The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-12-03
The FINANCIAL REVIEW.
Some improvement in the Tone
of Business and Recovery
in Prices.
The Situation In Europe and
South America Takes q
Favorable Turn.
Effect of the Prohibition OF the Export
of Cereals-Money Easy and
Trade Improving.

Effect of the Prohibition OF the Expo
of Cereais-Money Easy and
Trade Improving.
NEW YoRK, Dec. Especial. THE las
circular issued by the banking house o
Henry Clews Il Co., II, Is and Is Broat
street and IS Wall street. says: Tho pas
week has shown some Improvement in tn,
tone of business at the stock exchange an
some recovery in prices. The change ha
been in a large measure due to a relief from
the extreme tension lately existing in Euro
pean markets. The late depression abroad
while due to real and serious causes, has NJ
doubt been aggravated by speculative in
f~uences, and these influences have been
exerted to close upon the verge OF
producing widespread panic. The Euro
psan ''bears,' however, appear to have
known exactly how far they could 60 with.
out provoking general disaster, and just
when a crash was feared have become buy
ers, with the effect Of a general recovery OF
confidence.
Apart from these speculative movements,
siSAe VA w AeNo W oh
in the European situation in some material
respects. Tho danger OF trouble in Paris
and at st. Petersburg, arising from the
threatened failure of the Russian loan, has
been averted by the czar's government re-
lieving the Paris neGotiators of $40, 900, 900
of the $500, 600, 900 for which they had be-
come responsible. A rumor was also circu-
lated that the Rothsohilds had been in
to extend aid to the negotiators;
which. though probably %unfoundsd, tended
to relieve the situation. AT the same time,
the embarrassments of the Bank of Spain
nave been 30 far settled with it's Paris cred
itors as to enable the bank to renew its
advances, thereby restoring conf
dence in Madrid. These am alterations at
the most sensitive points of European
have naturally infused a more
conident feeling at other centers
which were suffering in sympathy. The
political kaleidoscope has also exhibited
more hopeful hues. M. de Giers' visit to
and Berlin appears to have aimed not
only at the protection OF Russia's threat
in that respect more or less successful, but
also at etfeoting understandings calculated
to soften the dangerous aspsrltles existing
European courts; and here also, it
may be hoped, the ambassador achieved
measure of success. The French
minister of foreign affairs is reported to
have said that the views interchanged with
NJ. de Giers We're "of q very friendly and
pacific nature" which clearly must be con-
5trued as having reference to relations with
Germany and her allies. Though little
comes from German sources as to the pur-
port of dc Giers' visit to Berlin,
yet q Russian semi-official paper sig
n iEp -, 1y raucao %hn kno that a.,
ambassador will succeed in dispelling
all MISUNDERSTANDING between Russia aud
and-which is still more sig
nihcant-''that he will succeed in bringing
about an improvement in the present rela-
between Germany and France, in or
Ter to produce a complete a~ppeasement."
These words are q trustworthy indication
If a desire on the part of Russia and France
% bring about a more Tactic condition of
as between the leading European
powers; and it can hardly be supposed that
Germany will treat such approaches lightly.
is the first ray of light that has pene-
rated the gloom of European politics for
q day, and the results will be watched
With hopeful interest the world over. The
week has also witnessed the lifting of the
var cloud that had settled over Brazil,
President Fonseca having resigned and his
having esumed normal relations
the Legislature, while the State of
Rio Grande del sui is said to nave revoked
ts decree of SECESSION; Brazil is therefore
again at peace and affairs arc taking their
Usual course.
This remarkable concurrence OF events Of
!. pacific tendency puts, for the time being
1t least, a widely different aspect upon for
,ign affairs from that which lately excited
IN almost hopeless apprehension on the
European markets. From quarters re-
for all that apprehension, there
~, ao ~, 1r,ar inn nf IaoIra for n |
OF relations in the interest of
peace. 1t is true, it may prove obstacles
between tho desire and the achieve
nent; but SO much as has trgnspired in
hese %iniatory effort warrants a more hope
nj attitude in the financial markets of Eu-
anu America.
During the week Russia has closed her
ports against the export of wheat; which,
added to her previous stoppage of exports
IF oats, must have the effect of largely
increasing the shipments of those
cereals from our W ports. The large
shipments of grain are adding remarkably
20 the volume of our exports. For the |
three months ending with Oct. 81, the total
of merchandise exceed those for
the same period of 1890 by 1874. DOC, 900, while
he imports for the sema month fall $16.-
700, 900 below those of last year. The trade
balance il our favor, for the three months,
is $64, 002.000. compared with only $15, 600, |
JUO IN loSO. lhlB Dalance, however, has
been set of by simultaneous gold imports
amounting to $25, zoo, 900. which left an out
balance i'll our favor of 500. coo, 900
ut the end of October. AS that balance has
since been increased, the inference ia OBJ
yious az to the prospects of continued i'm
of gold. Under the gloomy condi-
recently existing abroad, it is not I'M
likely that this balance might be liquidated
to some extent by the return of our securi-
tiesi but the moro hopeful symptoms in
both tho finances and the politics of Eu-
above referred to favor liquidation in
gold rather than securities.
At homo also, current influences are
to the stock market. The eondi-
ton of the bank reserves is conducive to
ease in money. The trade of the
at large ID beginning to show a
more distinct response to the stimulus
from our abundant harvest. The
earnings of the railroads are still gaining
those of last year, and that upon tho
as we'll az the gross business, These
ftEtors are producing a iirmer feel
among holders of stocks: and az the
market is largely ovorsold, the purchases Of
the bears" to cover short contracts are
likely to have Il favorable effect on prices at
n II early day. Under those circumstances.
it would seem safe to buy good stocks on
reactions for easly favorable develop.
N ents,
Tho yUnril rtt.