The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-12-12
Great Events in Finance not IN
like Those in the History
of Nations.
Similar Causes Back Of the Pres
emit and Former Slumps
in Stocks.
UNEXPECTED Strength of the Farmers AL
lance Given as the Reason
Hostile to Railroads.

That all great events move in parallels
finds further confirmation in the colncldent
depression in stocks and the impetus ac-
CURED by the Farmers alliance movement.
A parallel for this will be found in the
granger movement which gave the invest.
ment public such nervous chill that it
shook out all their holdings and dumped
the market to point that precipitated the
panic of 1873, says the Railway Age. What
ever may be the Interior objects of such
class movements as are periodically fos-
tered by the agricultural element they are
invariably regarded by investors and CAPT.
talists as primarily inimical to railway in
terests and as such they excite uneasiness,
hold enterprises in allegiance and bring on
that general Generalization III values that
ends in panics. 1t is we'll remembered
with what serious alarm the growth Of
the granger movement was watched by
the financial world, and when its
strength became SO great as to dictate the
hostile legislation against railroad interests
which was enacted in the granger states in
vestors were quick to convert their secur-
tiles into cash, and the public as quick to
reef the sails of everything ahoat, 1t will
not be forgotten also that just at this time
was critical period in the affairs of the
Northern Pacific, and when its securities
shrunk. in value to point that crippled the
great house of Jay Cooke q Co. the panic
became general.
Almost repetition of these events has
just occurred in the financial world and
these same securities, among many others,
North American company, which controls
them, has just been placed in the hands of
q receiver. Strange as the coincidence may
seem, the decline in values which &C
complished such a misfortune started
with the inception of the farmers alliance
dlately after popular election which re-
vealed its unexpected strength, and sug-
gested the dire results which might follow
further adverse legislation against interests
already jeopardized by restrictive and OPP
pressive laws. OF course to make the point
desired it is not necessary to claim that
this class movement was the sole cause of
the vast shrinkage in values which has pre-
cipated the financial disaster of the past
few weeks, but the parallel is completed
when it is admitted, as it must be- that it
was the fear and dread of results which
might follow such movement which in
duced the early decline in values of some
of the main factors in weakening confidence
and shaping final results.
For those who read events as they occur
there is an interesting lesson in these Incl
dents, as they indicate how entirely de-
pendent is the vast financial scheme Of the
world upon the prosperity of railway prop
erty and how susceptible it may be made to
aught which attacks its integrity or tends
to make its future precarious. Railways
form the bono, sinews and muscles Of trade
and any effort to exhaust their vitality un-
dermines the health and existence Of the
entire trade system. Therefore history re-
peats itself and will continue to do SO as
long as the great interest represented by
agriculture arrays itself against an interest
so intimately connected with its welfare
and so vast in importance as the
railways have proved themselves to
be. It is only through the pros
perity of railways and the invioIate integ-
rlty of their Investments that agriculture
can thrive, and it seems strange that insane
prejudice should inspire such a feeling of
antagonism on the part of the farming ele-
ment against the very foundation of their
prosperity. In the light of past events thev
are making war upon their best friend as a
more thorough Investigation on their part
will prove that while railways can find them
market for their products they can exer-
else but comparatively light influence in
fixing market values. For the evils and
anomalies which exist in this direction thew
must look to factors more potent, and they
are more likely to find them in cliuues and
combin atoms than even in the natural one
of supply and demand.