Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-05-04

Now 1ofk, April El.-Ihe goll question
SIN continues 10 bc the main factor affect
ing wall street interests. President Clcvc-
lands firtn declaration thar the payment
OF all government obligations ~ gOld shall
he maintained under any circumstances had
an assuring effect. II AT least set NJ rest
one serious uncertainty. AMI that had the
tonic result OF hrnrug UP the stock market
and checking the attacks Of the "bears, 80
which were becoming daily more vigorous.
At the moment. the prepolidcrnnt dispose
tiun II to rest and walt There are 50 many
matters Affecting the situation and the early
future that cannot nt present be estimated
tina hoth sides on the market hesitate about
committing themselves to large transactions
heritntug market Is always q dull one;
and, II the uncertainty becomes prutracted,
1t may easily become yielding one.
The intrinsic features Of railroad secGri.
ties are decidedly favorable 10 holding
though hardly To be considered Us warrant
ing free buying under the prevailing dem0ra-
Nation The "lndustrlnls'' are still suffer
ing from the distrust arising from the I'M.
natural conditions upon which they rest
aud which must stand against their nrcep-
lance Us Investments. Within the present
month"; u new element has appeared, un-
favorable TO speculative buying a certain
dullness almost amounting to depression
hus come over the merchandise markets
Partly, II has arisen from the late excess
sivc lmportatlons OF foreign goods; partly
from the prospective tarin legislation hav-
Ing made distributors disinclined TO carry
larger stocks than are absolutely necessary
partly. from a falling on IN tue Interior de-
ing strugency In the loan market having
compelled some contraction OF credit opera
lions. Any Important change ~ this conai,
congress AFFORDS some definite lnliratlons of
what is 10 he the new scale OF duties I'm.
Ill that point Il reached, manufacturers aud
merchants can only be expected To rim their
business upon the laud-tomouth principle;
and relief from this sort of obstruction may
hardly be hoped for meanwhile.
The demonstrations and consultations go-
ing ON IN certain Important groups of rni-
roads may soon enlarge speculative opera.
lions
velupcd to constitute factor Of influence.
And yet a little later, very much must de
pend upon that feature In the situation.
Should the prospects ms TO gtsr- favor
another good crop either at home or abroad.
the holders Of the present Immense visible
supply would be likely TO throw their wheat
upon the market, and through mat large
relief from the heavy exports OF gold might
come. ON the other hand. with prospects
of light crops, our large eNportnble surplus
would probably continue TO be tenaciousN
chung TO, and the exports OF gold would be
correspondingly augmented. The same Hue
OF reasoning applies TO The cotton trade.
The gold situation remains virtually un-
changed since our last ndvlces. There mas
been some abatement In the amount OF
specie going ont, but requirements for export
may still continue for some time longer.
although on a diminished scale, ana niue
real relief can he expected until the specula-
tive blockade In the exports OF produce ~
broken. The efforts 10 Ind relief through
some sort Of arrangement between the
treasury and the banks have thus far devel-
opcd nothing practical The relation be
tween the hanks and the government j.
becoming better understood, and the connc-
tlon gains ground that there Is no cause for
alarm The government. II fairly dealt with
ly tho banks, will have no difficulty In main
taluing " reserves, and paying al It's Dc,
mand obligations In gold. To borrowing
gold by the issue OF bonds there Is the
objection that II needlessly establishes very
undesirable precedent. 10 an exchange or
bank gold for treasury legal tenders there
should he no serious objection; II Simply
mikes the treasury the dlsburser Of the
banks gold for export, instead OF they them
selves performing the operation. II seems
as though the banks cun hardly AFFORD TO
allow the demoralizing admission TO 10 out
before the world that they ar the govern,
mrut are unable To- meet any drain OF
gold to which they are likely to he subject
aud tho conviction Is gaining ground that
neither can they afford To persist III
course which shows them ready TO drain the
treasury stock proper whenever II may suit
Il temporary purpose Public opinion has
become very sensitive about the steady
drain upon the treasury reserve which the
banks have been indirectly cnforelng ana
signs Indicate that this policy may be soon
tempered, N not abandoned. II the banks
will let the importers Of goods and the
exporters Of gold have all the gold they
want. daylight will then dawn upon the
situation, HENRY CLEWS.