Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-05-09

New York, May SIN his last review
Of the money market conditions Henry
Ciews says.
outside the "industrials," the market ha.
stood up remarkably Wen The entire list
has been sumpntheiically affected; but there
IL good reason To hope those arrangements
Will prove only temporary. The railroads
are conceded TO be 10 excellent condition
and the market is by no means oyer.sup
piled with that class OF stocks. They hav,
had to contend, nj the moment. with sup
ply coming from mercantile borrowers vii,
nLher Tie CONTRACTION Of discounts, ind II
convenient to rcullzc upon this class nj
assets: hui those sales are a comDarntiyelS
unliDpOrtant factor. In fact. the ordinary
run OF securities nre regarded an In a sound
aud satisfactory condition and at the late
current range " prices have. been rradl,
neceuied as collateral. They have for somt
time suffered In sympathy with the distrust
existing against The "indnstrials" which ba,
spread Il paralysis Of dlstrust over the Who'll,
market; but now that the trust" bubbles
have exploded, the market win NATURAL,
assume a healthier tone and railroad shares
may be expected TO md fairer recognition
OF their special merits. In fact, the break
puts The whole market In sounder and
safer condition.
The general financial situation has not
been inJuriously aggravated by the crisis
on the contrary, II has rather been In
proved, through the elimination Of an cle
nent or disturbance and JIstrust tn Tho
loan market. The banks show less appre
henslon OF arrangement from gold eXnorts
and from the position OF the treasury, aud
seem disposed 10 act with prudent liberalit
TO their commercial cnstombers, InInri
the curtnilment of discounts appears 10 come
less from the city than from New England
anu other country bnnNA who have taken
the situation with more alarm than the con.
ditions really warrant. This however IA
nu error Which further reelection may easily
correct. The demand ON the treasury for
gold for export has nhRtc,lnnd at the mo
nent shows no marked tendency towards n
revival ana The gold reserve u consequently
better maintained than has been expected.
SIN, however, the exports of produce fall
much below the requirements OF the foreign
exchanges and 80 long as that continues there
changes and, 80 long rs that continues. ihorc
can be no assurance OF escaping further
shipments Of gold. II would seem reasonable
to expect that the destructive effects OF
the drouth in Great Brltaln, France and
some other parts Of Europe will cause an nd.
vance In breadstuffs and n consequent re-.
ylval In our exports, which il the thing
above all else needed 10 adjust the abnormal
condition OF our foreign trade balance
What has bsfallcn lie industrIals" aud
the smaller declines that have occurred on
other stocks IN sympathy. must Of .uitrsc
leave tile market IN u disabled condition
upon The better class ~ stocks. which at pres.
ent prices afford very tempting Investments
A. the same time, It IS very importint that
oyercstlmRted. The break has come mainly
from sudden cxcltenlenfs aud unrsf citing
fears caused by the general collapse Of the
comparatively little 10 do with the general
condition OF business. which IL sound aud.
up TO this time. has been unusually prosper
Gus. There has been no undue Imitation Of
enterprise In any direction. hut rather an
exceptional exemption from H. Credits hnyc
been Kept IN n healthy condition. there Is
no serious European financial arrangement:
and. ~ brief. there Is a comparative freedom
from NEST ~ tile abnormal conditions that
usually lay The basis for panic. Being thus
Hated as 10 its carsce, the crisis will be
c0ffespondingly helped IN he stage Of re
coycry frOm fl effects, Having made se-
curtics cheap, ole " IT'S results viii be TO
draw out u stream Of artlera for Investment,
both RI home and abroad: aud 4 would not
be surprising should Il be found TO result
IN an outflow OF securities 10 Europe that
will materially rouiribute towards rectify-
Ing the sfrainal condition OF our fOr'lgn
exchanges. 1t VIII be found TO open up
many forms OF relief 10 The transient mDii-
eiary arrangements that have arisen nom
other causes
There are now many securities that may
be bought for prices ihg. VIII yield within
few weeks more thsn usual profits.