The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-10-12
Revival That Seems to Indicate o
More Active Market. Up
ward Movement
The Favorable Character OF Dusi-
iness Done by the Rail-
roads Assists.
Confidence strengthened by theR sports
of Decreased Faiiures-Politics Not
Detrimental 10 business.

New YoRK, Oct. 1l.-[special. The last
circular issued by the banking house of
Henry Clews d Co., II, 10 and 1b Broad
street, and 35 Wall street, says: Those who
have been 80 long waiting for the moving
of the market have at laat been gratifed.
Without any apparent concerted or other
wise special effort, a revival has set in dur
ing ths past week which seems to Indicate
the beginning of q more active market n
an upward movement In prices. 1t Ia true
the change was most conspicuous in the
stocks controlled by wealthy combinations;
but the thing to be noted was the ready 49,
Spouse Of minor and even outside oper-
ators. so that the recovery has been felt in
nearly every stock on the list. The activity
vas also stimulated by the prompt rush of
the bears" to cover their short" CON
tracts. The spontaneousness of the move
ment has even taken the 'bulls" by SUR
prise, and Ia on both sides of the market
construed AZ an emphatic expression of a
stronger undsrtone than had been sup
posed to exist.
The reports Of the corn crop having es-
capped the danger Of frost and Of its having
improved in condition during the last
stages, and also of the favorable auspices
under which tho planting Of winter wheat
has been accomplished. and also she uni
formly encouraging aspects OF the fall
trade,-thess seem to have been the main
causes tending to bring out this expression
of the underlying hopeful feeling. The
generally favorable character Of the bust
ness Of the railroads during September has
also had its influence in the same direction.
The publication of the returns of failures
has confirmed the feeling, entertained with
misRivings in some quarters, shat she trade
Of the country ia in an even sxcep ~tionaliy
sound condition. which also has helped to
strengthen confidence. 1t appears from
Bradstrset's returns that, for the past nine
months, the amount Of liabilities involved
in business failures within the United
States amounted to $77. 900. 900, while for
the same time Of 1891 the total was $685.
5000 showing a decrease, within the
twelve months' interval of a per sent. In
New York CITY, the liabilities. for the same
months, have fallen from $15, 700, 900 last
year to SO, 400. 600 this year, or at the rate of
SO per cent. In no year since 1882 has the
amount of liabilities been 30 low as at pres
emit; and. making allowance for the increase
of population, the ratio is even much lower
than in that exceptional year. Taking an
average of the last ten years. the average
amount of failures, within the first nine
months of the year has been $107, 600. 600;
which is $50. 600. 600 above the experience of
the current year. making no allowance for
an increase Of nearly 80 per cent in popula-
tion during the interval. The losses
of the south incident to two years
of excessive crops of cotton had
prepared us to expect q very unfavorable
showing from that section. and yet there
xho op,,,pt 1f foi1urao hoa hnap oyIv Gil -
1O0.0 600 against $24. 800. 600 in 1891. In the
depressed Pacific states we should have sx-
pected an increase of failures, and yet the
liabilities there show a slight decrease upon
last years. These are most encouraging
faots; the more SO because they admit of no
Rainsaying.
1t ia also a gratifying fact that the rail-
road statistioians estimate the construction
of new railroad for toe current year at not
exceeding 1000 miles. Considering that,
within the past decade, there have been
years when the construction has reached
three times that mileage, this is a most well
come evidence of the conservatism that at
present controls this branch of enterprise.
What may be forthcoming in future years
it is impossible to say; but it must be al
lowed that. with this current ratio of new
construction, there is the minimum of dan
ger of the older roads suffering from the
reckless competition of new lines for the
next few years.
Wall street may congratulate itself upon
its almost entire exemption from the politi-
cal diversions that have usually attended
presidential elections. While our people
take perhaps as deep and earnest an interest
in the election of national officers and
representatives as they ever did. yet that
very earnestness seems to make them less
demonstrative; and the new method Of bal
loting also has a tendency to discourage
sensational methods OF canvass. Elections
are now devoted more to educational
work and less to shouting and displays; and
the change confers benefit equally in a more
intelligent exercise of the franchise and in
diminished interference with the proseou-
tion of business. Honce We no longer hear
men talk of p%ostponing their financial
operations until the result of the eleotions
has been ascettained.