Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-11-18

reduction of duties on the product Of
these corporations will expose chem ~
direct foreign competition arai,s,
which their shield OF monopoly viii Ia
unayniling; aud, to say nothing Of Tia
possibility Of more serious fate tha
present large profits Of these institn-
tons cnu hnrAiv stil 10 ~ soo,,rr T..
later very seriously reduced. During
recent large opetuuons III these sptrlaf
ties considerable amounts have been
shifted upon the class of small hold.rs
which makes them now tie more acs'v ~
posed TO the attacks OF the ''beors ),
The Coal stocks have also suffered
but not TO the same extent AS the M
dustrinls. In respect to these the uues.
ton is mooted-what would be- the ~.
feet of the repeal of the existing dntv
Of 20 cents per ton on bitumnous cool9
aud some doubt whether the new com.
plexlon OF politics may not effect the
disposition Of the courts on uroeeed-
ings pending against Reading. Reil-
road stocks Silave suffered rather
from sympathy with the soil.
ing OF the specialtles inferred IN
than from any suppostiOn TINT the new
prospect threatens them. Although. on
so large a question, It is premature ms
yet to form any definite conclusions
yet 1t comes up among the first thoughts
I'M '-ig AeuuvAuu oi wages and the
chenpening of iron, steel and fuel. which
may be expected from n lower scnle Of
tariff duties, should largely economics
the operating and construction work of
the railroads, rs well rs facilitate the
building of new roads, which for the
last four years has been sharply cur
tailed and Is likely TO continue so until
the tariff is actually reduced
These are the few hrst-thonghts ex-
nTaggal In Mall ats -. b.
few days Immediately following the
election. The new situation introduced
is however a very wide one. 1t means
n coming change in the position and
prospective value of nearly everything
bought and sold within our domnin, and
iirst-thoughts therefore afford very
Imperfect Indication of what the after
thoughts may be. Radical changes are
impending in every branch of business
and national reconstruction is before us
The next two years therefore must be
II period Of anxiety to some, but per-
hnps equally of hope to others. The mis-
fortune Is that manufacturers may have
to wait for at least eighteen months,
unless an early special session of the
new congress is called, which does not
seem impObable) before they can
know what are TO be the conditions of
tariff under which they will have to
conduct their business, which is, of
course calculated to create demoraliza-
ton. On the other hand, there must he.
ON n wide range Of products dispo-
sitiun 10 defer purchases until the low
er duties and lower prices take effect
Manufactures, however, have general
~ one certainty before them-that du-
ties will be reduced; and II is therefore
to he expected that they will use every
endeayor to anticipate the future CON
ditions by producing at reduced costs
aud thereby encouraging consumption.
The situation will have its encourage
mcnts as well as its discouragements.
Consumers of imported raw materials
will have the near prospect of getting
them free of duty, and openings for eX-
tending our export trade may be ex-
pected to throw open to US important
new markets for u wide range Of man
utactured products. Still, balancing in
the most favorable sense the disnp-
pointmcnts and approximations of one
class with the hopeful expectations Of
another, and even concedint that the
final outcome of the great change may
prove az beneficial as its promoters pre-
dict, il is not to be concealed that the
for the next eighteen months
or two years, is unusual eau
ton in every branch of business, the
deferment of new enterprises, the ccs-
sation of extending industrial plant, a
continuous pressure on prices aud a
hand-to-mouth condition of business.
1t is to be remembered, however that
these conditions viii be mainly confined
to the industrial portion of our popula-
ton; the agricultural half in the mean
time win reap the benefits of two sue
cessive years of great harvests aud, II
is to be inferred from their votes, will be
exhiarated by the prospect of cheaper
living and cheaper labor.
Under all the circumstances, while
we see nothing in the new situation TO
encourage active buying Of stocks
neither. on the other hand do we ad-
wise any haste to make sacrifices In re-
alizing. The commercial conditions re-
main healthy; the railroads are doing Il
prosperous business; the foreign mar
fets are still buying our securities; and
The money market, though still active.
affords ali required facilities for carry
Ing stocks. 1t will be prudent, however,
to keep near the shore and watch the
temper of the market under the new
Henry Clews.