The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-07-22
THE FINANCIAL REVIEW.
No Fixed Tendency in the Sluggish
Trading in the Stock Ex-
change.
Recent Court Events Should In
fuse New Confidence Into
European Finances.
Such a Result Would be of Direct Advan-
tage to This Countrywide Home
Influences.

NEW YORK, July 21.- Especial. The last
circular issued by the banking house of
Henry Clews d Co., says: The stock ex-
change moves along slug2ishly, with it's
daily sales of about 100000 shares, oneday
fayoring the "bulls'and next the "bears. ''but
with no fixed tendency either one way or the
other. Only one thing remains fixed.-the
predominant conviction hat stocks are in
tringically worth the prices at which they
are Low held. This estimate protects the
market against the attacks of the room
traders, but it does not elicit any outside
buying. II may possibly prove to be the
basis of a buying movement at some later
stage, but at present it's benefit to the mar
ket ia rather negative than positive.
In the absence of influences nearer to
hand, Wall street has followed with some
interest the extraordinary court inter-
changes that havs just closed in Great
Britain. Wnstever may be calculated to
at the special time, an unusually direct
bearing upon financial interests. Eu-
rope is now in n state of armed
peace. The leading nations have
divided themselves into two hostile
camps, each side equipped for conflict and
waiting only the accident that shall pre-
c~ipitate one of the greatest struggles of
modern times. Under such a state of things
and Immediately subsequent to the renew
al of the driebund, it is an incident of no
small Importance that Emperor William
should become the guest of Great Britain
and receive from that cocatry extraordi-
nary expressions not only of national re-
gard but also of court attachment. The
event is 40 mere exchange of imperial
family oourtesies, no mere excursion for the
qualification of the ambitions of Ia young
and adventurous emperor. Coming, rs it
does, contemporaneously with a pc patua-
tion Of the offensive and defensive alliance
between Germany, Austro-H Hungary and
Italy as against Russia and France, the en-
pero:'s visit must be regarded as a virtual
declaration of at least EnRland's sympathy
with the driebund, and as implying that
she has interests which run parallel with
those OF the triple alliance, and
which she would find it to her
welfare to protect in tho event
of their being endangered from any threat
ened ~ascendancy of Russiu and France over
their triple opponents. Although the
secrets OF the diplomatic conferences of
last week Mt London may not be divulged,
yet Europe will honceforth regard the
driebund M virtually backed, at least under
certain contingencies, by the moral and
physical toror of Great Britain. lhis ia II
change of profound importance in the stu
alton OF European politics. IL plnces Rus
Bia and France mt such an overwhelming
disadvantage as to virtually bind over those
countries to keep tho ponce. on penalty of
utter discontinue. II would be nm inesti-
mable blessing should this new situation
merely protect Europe against tho nor ors
of II long impending wal; but it in not i'm
possible that a combination NO overwhelm-