The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-12-17

WINE tlle Street Is Quiet, the
symptoms of improvement
sill Accumulate.
influences Incident To the Holt
days Hold Speculation il
sS Check.
Ensct N tlas Presidents Message Upon
Vail strsct--sitnation In Europe
New York Market.

MESI5AH&H ~
New York Market.
NEw YugK, Dec. M.--lSpecial. The last
,ifcular issued by the banking house OF
Henry Ulews 81 Co, al. l3, and 10 Broad
stroet. and 81 Wall street, says: Wall street
remains uuiet; but the symptoms OF com
inr Improvement accumulate. Holders Of
securities are we'll satisfied with their posi-
ton ma prospects. while those short on
fhe market show sigma of uneasiness; 40
loap. however, as transactions are mainly
confined to the room traders, the bears
may take their time in getting themselves
Into Il safer position.
One III the notable features OF the market
III tiaa increase of Investment buyers. They
represent not only the earnings or a year OF
reasonably prosperous business. but also
the l~iauidated principal of western land
mortgages, of which considerable amounts
are already being settled out 81 the results
of the large drops. while greater sums
are likely to be extinRnished dur
inr tho coming six months as thu
crops come into market. Tn large earn
ings Ut tina leading railroads, and notably
of the Vanderbilt properties, together with
iha probable later advance III stocks, are
attracting the investors who want over four
per cent. for their money to the moro sub
HtantiaI dividend paying shares, and the
market supply Of that class OF investments
ia being stendily reduced. with Y consequent
gradual rise in their value. Lower gradss
ut stocks, however, continue TO be eompar-
ativeiy neglected and ara the chief mate
rial of such limited speculation as is going
on. II IN clear, however, that the improve
ment il the frst@class stocks il laying tbs
basis Tor all ultimate recovery in the lower
grades, and will conducs to a later active
n speculation in the latter. Indeed, there are
already soma symptoms of ths beginning
Of such 4 movement.
TAT the moment, speculation Is held in
check BIZ the Influences incident to the APP
preaching holidays and to the settlements
and making up of accounts usual at the
closing Of the year. Besides, the opening
az congress with q largely new political
complexion, induces q oartain amount of
waiting for Indications of what is likely to
be the future course of legislation upon
certain important questions. These things
have 4 tendency to defer operations and
may keep the market quiet until about the
close Of the year, or possibly somewhat
longer. But, in the meantime, q steady
stream Of favorable influences is gathering
into an accumulated force that is likely be-
fore long to prove irresistible. All signs go
10 show, that for the next few months. the
traffic Of the railroads will largely surpnss
all precedent. Already, tho roads connect
ing with the wheat growing states find their
rolling stock employed to its utmost Ca
pacity. and they not only are unable to ac-
commodata tho coal traffic but are
compelled to refuse largo quantities of
grain, which il accommodating in
immense stocks in the elevators
and store-houses of the interior. Next. the
roads connecting with tho corn belt will be
equally taxed far beyond their ability to
move the crop of maize-nlany times larger
than that of wheat; and to this must be
added an extraordinary forwarding of oats
Tor export, to SUPPLY the European de-
ficiency. When the figures coms pouring
week after week into Wall street showing
The extraordinary magnitude of this traffic.
it will need no prophesylng to say what
must be tho effect upon speculation. At
present. the disposition is to defer the dis
counting Of these extraordinary prospects
until the opening of the new year; but it
remains TO ba seen whether the market can
hold itself in restraint SO long. There are
already long-hended wealthy operators at
work accommodating selected stocks in ways
least calculated to attract attention; but
the rank and file Of speculatars and that
n AAALOWA qs.tI Ll1Y vAo OupDlaU pADAio oRo
doing little and ara not likely to awake to
the real significance of the situation until
the brainy leaders give the cue.
Ihe Presidents annual message has had
3 good effect upon Wall street AZ large. It
is regarded as not only an able, moderate
and EtatesmAnly document, but also az re-
vealing a heaithy condition of the business
Of the country. and as favoring measures
promising stability and safety. and above
all az affordinR a guarantee against any fur
ther approach towards danger in our silver
policy. Tho new political complexion of
congress is likely TO produce an exciting
session in the lower house. 1t is to be ex-
pected that the main object of both parties
will be to make a record for the election of
1892; but little positive legislation is likely
TO BE- enacted, as the minority will be held
IN check by the majority, and the majority
will be restrained by the senate or the pres
ident. There is therefore nothing in con-
gressional prospects that 10 likely to SER
iously disturb Wall street during the COM
ing months.
II Europe there is a singular calm, sue
ceeding the late financial apprehensions
md the fears of impending war. Exactly
wha5 estimate is to be put npon this new
aspect, it is not easy to say. 1t would
doubtless be utopian to assume that there
has been no occasion for the recent excite
nlent, and not safe to conclude that all the
dangers have been permanently averted,
There can be no doubs that fnaEciers and
Diplomats have united to put the best pos
sible face upon a perilous situation, to
plaster over the weak spots in finance and
politics and to conceal the pitfalls; and
they have thus succeeded in recovering the /
Ielns into their hands and arresting the
headlong rush towards we know not what
catastrophe. Quite possibly, all courts
have been so alarmed at the near possibil-
ity OF being rushed into a great war with
out tho necessary corporation from the
banking power that they are anxious to
postpone the inevitable until the sinews of
Tar have become more available: but there
- nothing IN any quarter to indicate that the
fundamental causes Of quarrel have been
ever af3aGnJ. murI lasp rau1nua1. ,,I ,u.