The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-12-09
Ths Conditions Sufficient to Account
Tor the Continuation Of
Dizziness.
Financial and Political Affairs in
EUROPE Are In Quite . Salts
factory State.
Who Market Simply Not Responsive to Ad-
yAncing Prices--No Marked Rise Tn
Values Expected.

pireniar issued by the banking house o
Henry Claws q CO., III, ID and l5 Broac
street. ind IS Wall street, says: Again {
week OF marked dullness mi Of snme weak
moss of prices ON the stock exchange. Ant
vat, along with this. there are no condi'
tfons that can be considered sufficient to
account for this state of things. The Lon
don market, which in a certain sense may
be said to be u branch OF ours, has shown a
heAlthful and, according to dispatches,
cvcn a schecrful' tone, and is only waiting
for the signal from this side to start up an
active ''bull' movement; and yet this atti-
tuds has no encouraging effect on New York.
The bank Of England is rapidly increasing
its reserve and is expected to soon reduce
its rate of discount to three and one
half or three per cent. The continental
bourses have shown a marked recovery OF
confidence; and at Paris, Berlin, Madrid
and Vienna there 10 no longer any appra-
hension Of financial trouble. Following the
visit OF III. de Gisrs to the governments OF
France, Germany and Italy, there is a ces-
sation Of disquieting political rumors, and
hopes are entertained that some way has
been found Of establishing, at least for the
time being, more harmonious relations
among the divided powers.
All this improvement in the financial and
political affairs of Europe, it would seem,
ought to DO attended with some response in
the markets; and in the foreign markets
there really has been a marked recovery in
the prices of nearly all securities except
American; but they have remained station
AIRY because New York has been neither ac-
tive nor buoyant. On this side of the At
lantic. the influential factors have been
favorable to securities, whether viewed from
an Investment or speculative standpoint.
The banks are still increasing their reserves
and are becoming anxious to employ
their funds ON time engagements. New
enterprises are being 1oated, and appar-
entity with success. The railroads show in
creasing earnings, both gross and net; and
yot they have received only a comparatively
small percentage OF the years agricultura
product. The fall trade, which has been
hold back by the exceptional mildness of
the season, now shows clear symptoms OF a
very active demand for goods for the re-
mainder Of the season; and accounts from
tho interior leave ne room to doubt that all
the reyiving effects of our great crops that
have been hoped for are to DO forthcoming.
What reasons then are to be assigned for
the partially reactionary spirit that just
now prevails in the stock market! On the
surface, nothing can be discovered beyond
Co.; and that, it must be admitted, il an
event which, if not from its intrinsio value,
yet from itB possible Involvement of MEM
bera Of the exchange, and its connection
with the sensitive issues OF the Union Pa
cifc, as we'll as from it's sensational feat
ures. was calculated to arrest buying, if not
also to encourage selling. The occurrence
was q god-send to the bears" who had
largely oversold the market and needed q
p%retense for attacking prices; and their
consequent activity, together with the
check upon buying, has been perhaps Che
main element in producing the ~disappoint-
ing market for the past week.
A stage OF the year has now been reached
when, in spite of favorable cond itions, the
market 10 not usually responsive to move
ments for advancing prices. In three
weeks we shall be in the midst of the di-
yetting inhusnces Of the chief holidays Of
the year. The period of taking stock, max
ing up annual accounts, providing for in
terest settlements and making a variety of
annual liquidaticns is not the time for
initiating a speculative campaign; and
therefore, whatever may be thought of the
legitimacy of a rise in stock values CORE
spending to the many-sidsd stimulus that
now bears upon the stock market, it is not
to be supposed that any important move
ment OF that character is likely to appear
until near the close of the year or at the be-
ginning Of 1892 During that interval, we
may possibly witness some irregularity in
the market. The bears will need to exert all
their skill and power to extricate them
selves from their large Short commit
ments; and such temporary successes as
they may have will afford opportunities for
buying. On the other hand, it seems quite
probable that outside happenings may pre-
dominate on the favorable side. The i'm
proving tendency of affairs in the interior
and in Europe, the effect of the crops upon
railroad earnings, the growth of ease in
money, and the return Of gold from Europe
are influences that are likely to continue to
further develop throughout December;
which may be expected to steadily prepare
the way for q later movement toward higher
prices, which it seems to ba very generally
conceded would then be legitimately due