Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-03

waste Of time; and the question is whether
the pessimists are not likely to conclude
that it would be more prudent to change
sides for the purpose OF promot-
might resume their hostile tactics under
better auspices. The capitalist leaders see
nothing In the situation to induce present
buying. whatever NAV be their real views
as to the future. Prices are certainly not
tenpIngly low; some are high, all things
considered. The great factors calculated to
| encourage rise are as yet mostly unrlpe,
and il is hot wise &c discount them too far
sin advance. Before the most active period
of crop forwarding is due some adverse ac-
cident MAY arise that would damp the ar
dor OF the market: and it is regarded as
| quite possible that such influences may
originate in London, where the money mar
ket IS likely to take an unfavorable turn
and where further trouble may develop out
of the increasingly demuralized condition OF
| Argentine affairs. Indeed. the protracted
| apparently strained effort OF the Bank OF
| England to keep the money market easy is
suspected to be possibly due, among other
things, to a wish to protect the important
| class of houses dependent upon South
| American interests. These are among the
! considerations that make the leaders of
| speculation willing to defer buying until We
are nearer to the maturing effects OF our
| large crops.
| Quite Unexpectedly, too, the market is
unfavorably affected by ominous symptoms
| Of freight war;-one of the last thfags to
| be thought possible IN view Of the largest
tonnage of agricultural freight waiting to
| be moved that has been known in the histo-
| ~ of the country. The Baltimore and Ohio
| and the Chesapeake anG Ohio are accepting
| reduced rates. and to meet their cuts the
| Grand Trunk and the Canadian Pacific are
| making still larger reductions. 1t is
han m he hnA h1 n+
| lines can long Withstand these attacks upon
| their business, and the case will be the more
difficult to handle from the fact that the Ca
madam lines stand outside the operation of
the interstate commerce law. In few
weeks. the supply of freight will so far eX
coed the ability Of the roads to handle 1t,
that the strongest of all motives to main
tain rates will be brought into play, and
this affords reasonable hope that this reck
less competition may soon come TO an end !;
but nevertheless there is at present an I'M
certainty about the results which Is calcu-
lated to create caution in buying.
Thursdays market was exposed to two
new influences, which, however, about
Offset each other. As has been generally
anticipated, the Bank OF England rate of
discount was put up to per cent; which
REFLECTED the hardening tendency in the
London money market and the effect upon
the bank of the continued large shipments
of gold to New York. The action of the
bank, whose reserve is now reduced below
average, must be regarded as the beginning
of defensive attitude to retain its gold;
aud it is not at all unlikely that, from this
time forward, the measures TO be taken Tor
that purpose may produce arrangements IN
various directions, and that, among other
effects, we may witness some reaction on
the London stock market. Simultaneously
with the advance in the bank rate came the
news that Russia has forbidden the export
of all kinds of grain. This, if true, would
carry the implication that, in view of our
abundant crops, the United States will be
drawn upon for large portion OF the
supply of cereals which has ordinarily been
contributed by Russia Should this prove
to be the case, our crops would naturally
bring higher prices than have been counted
upon, and the addition to our exports would
be upon very important scale. If there
fore. the report of the action of Russia
should be confirmed, we may anticipate
corresponding increase in the imports
to the seaboard which it will
require the utmost capacity of the railroads
TO accommodate. The two foregoing factors
providing the one relating to Russia
should prove real-may therefore be re-
gardmg as introducing new elements of
much Importance to the course of the stock
market The two influences to some extent
counterfeit each other, but the balance will
largely incline towards the ''bulr' interest;
for with an abundance of money, extraor-
binary exports of grain at good prices, and
the railroads overwhelmed with freight,
the stock market would naturally assume a
buoyancy that would take little account of
any adverse tendencies in our securities on
the foreign markets. AS to-day is half
holiday and the exchange will be closed on
Tuesday, the full effects of these new fac
tors are somewhat postponed and their first
tons, the market should be watched for in
dications of revival. HENRY CLEws.