The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-08-27
THE FINANCIAL REVIEW.
Improvement in the Market, Begun
Two Weeks Since, Still
Continues.
Speculation in the Grain Trade
Awakened by the Rus
sian Ukase.
Increase of Money Offered on Time Loans
Present Market Should Be
Taken on Trial.

NEW YORK, Aug. 2~6.-[special. The last
circular issued by the banking house of
Henry Clews & Co. says: The spirit of i'm
provement in the stock market that set in
about two weeks ago is still maintained,
though at the moment there are some symp-
toms of abatement. A variety of circum-
stances nave contributed to this change of
tone. To begin WITH the unfavorable as
poets of the situation had been consider
ably exaggerated in the estimate of opera
tors, whilst the favorable ones had been
held in allegiance or their influence ex-
hausted; and the market was thus pre-ex-
posed to sympathize will new and hopeful
Influences.
At this juncture came the intelligence of
even a larger crop of wheat than the pre-
vious large estimates had indicated, and
the prospects of the corn crop also have ex-
hibited a steady improvement. The iron
trade has showed a marked recovery, the
combined June and July product having
eoualed the extraordinary figures of last
year, while the stocks IN hand have been
reduced; which is a favorable
indication of recovery in our industries at
large. The boom in wheat and rye conse-
uutllb upOA Ii IkuBblul uhdbo pIOulDlEllO
the export of the latter grain, while infer
entially favorable to the railroads. has
awakened the long dormant spirit of specu-
lation in the grain trade, the contagion of
which has already spread to the stock ex-
change. The tendency of information from
Great Britain and the continent mas been
to dispel the illusions about the supposed
desperate condition of transatlantic
finances. At London there ia a distinct
improvement of feeling; and although bust
ness is quiet, conservative and
alive throughout England, yet u moro hope
full feeling begins to prevail there. Even a
ray of hope begins to dawn upon Argentine
finance and the much deprecated securities
of that country nave within the past week
shown a notable recovery. There can be no
doubt that the favorable opinions and as
surances recently formally expressed by the
governor of the bank of EnRland-to which
allusion was made in my advices of
last week-haye also been q very
important contribution towards the recov-
cry of tone. for it is naturally reasoned
that. if the bank looks on the future with
the comparative confidence expressed by
Mr.. Lidderdale, there can be no reason why
that institution should use it's power to pre-
vent any return of gold to this country that
the natural course of the grain trade may
call for; which is the point on which New
York especially needs insurance. The late
ness of the autumnal outflow of money
from this centre to the west has also had an
assuring effect. the more 80 as it puts back
that movement SO much nearer to the time
whom we may expect a compensation for the
drain in imports of specie. A week ago, We
had n surplus reserve of ST., GOO, 600, while
ut the same time of 1890 there was a defic-
iency of $685. 600 n in 1889 a surplus of
ouly $685., 900; which would seem to sug-
sest that our current business with the in