The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-03-25
The FINANCIAL REVIEW.
Wall Street Is Still in : Decidedly
Dull and Stagnant
Condition.
Prompt Recovery OF the Street
From the Effects OF tho
Panic.
The Current Earnings Of Railroads "A Bull
Campaign overwhelmingly
for the Country.


Especial Correspondence OF The INDEPENDENT
BANKING HOUSE OF
HENRY CLEws d Co..
l3 AND Ii Broad STREET.
New YonK, March. 24.-Affairs in Wall
still retain the dull, stagnant condition
noted in these advices for some weeks past.
There is nothing occurring in the routine
OF affairs calculated either to stimulate
transactions or affect prices; and even the
''room traders" find IL difficult to work up
interest enough to form q basis for frac-
tional profits on either buying or selling.
The only new factor of any importance has
been the renewal of exports of gold, Of
which about $2,00O.0OO has been shipped or
engaged for export during the week, with
Indications of moro to follow. This has
induced q temporary selling Of stocks and
a slight decline in prices. We seem to have
forgotten the great upheayal of six months
ago and do not sufficiently take into &C.
count the wide process of readjustment
that must follow such disturbances of
credit, values md investment. Such
repairs of the delicately constructed
machinery of finance necessarily require
time. Some of the damages do not admit
of permanent repairs; some of the repairs
w ~ uROl 01A ~ AAtCA
with clear heads and deep purses prefer to
wait until the recovery has been subjected
to sufficient test of time. To take a paral-
lei case. The crisis of 1884 was far less
serious than that of last fall, although the
fal! in prices Of stocks was equal to that
which occurred in October and November
last. Yet. though there was an early par
tial recovery from the extreme decline, as
In the case OF our recent experience, there
was no spirited movement and no decided
and sustained rise in prices until the sum
mer of 1885. 1t is true that the earnings of
the railroads were exceptionally low in
1885, which helped to prolong the depres-
sion of prices; but that unfavorable feature
was Offset by a condition OF the bank re-
serves ranging between 81 and AZ per cent.
from January LIST to September LIST, the
surplus on August lst being $65, 100000.
The current earnings of the railroads are
relatively better than those of 1885, but
nevertheless are not considered satisfactory.
but while it would be premature to expect
an early pronounced "bull campaign" it is
quite within the range of probability that,
40 soon us the April settlements are out of
the way, a tirmer and more active condition
OF the market may appear and a fair ad-
vance in prices be realized. An easy condi-
ton of the money market is reasonably
certain for the next four or five months.
Th, railroad situation also issip1proving,
and perhaps more so than is accredited to
We hluuouRu utCllLeb Ill odILluHS lave
been generally expected, yet the increase in
January gross earnings is followed by an
increase in February, the increase for the
two months being Alb per cent, as conf
pared with a period OF unusually large
business. Such partial indications as are
forthcoming suggest a hope that the net
earnings may show a slight improvement
on those of last year, the principal excep-
ton having been in the case of Wabash.
The manifest reaction of Granger and
farmers alliance sentiment in the western
legislatures is also a factor that should
reckon for something in estimating the
future of the railroads. So far as respects
the winter wheat crop, such shadowy symp-
toms as are present apparent are hopeful.
The currency movement for the past
week has been decidedly against the banks
of this city. The exchanges with the in
terior show a net loss OF ST, 370, 900, and
those with the sub-treasury a gain of $780,
Geo. leaving a net loss of $750,0O0; this,
however, docs not take into account some
$1,000, 600 of gold taken or engaged for ex-
port during the week.
HENRY CLEws.