Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-14

New YORK, Oct. 10.-The course Of
values upon the stock exchange during the
past week has been in close accordance
with what was indicated in these advices
three weeks ago. The rise has been
checked; profits have been turned into cash
and receSsions of varying importance fol-
lowed. Beyond the breaks in Missouri Pa
citc and Rock Island, there has been no
fresh cause of weakness, save the with
drawal of London support. Nevertheless,
,Ee market has been dull and listless On
he one side, there is an almost impenetra-
bic bnlwark Of confidence in the future,
which makes every holf :. OF stocks, large
and small, obstinate IA the refusal to sell.
The natural rcs'.4rIs stagnation. The mar
he. mas l.trs.sIly been builed TO death; and
nos Lin',. .siiort Of shaking up of some sort
il out Of present conditions. IN
less the leaders soon bestir themselves the
opportunities for IN active bull market dur
ing the next few months will be materially
modified. Leadership is essential, and TO
be successful it must be of the sort that
attracts, not repels followers. Activity is
what is needed. Everyone recognizes that
the rise has been sufficient for the time be-
ing. 1t is going little too fast to think of
discounting the gains of twelve months in
rs many weeks. Rest and reaction are
necessary TO check imprudenceS and obtain
broader and safer views of the future. For
the last few days transactions have
been left almost entirely to
traders, who made little i'm
preston upon values. 1t is probable, then,
that present inactivity if continued will
lead to somewhat lower prices. Those who
have taken profits are already anxious for
4 decline. which would admit OF new buy
ing and afford the basis of further rise
later on. My opinion is that the activity of
the market would be more benefited in the
end by fair decline rather than an ad-
vance; and with speculative forces divided
as they now are, the outlook is certainly
moro favorable to a fall than rise. At the
same time the exceedingly strong under
tone of the market cannot be overlooked;
and, until events shape themselves more
definitely, we may expect good trading
market, in which quick turns are preferable
TO long holding.
London appears to be somewhat uncer-
tain factor. chiefly because of the monetary
situation there. 1t is possible that We will
have drawn from S35, 900, 600 to $40, 900, 600
of gold from Europe by the close of next
December. We have already taken about
$4,000. 600 during the season. The bank of
England is disposed to resist this movement
in a degree, and much of the demand will
fall upon Paris, which is fortunately well
prepared to meet it, 1t is also to be re-
lnembered that the failure of crops in
Europe will cause there stagnation Of trade
and discourage speculation, thereby lessen
ing the demand for money. Political. flnan-
cial and monetary affairs in Europe are all
II complicated and delicate condition
Hence, it is impossible to accurately fore
cast their outcome; so that, however su-
perior the inducements Of American securi-
tieS TO foreigners, it is quite within the
range OF possibilities that they may rot be
able to avail themselves of such advantages
rs freely as we expect. In otter words it
will not do to count too strongly upon for
eign support in event of q further rise.
idoney in London has been quoted at 596
per cent for carrying American stocks,