Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-01-16
CLEWS ON STOCKS.
WHAT THE VETERAN FINANCIER
HAS no SAY.
Some Think There VIII be Revival
of Buying at an Early
Day.

New York, Jan. 13.-The past week
in Wall street has been devoid Of any
special features. For the class of Sc
curites adapted for permanent invest
ments, such as railroad bonds and steady
diyidend-paying stocks, there has been
u really active demand from TIE receive
ers of January interest payments, with
some advance in the prices Of such issues,
but. In the more transient operations In
stocks, the movement has continued linz
tied. The various and in many respects
unusual induces at present affecting the
market are conducive to some degree OF
postponement Of speculative transactions,
but holders are not. on that account, the
less disposed 10 cling to tEeir holdings,
and the situation is intrinsically strong
enough to resist the constant though gem
orally public attacks of the bears
There are, nevertheless, those who
think revival Of buying within thu
range Of early probabilities. The ten
dency in that direction, arising from the
stil growing abundance Of money and the
low rRtes of interest, is very generally
conceded but there Is some difference OF
opinion as to how far the matters de-
pendent upon congressional action may
permit of such q movement. IL Is, per
haps, safe TO say that the oalmer obserE.
ers begin TO note change Of feeling and
estimate MS 10 Lhe lHtu.c course Va "uH4'
ness. They perceive that the extreme
fright caused by TIE silver panie. and
strengthened by preparations Tor
sweeping change Of national commercial
poilcy-however well-founded II may have
heen--has yet run into an excess Of col
lapse, in which cOuntervaillng considern-
tons have not had their due weight
There Is undoubtedly real force in this
view, and certain degree OF reaction
from this exaggeration of fear must be
forced upon the public feeling by the more
sober second thought.
Such a paralysis of production MS has
existed for the last six months Is entire
tirey incompatible with supplying the
current wants of consumption. Carefully
committed information gathered by one Of
the Commercial Agencies from thousands
of firms and corporations shows that, Tor
the last six months. the contraction ot
sales by manufacturers has been mncn
more than double that of merchants and
that. In some important branches OF trade
the cnrtailment of retail sales has been
comparatively nominal. Tie amount OF
| imported merchandise going mo cnnsnnif.
tion at This port during the last half oS
1893. was 10000 COO less than for the
same time for 1892, which amounts q, @
decrease Of 30 per cent; while Tor the
Two last months. the reduction averaged
20 per cent. These facts show thar
0
/ goods coming through importation has NOT
| quite equaled that which has occurred In
| domestic sources Of supply, yet The. eur
| tailment even in this department rs ~
nearly double the ratio Of the decline
sthat is shown by Dun's statsiics TO have
occurred in the sales direct 10 customers
This process Of contraction at me sources
i Of eupnlv. 10 an extent 20 entirely dis
proportioned to the actual consumption
and extending over more than sx months,
cannot fail TO have produced depletion
OF stocks Of merchandise virtually IN
/ praeedented. Merchants whose oplhlen
! is entitled to respect, tell us that y me
leading branches Of trade the siocks o.
TODAY do not exceed three 49, eoh'
These facts have certaillg this m9ch
significance, -whatever else fhey my IN.
ply.-that there must be AZ luliili,y..l.e
] considerable resumption ~