The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-10-14
] Makes the Holders Of Stock OBJ
stinate In Their Refusal
to Sell.
The Natural Result Is Stagnation,
tho Market Bulled to
Death.
Int the Undert0ne IL Exceedingly Strong
London AN Uncertain Factor
Gold From Europs.

- ~ ~
Amos upon the stock exchange during the
ast week has been in close accordance
it'll what was indicated in these advice
hres weeks ago. The rise has been checkedi
rofts have been turned into cash and re-
assions of varying Importance followed.
(eyond the breaks in Missouri Pacific and
kock Island, there has boon nc fresh cause
I weakness, save the withdrawal OF Lon
on support. Nevertheless. the market has
cen dull and ~listless. On the n side,
here is an almost impenetrabls bulwark OF
Dntidence in tho future, which makes
worry holder of stocks, large and small,
Estimate in the refusal to sell. Tho
esult is s%tagnation. The market has
tsrally boon bulled to death; and
othing short Of a shaking up of soma
prt will lift ii out of present conditions.
Mess the leaders soon bestir themselves,
le opportunities for an active bull market
uring the next few months will be materi-
lly modified. Leadership IL essential, and
B be successful 1t must be of the sort that
TRACTS, not repels followers. Activity is
hat is needed. Everyone recognizes that
ne rise has boon sufficient for the time
eing. IT il going a little too fast to think
t ~discountiuR the gains of twelve months
i as many weeks. Rest and recreation are
eoessary to check imprudences and obtain
roader and safer views of the future. For
10 last few days transactions have been left
most entirely to traders who made little i'm
ression upon values. 1t is probable, then,
lat present inactivity. if continued, will
nd to somewhat lower prices. Those who
ave taken profits are slrsady anxious for a
ecline which would admit of new buying
nd afford tho basis of a further rise later
il. Nv opinion is that the activity of the
larket would ba moro benefited in the end
v a fair decline rather than an advance;
nd, with speculative forces divided as they
ow are, tho outlook Is certainly more fav-
rable TO 4 fall than rice. At the same time
DO exceedingly Htrong undertone OF the
arket canno be overlooked; and, until
rents shape themselves more definitely
Q may expect a good training market in
hich quick turns are preferable to long
olding.
London appears to be q somewhat uncer-
lin factor, chiefly because Of the none
NV Situation there. 1t is possible that We
Ill have drawn from $35,OO0,000 to $40,-
ext December. We have already taken
bout Sis. 600, 900 during the season. The
ank Of England is disposed TO resist this
Iovement in q degree, and much Of the de-
and will fall to Paris, which is fortunate
we'll prepared to meet it. 1t is also to be
Bmembered that tho failure Of CROPS in
urope will cause there stagnation Of trade
nd discourage speculation, thereby lessen
& the demard for money. Political,
nRncial~6and monetary affairs in
urope are all in a complicated
nc delicate condition. Hence, it
impossible to accurately forecast their
utcome; SO that, however superior the in
ucements of American securities to for
gners, it is quite within the range OF pos
bilities that they may not be able to avail
lemsslves of such advantages as freely as
Q expect. In other words, it will not do
, count too strongly upon foreign support
b event of a further rise. Money in Lon
on has been quoted at five and six per cent.
pr carrying American stocks, which catsed
,creased orders to sell. That the Bank of
ngland did not raise the rate of discount
as probably due to a desire to keep for
On money markets free of disturbance
uring the placing of the Russian loan.
The home monetary situation is satisfac-
Try. This weeks bank statement will be
pade on rising averages, n ought there
ire to be a favorable one. Owing to pru-
ent treasury management and expansion
b the circulation, together with plentiful
old imports and the strong position of the
ssociated banks, there is little prospect of
ktreme stringency in money. Enough and
b spare seems probable for crop and trade
equirements, though the demand from the
liter quarter may subsequently become
rgent enough to stiffen rates and SO affect
REGULATION. When stocks are active there
always IN attempt to manipulate money;
ut we do not anticipate any natural strin-
ency for soms weeks to come. Earnings
o%ntinue to show handsome gains, both net
nd gross; and, altogether, the railroad
ltule Ia as bright as it well could DO.