Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-06-28


action of the associated banks, in M.
thorizlng the issue OF clearinghouse Ger.
uhsat :. was new turn IN the hnan.
cial kalelilos sope 1t has INTRODUCED
SOME now ASPECTS IN affairs: hut the
strictly Wall STREET interests 1t has moi
YET brought any distinct stimulus or bene.
The first effect of this change has been
10 transfer funds that have been loaned
To the stock exchange interests to mer.
camille and industrial borrowers and 10
needy banks in the interior. Naturally.
this changing Of loans has produced
sharp stringeucy IN "calln and time"
money; which has precuded any benefit
IN the form OF u rise Of securities But
neither has the change produced any
ineontinelt selling nor any general de-
cline In values; which shows that the
net effect Of the relief devised by the
banks has been to materially strengthen
the basis of confidence in the stock
market.
The main object of the banks was to
check the disruption OF credit that was
rapidly carrying the whole country to-
ward a serious condition. That. tile
banks sought TO effect through providing
an elasticity in loans beyond what Is
permitted under the restraints of the
nstional banking laws. That step being
taken. there MAS no longer any rial
danger II first effects are an increase
Of local discounts, aud an extension of
relief TO the banking interests Of the
lntelfor. whose inability TO leud had
largely aggravated the stfingcucy at
this center. Those results nre now in
process of realization. There has also
been distinct relief among local mer.
chants; failures are less frequent; and
the outflow of currency to the interior
banks is abating The remedy in the
commercial community of course could
not be perfect at this early stage u IL,
however, progressing steadily, and viii
soon show a more general and more
thorough relief IN the meantime, VIZ do
not observe any marked recovery IN the
spirit or activity of the commercial mar
kets The condition OF these markets Is
peculiar. There is no great lack Of de
mand from retail consumers and the job
bers could sell any quantity OF gools
on three months but they refuse TO do so
until they find tfecr market for ihe
PAPER that would thus he crcntcd. lac
| result Is a baroness of stocks among re-
tailers: which means the reservation oil
Il dpnnnd that, AT n more ADVANCED
| stage of the recovery OF cNnnlcnee, IL
| likely TO break out into really active
| state of trade. In some of the markets
especially, mer,'hnsldlsp Is heli AZ Il
| liberal discount fer cash, whicl, IS even
| bringing in foreign buyers anu III tnls
| way we are re-eNp0rting goods thlt nave
| bepn imported for our own consumption,
| which amounts to Il real though circuit
/ Gus method OF relief.
| These facts are cited 10 show that the
| commercial interests are going through
n natural aud safe process OF readJust
ment, which in short time may be eA-
pecied TO restore steadiness 10 the money
| mnrket aud afford the STOCK exchange
houses opportunity for getting their usuul
measure of accommodation rom tu'
| banks. Wall street must ue eAPeeleu ~
wait for lis turn until that outcome ar
rives II Il no light cause for confidence
| tbat. during this interval, Wall street
| shows such good evidence OF it, ahillll
tn hold its own. Fortunately, the great
| RECOMMENDATION interest shows little symp.
tnm of suffering from the causes thHe
| Gnva 90 d.rauapd first the inyestmenl
markers and now the commercial INFER
ssts The earnings Of the railroads eN
hibit liberal gains IN spite oil me llleI,
| ruptions In large branches oil trace "hNi
| moi only speaks well for the hnahclnl 'uu
dihon OF the roads, but Is nlso ellu'i ~
thnt the condition OF business on "
hal. l. moi so bad as some pessimsu'
nbseryers would have Us believe.
me condition of the money market ~ NJ
ol,tdas some very complex elements w
Jsraryctneut of domestic credits Is Wti
o,,nn,yb understood; aud il will be gehei
Iii, CONCEDED that, In the course OF lev
..,oLs The process of repair started ~
Tho hanks may be trusted 70 Won Vu
a settled feeling and eslhhilsn ire
movement in loans. -'ut II y NV
nv nv. $50 estimate what may be the ou'
no az our relations with the loreisi
.'.,,.,y markets. With the preseht hls'
10 NJ money at this center, II Is hul9laa
that foreign funds should stek e'n ~, II,
'n"nt here Such loans are oe'ns m''rI
n,j a certain amount oil rehvs ,V ,iiita,,
s.o,, that source, Even ha,l y hi 1r,,,,
al rold has been shipped MINE All Il
Tnrinnd from those opernllons' i, ''
snnte quarters 1t has peen ilrn1 ,.,S" vil
,bat additional imports Oh Si1S
soon follow -. ..s,,sctinr domesti
lhe .t ,,r crons are favorable 70 y,
tnu .,,,rse of our exchanges ny "a
iutu,e ssilnre of fodder crops ~ ~"
Ishslts mi an the Continent VIII hH W.,
b,i'"a ,',,,,uent the demand LOT SUI ~.
h,s - may have OF corn nav ~.
lus " reasonably certain thh, ru
IL S more or less serious sn"' '.te
wiu ne /" 'r,ss the Atlantic which VI.
OF Wh."t ~ nj least an averdgr eul p'N
PtvSsf cored on this side suHs' m,
oil tnn nm ~ better prices i"F y, ,' -
propnu,Nf merchandise may, pe JAl' ii,
lmWits,,na materially; amt VIII w.,
TO u gii NJ free exports oil plouJg''
propaun therefore fair pro spr'i XXI,
we la foreign trade hlla " ,,yve
Established. HENRI oi''f