Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-09-15

| usual, and although the loan market may
work into more active condition later.
| there is no certain prospect of spccia
stringency and no Difficulty in procuring
| time loans for stock exchange purposes.
The crop situation has almost passed the
stage of possible adverse contingencies
The corn crop, according to the government
| report of September /, shows an improve
ment over the condition in August aud may
be already Considered as virtually beyond
reach of frost. and the late storms have
caused but little discounting of the earlier
good prospects. The reports of damage Ia
spring wheat in the far West prove 10 have
been exaggerated, and we may safely count
upon total Yield of 51j, 900, eco bushels OF
that grain. in excellent condition and OF
better than average quality. The reports
Of damage from worms 10 the cotton crop
have undoubtedly been grossly magnified
for that kind of injury is now SO largely I'M
der immediate control by the planter that
il is no longer the source of danger it once
was. Besides. even Supposing that Il loss
of go. 600 bales We're TO arise from tins
cause, il is more likely. in view Of the pres
ent large stocks, that it would increase the
total value of the crop than that ii would
diminish il
The general conditions of trade are en-
couraging. There arc nowhere any specific
complaints, nor is there anywhere a boom,
Dub IctIlLS Iill IlItllIlS - IDI
good and prosperous seasons business. In
the iron trade, the fTmer tone of prices in
dictates the beginning of better demand.
The Increase III the current consumption of
coal is a clear evidence of 4 growing activity
in our industries. The earnings of the rail
roads show a gaining rate of increase over
those of last year, which is also evidence of
a steady expansion of the commercial move
ment.
The uneaSinesS felt in some quarters in
prospect of the demands upon the treasury
for the redemption of the a. per cents Is
found to have been ungrounded. Already
about Sil ,0O0.000 of the obligations have
been redeemed in cash. and the facility with
which those liquidations has been met re
moves any doubt about the ability OF the
treasury to deal with the outstanding re-
mainder of about $4,000, 600, the more SO as
the surplus of gold beyond the requirements
of the greenback reserve now amounts to
about $50 600. COO
The foregoing are the main conditions at
present surrounding the market. They GER
tainly are more favorable than has been eX.
pected, and they must be regarded as lay
ing i basis for 4 year of unusual. if not
unprecedented, tonnage on our railroads,
and for prosperity which is likely TO de-
VelOp into an era of marked industrial and
commercial ativlty. Indeed, America IS
now beyond doubt under an impetus which
will soon force it to the front of nations,
where it will stand pre-emincnt III the bust
ness world. All these results cannot come
AT once: but il is the wont of Wall street to
anticipate coming good times and the queS-
ton of the moment iS-how far will specu-
lation discount these prospects in advance,
and how far will il wait for tiIem'
At present, the prospects are plainly TO-
wards higher rates Tor money, to continue
for the next few months in fact excessively
easy money is now about over until the
middle OF next April; the only contingency
TO the contrary being the possibility OF Il
large refiux of gold from Europe. It is
quite possible, therefore, that at later
stages the condition Of the money market
may force out ''long' stocks and cause at
least temporarily lower prices than those
now prevailing.
Al the moment there are too many bulls
and too few bears to make the market q
safe one to buy upon except upon set-baCks,
and, owing to the lack of q large short in
terest, good Impressions may be expected to
occur. The Granger and Southwestern
stocks have largely helped to carry the
market where ii now is, and their improve
mcnt has about exhausted itself for the
present at least: for this reason, among
others, il seems safe TO begin to sell long
stocks. The Union Pacific directors have
ratified that company'S deed OF trust, but
as the arrangement is nothing beyond Il
means for extending 4 virtually bankrupt
corporation ii should not have the effect of
enhancing the value of the stock. In view
of these considerations, while regarding
the situation as in the long run a GOOD one,
| deem II prudent at this juacturc in de-
velopmeuts. 10 maintain conservative at
titude and to husband profits rather than
put them into new purchascS.sat present
prices. It6cfRY CLENS