Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-04-03
ENRY CLEWS' CIRCULAR
Us THE VETO or THE BLAND
MIL WAS rRoPER,


has been developed in both the
Ifculative and Investment depart
ents; transactions have become more
,neral outside the mercurial indus
ials;" and some Of the prominent
BEARS" have turned over to the long
de of the market.
In general sense. this Improvement
Due to the many influences that
ave for some time been working to-
ards better condition Of business,
nd II is to be regarded as one Of those
brrts of cautious hope which mark
,e etages OF the steady process OF re-
,rn towards n normal condition OF
1airs. and which are preparing the
Xay to a really active upward move
eut in values. There is, however, one
ial cause for this improved feeling,
hitch Is quite important The general
bnfidence IN the president vetoing the
'ienlorage bill has had notable eff
pot in Europe. The main fact which
aA kept London uninterested in Amer
Tan Investments during very marked
,covery IN other securities on that
Inrket, has been fixed apprehension
Ft there might be more or less recan-
.tipn of the decided anti-silver policy
idicated in the late suspension of sill
fr purchases. That is the one point
h which the European markets are
snfitlve and wary towards our cor
orbte issues: and that distrust has
een exhibited in an almost total cessa-
Ion of foreign demand for our stocks
Ind bonds for n considerable time past
vcn the Paris bourse seems 10 have
einyed its contemplated admission OF
Amerlcans' to It's call principally on
4is account. What has most com
rned these foreign centers Is chiefly
ie4question as to what may be the
ftsident's attitude on the silver issue;
ir they have felt that, If he could
astl'usted to prove faithful TO the poll
W Df the repeal act, 10 serious harm
fonh the unsound money danger could
ome for the next three years, which
puld cover these contingencies far
rpngh ahead to serve all present pur-
loses. The assurances sent across the
tlAntic that he president could be de-
entled upon to veto the Bland bill.
are had the effect Of bringing large
|o1don orders for bonds and stocks
Xurlng the past week, thereby stopping
he export OF gold. 1t IS reasonably
Xrgbed that If such important tran
nctlons have been made IN simple an
cipatlon OF the Nresident's veto, the
einaud is likely to prove much larger
fAFH NAAN ~ iNNNeNAtAA 80 NNAAAAA AAANA ~
he fact.
Thls matter OF the possible London
emand is more important than might
supposed at first sight. The con-
inhed increase in British trade and
Pc active speculation on the London
Hehange are accepted as clear evil
nnce of n new era of confidence and
Xntfrprlse in Great Britain. The sus-
ensiun of new creations of corporate
apital for the last two or three years
as resulted in a real scarcity Of in
estments. and prices of certain kinds
r. securities are becoming abnormally
ieh. Alert bankers and promoters are
~ the lookout first for bargains in
xisting issues, and next for opportun-
ies for new enterprises. London
vents are now In this country pros
ecting for business of this kind They
re- likely to find plenty Of chances
|ruNing out of the very marked cur
aiinent of railroad construction dur
BIZ The last four or FIVE years, Schemes
ftlat character are now in process of
IQrnlation; and at later stage. Eu-
0psan capital is likely to have its
pnprtunlty for participating I'm their
ruition. Evidence as yet beneath the
uiface indicates that, so soon as pend
Xnr obstructive legislation is out of
He way and business has resumed it's
FORMAL course. there win be n launch
nj Of new enterprises that will give
Employment to the large amount Of
how idle home capital and at the same
ms attract active cooperation from
Iprtign money centers. 1t therefore
Vould not be surprising II. twelve
nonths hence. we find the United
stae and Europe In the midst of a
Xnnflled revival Of investment and spec
nlution. Wall street begins to discover
Xhe dim outlines of this future. The
erWpect ls contributing to a more hope
Iui. not to say sanguine, feeling; and
Is The outworlllngs OF these tendencies
become gradually more apparent, the
lpirit OF speculation will develop and
Enines will correspnndingly advance.
Tic presidents veto OF the Bland
Xbili is an invaluable gain towards the
.ecpvery of confidence. IT is not only
repfilrmauon OF the conservative mon
lafy policy written large on the face
af Die repeal act, but II is an assurance
hat the policy is safe for the remain
ms three years OF the presidents ton
Atr Of office. And that Is an immense
INSURANCE; for, II the silver craze can
pe held in restraint for three years,
Nafs will be found for neutrallzing II
iut9equently II indeed Il does not es-
oirc from It's own inherent weakness
';enotor Stewards Introduction Of a
roe coinage bill, though annoying, ia
Xuot to be regarded as threatening IN
h Monetary sense. Ii may run into
cauElng obstructive confusion uf other
pending legislation. for the completion
of Which the business interests are inn
Xratiently waiting; but no one better
liupws than Senator Stewart that his
achfme would be quashed by the pres
ident, and that II cannot be carried oven
his veto. II Is simply a new display %
fhr reckless and eNasperating tactics
bH3 which the silver faction socks &c
Edfry the country into concessions
~'.iGh It is resolved never TO grant
Whhtever annoyance therefore the sen.
atof may inflict he can only score
tnother failure. HENRY CLEWS.
The Posts review.
N ew York. April 2.-The Post says
fAfre were several Indications in to-
ieYs market for stocks. at least that
1a active London movement In Ameri
ans had eliminated. Early quotations
rom the other side were fracuonally
ltIcw our own. In some stocks tsuch a,
l.rNisVlllel there was actual sBles by
Iq1Nign houses, ana the sterling eN
enange marlet-perhaps the suresi
HHn held firm Mt Saturdays slightly
r|Hher level. II the movement has now
tNrhed temporary halt Ii viii civ,
nQfeason for surprise Europe bought
AtER last week fully 5000 shares OF
7Nfks. the greater part OF which wcr,
N'fped abroad. No buying moyemen
n ouch volume was likely to contlnu,
tuNf until the business outlook clears
I'IIN change In fla frTuara1 nffftrs1a o.