure in
the European markets, our securities
would be especially liable to be sold. from
the fact that they could be realized upon
with less loss than in the case of most
10 hn,r
cans rank among the strongest investments
in Europe, and, for much of the time, are
frmer than at New York. Taking the for
eign situation as a whole, however, it is
more suggestive of trouble than of support
to this market; and this is factor which
encourages the hesitancy now evident
among our leading operators
Among the domestic factors which are at
the moment acting unfavorably on the mar
ket, are the comparatively numerous new
issues of bonds for improvement purposes
and for equipment; which, while their OBJ
ject may be entirely justifable, yet carry |
an unfavorable implication as to the finan- |
clal condition of the companies issuing |
thom-it having been the usage with we'll |
TODD companies to provide for such require |
mentS out of surplus earnings. The new |
feat of financing, applied to the Richmond |
system, to save it from it's over
$4,000, 600 of floating debt, is an
O1iici uiSCourdPIu8 Symptom OIL Ine tunes,
Tor following closely upon the heels of
like revamping operation in Union Pacific,
it indicates great deal of either unprefita- |
bic rallroading or bad management, and
will probably be found in the case of both
to be only postponement of
their troubles.
In view of the various factors above re-
ferred to. coming as they do upon market
which had been doomed up to an advance
averaging IL points on the active stocks. it
IS not surprising that there should be dis
position to halt and allow these influences
% have the effect to which their weight en-
tiles them. No doubt that effect would
nave come ere this had it not been for the
influences that have operated
n the opposite direction. A more legiti-
nate and positive ''bull'' argument could
lot exist than the unprecedented magnitude
II our crops, the fair prices they are des-
ined to realize, the Overwhelming railroad
raftic which they must create, and the
yeneral national prosperity they must pro- J.
luce. The striking change in the course of
'ur foreign commerce, due to this cause, is
very important factor in favor of the mar |
iet, and will be felt later on. Our imports |
or September-owing to the large supplies |
in that month of 1890 in anticipa-
ion of the new tariff-show a. decrease of
IA, 400. 900 compared with last year, while
n consequence of the shipments from the
lew crops the exports show an increase of |
IA, 900, 900. This is the beginning of a
curse of the foreign exchanges which is
estined to continue to bring gold to New
FORK and create an ease in money which
an hardly fail to produce favorable results
4 stock exchange values later on. For the |
however, the attitude of waiting
efits the market, and spectators must be
atisfed with the profits that come from :
ally quick turns. HENRY CLEws.