The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-11-20
FINANCE AND COMMERCE,
Dealings on the Stock Market Indi-
cate Revival ef tho Dispo-
sition to Buy.
European and South American
Securities at Present Are
Much Distrusted,

Nuropoan and South America.
Securities at Present Arc
Much Distrustsd.
Special Reports to Bradstrssts OF 4 Ten
dcncy Toward Quist In Trade Are
More Conspicuous.
New YoRK, Nov. 1a.--[spscial. THE las
circular issued by the banking house O
Henry Clsws a. Co.. H. 10 and 15 Broat
street. and 35 Wall street. says: III
course of the stock market during the pas
week has been of q character to show that
in spite of the late dullnsss, IL still retain,
elements Of vitality which only need til
touch Of the right influences to dsyelol
them into lively a~stivity. The trading o
late has besn almost exclusively confined IL
room professionals, and the persistent stag.
nancy tempted the "bears'' into large over
selling, while in London also the psssimiyta
appear to have simultaneously fsllcn int
the same trap, the short sales having ii
both cases been encouraged by magnihed
accounts Of the effects OF the recent bank
Ing failures in Berlin and OF ruuorsd fnan-
oial dangers In Paris. When later cables
cut down these European cxagQerations to
sneir proper dimensions, u was found thai
= mole hill had been maenihsd into I
mountain, and both here and in London
there was . rush among the s'bsars'' tc
cover their contracts. The "b1lla'' wero or
the alert, md their opponents have paid
q ponaisy Tor sheir temerisy which il
iikely 70 teach them = lesson OF future
caution. The promptness with which thu
situation was TUNED against the ..baar' j,
side shows that altbnugh IA ;pArantio
l..a... -..A so.s1 : ue :
'eaaers arc ~ pressns Inlrly IN the market,
yet they are close on the edge and maintain
4 sharp outlook for opportunities. 10 this
extent. the dcalincs ~ tho mast waal 49,
l.. f.ir,. aon..r.aa :.
= larry oonssfusu - lnuloaslnR tnnt Sell
ing = becoming more hazardous and that
the disposition to buy ia beginning to gain.
But while these tasts show that ths ,ra.
rora.r.n. faal;rc - ~ ,,o.h.t I. -.ho
..1-n-'n - :. y AlAlAs' 10 1i'h .uo
Du.s' ana 'nas ~ she mansuverlnRs Tor
paiRn the "benrs' have bscn nut III rather
serioua disadv,ntsse xsk +oo mrch n,a4
- =. ..a.-sa 1-""e - .M ~
io' - iAie'ieu from tnsss symptoms. Iho
IcbUls - = hopeful on0 Tor the ultimate
future, but not one that ~iustites immedi-
ats indiscriminate buvinc. A. nr.aant thara
i. rrora.t;or.hl. . h.aI.hn 49,.
=. 1872. 80 " a'
sao Oo1so0 OF sns market, su[nclent to pro-
tsct prices against important drops; but
conditions have not ripsned into anything
.h.t m.n -. a...a e'aA0s
As 1""s aspen1su upon 70 produce
suon = 1ssllng are not yet dus for aome
weeks. and it is never either wiss or profit
abls to anticipate conditions too far.
n advance. The result Of suoh
precipitancy is always to weary and dis
lions hoped for arrive there il no shirt of
t.boom,H' while holders sell out precinitatelv
before there is any chance OF BRINGING in
outside interest, and what might have been
j "boom" becomes 4 mere transient spurt.
b failure from prscip1tancy, Evidently. Il
ID the desire Of the influential leaders in
speculation to avert such a n,o6t].aa res,,lt
pf conditions which promise to produce al
i later stage an active upward movement.
Ind they prefer to restrain the isinr tone
until it ultimately asserts itself with the
power of a pent-up force that can bs no
longer controlled. This is wise and good
management; 70 far as it succeeds the p os.
pects of tho future are brightensd: and it
q to the interest of those holding stocks
Ind those contemplating buying to work i'm
With ILLS drift. W.
The failure of the old and influential. but
Very venturesome, Maverick bank through
speculative alliances was q sharp shock TO
confidence. and the consequent, withdrawal
bf some millions Of money to Boston
paused considerable changing Of loans with
he effect of a temporary disturbance of
ates for call money. Later in the week il
was discovered that the resources of the
bank were not nearly 80 seriously Unmarried
Is was at first supposed. which had the
effect of mitigating the unfortunate i'm
preston and restoring the eomposure of
Ehe money market. At the same time, this
Event, coming 80 closely upon the develop
|nenta in tho case Of the keystone bank
Ind the large dcfAlcation in a New Oslenng
bank, has rudely shaken whatever con
fdence in banking may havo arisen from
he check on mismanagement provided
through official examinations. Unless such
Inspections can be made more searching.
hey will be regarded az being as much d
mare aa a protection.
At the moment, there is a distinct revival
bf distress in European finances. Although
here is aome abatement OF the outflow Of
hold to this country, yet it is felt that, with
|he inevitable further extraordinary ex-
bort of our grain, this change can be only
temporary. The absence Of any improves
nent in the situation of Argentine finances.
Tho progress of political disintegration in