The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-12-23
THE FINANCIAL REVIEW.
Speculative Business Very Moder-
ate, but Conditions Favor the
Value Of Securities.
Disposed to Postpone TRANSACT
tions IN tho Near Prospect
of Christmas.
-----------
Some Of the Current Good sympton,s-In
Respect to American Invest
ments-Crop Value.

NEW YORK; Dec. 1I.--I Speclal.
last circular issued BY the banking house Of
Henry Clews a Co., III, lib and 10 Broad
street. and 35 Wall street, says: The stock
market ID following the course which our
late adyic0s have foreshadowed as likely to
DO experienced during tho closing weeks OF
the year. Although almost every condition
and influence favors the value Of securities,
the speculative business is very moderate,
and on the surface affairs have the APP
pearance of a holiday. This is5 easily
explained when it is remembered that
operators are always disposed to postpone
transactions in the near pros
pect Of Christmas festivities. Under
the surface, however, the feel
ing does not at all correspond TO this out
ward expression. Under a quiet exterior,
there 10 the TIL obbing Of great expectations
and impatience for the beginning OF the
promised active campaign. The exceptions
to this rule are an unhappy minority among
the room-traders, who have put themselves
IN a condition to be very intentionally
squeezed on short contracts, and are
eagerly Watching for an opportunity to
escape from their dilemma. Should they
much longer defer covering their sales, il ia
not unlikely they may enjoy the honor Of
being conspicuous contributors to the open
ing Of q campaign that will afford them
mournful evidence OF their late pessimistic
blunders.
1t is said the unexpected always happens;
it would be disappointing IL the converse
were equally true, that the expected never
happens; for there has rarely been q more
general agreement Of opinion as to the
probable course OF the market. The com
mission houses are unanimous in their ex-
pectation Of a general rise in prices: and II
would be difficult to find any reasons worth
considering for anticipating anything diff
ferent, One of the best features of the
market ia the self-restraint Of the larger
operators. Although having quietly laid
up stocks, yet they hold back from active
operations until the effects Of the large
crops become more general and more
conspicuous, and until the setting in
of the influences that usually attend
the large Januarydisbutsements OF interest
and dividends. Among the current good
symptoms are the increasing demand for
railroad bonds and the consequent rise in
thoir value; the good buying of the gran
gers and the dividend payers generally: the
continued rise in the Vanderbilts under ru-
mors OF extra dividends; the renewal of CON
tidence in Rock Island, and the more active
buying of Northern Pacific, which has so
long been a weak spot in the market. Bank
o~f-Ilngland day reflected an improving CON
dltion Of affairs at London, the bank re.
serve showing a gain and suggesting. an
carly reduction Of the rate of interest; all Of
which implies some degree of recovery at
the continental centers.
There has been a lack of disturbing po-
liticaI news from Europe during the week,
with the small exception of the little affair
- 49,. N-r-. .-l@ .I--- Nh M-.ut
probably prove to DO a harmless ripple.
Whatever differences may lie beneath the
surface of European politics, it seems to
suit the purpose OF all parties to conceal their
belligerency SO long as they cannot afford
to indulge it, and especially tho two powers
y supposed to be most disposed to make trou-
BILE. For the moment Il new and interest
ing experiment. occupis continental states
men-an attempt to bind certain nations to
peace through bonds of commercial inter-
est, and to coerce others into order through
punitive trade determinations. There is
reason TO hope that G%ermany's new
of trade treaties may at
temporarily put a check upon
hostile tendencies; and this hope ID worth
something as a means o. restoring financially
confidence on the continent. Nevet theless,
for the time being, there Is no material
in the tone OF the foreign markets
in respect to American Investments.
We are now verging on the beginning of
the forwarding of tho large corn crop. which
will bring to an important group of rail
roads this benefits of our abundant harvests
and increase the list of lines showing large
of earnings. The prospects Of
new legislation receive little attention from
Wall street. 1t is taken for granted that,
in view of the party complexion of congress-,
II will be found virtually impossible to en-
any new measures Of special public in
crest. In respect to the silver ques-
ion, the opinion seems to prevail that
and it is hoped also con-
sressional, opinion has come to the
conclusion that there should be no further
egislation on this issue until an interna-
,ional union has been created, establish
the free coinage Of both gold and silver
lmong all the leading nations; when there
'ould be no objection to the unrestricted
of silver in the United States. If
his be a correct Interpretation of CURRENT
opinion, the silver question is. deprived Of
immediate danger. 1t is an important
to the hopoful prospects OF tho
coming year that. according to a report just
ssued by the department of agriculture.
he market value of this years crops Of
Wheat, corn and oats exceeds that Of last
ears by $310. 600. 900. A good rortion Of
his may be expected to be devoted to the
!quldatlon OF farm mortgages. which will
o~srespondingly increase the demand for I
Their securities, and put our great Turning
interest upon a more prosperous footing.
#M5- Good Looks.