The Fort Worth gazette. (Fort Worth, Tex.) 1891-189?, 1891-05-07

New YORK, May 2.-Favorable conditions
| still predominant in the stock market
| Prices have risen fairly, and the reactions
which accompanied the advance simply
| served to strengthen the situation by en-
| Couraging new buying and giving the mar
| fSet more substantial basis. The outside
interest is now larger than seen for many a
| day, and shows confidence which the at
| tac6s of traders and professionals Were IN
| able to weaken. There is no question
about present conditions justifying the
| higher range of values. AS already
shown in these advices, the crop situation
| is strongly IN our favor; and the effect of
| full crops here, with shortage abroad is
| now beginning to be appreciated. That
| general trade is dull is no argument against
stocks, for experience shows that activity
in both is rarely coincident. When bust
ness is on the rush merchants find more lu-
cratiye employment for their funds than in
Wall street. In the coal and iron trades,
however, there is an improved tone, and
this necessarily strengthens confidence in
that class of stocks. The averting of the
threatened miners strike for eight hours is
also reassuring, as it indicates a more tenn
perate policy on the part of labor leaders.
For the last three or four years the whole
country has been thrown into a state of
apprehenSivenesS about May l, by immense
labor demonstrations, but the condition of
the coal trade was unfayorable to the de-
mands made this year, and the leaders
showed their wisdom in waiting for better
opportunity. Railroad earnings display
very satisfactory gains, considering the
heavy totals of last year, with which they
are compared; and several important sys-
tens are expected to make better net COM
parsons in future. owing to a reduction in
expenses for betterments. London has
again become purchaser of American
stocks, and the continuance of the Bank of
=
pectations to the contrary, had stimulating
effect upon this market. Gold shipments
continue, over 81. CO.., 600 having been ship
ped this week, but the foreign demand for
stocks serves to somewhat counteract this
movement. Thursdays meeting of railroad
managers was entirely satisfactory and
harmonious. Under these circumstances |
am inclined to the belief in well-sustained
prices. At the same time, values have
already experienced a considerable advance,
and realizing movements are to be expected
The market is still very susceptible to I'M
favorable influences, so that buying must
be conducted with prudence, and on all good
rallies il is advisable TO secure profits
good deal of foolish talk about the fut-
ure of the money market has been excited
by probable demands upon the treasury re-
sulting from the extraordinary appropria-
tons Of the last congress. Attention TO the
matter was emphasized by Secretary Fos-
ter's action in disseminating the purchase
of AZ per cent bonds for the avowed pur-
pose of "reserving the residue of the AZ
per cent loan for adjustment within the ifs
cal year which begins on the 1st day of
July next" This action on his part was
simply precautionary measure, and one
to be emphatically Endorsed. In the present
condition of the money market, there is no
occasion whatever for the treasury buying
bonds to satisfy currency demands. During
the next fiscal year sinking fund require
ments will call for about forty million dol
lars, and it is certainly prudent on the part
OF the secretary to strengthen his resources