The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-04-13
No Reason for Discouragement in
the Money Centers Of the
Country.
Future Prosperity Depends Large
" Upon the Action on the
silver Question.
Geld Continues to Pour Out to Foreign
Markets-The Crop Prospects
Money Still Remains Easy.

NEW IOKKy ApF1 tGpeo1aisJ
last circular issued by the banking house OF
Henry Clsws & Co., IL, ID and Is Broad
street and So Wall street, says: The course
of affairs at the stock exchange. for the
next few months. ia likely to depend on the
following factors, {1) The prospects OF the
crops; (2) the course of the money market;
(3) the course Of the foreign exchanges;
a. the action of our own and OF foreign
governments In respect to the restoration
of silver; (5) the movement of our securl-
ties hold in foreign countries; and Wy the
condition of domestic trade.
A to the first of these conditions, all is
vet in the future. AL that can now DO said
il that winter grain has withstooa success
fully the adverse incidents Of weather II
storm, and that the spring opens with good
prospects for that part OF the wheat crop.
For the rest, all must depend upon the un-
certaintiss Of the weather for the next
three or four months. 1t 10 to be remem-
bered, however, that the large stocks
of agricultural products still on hand
from last years crops amount, Tor
all practical purposes. to the same
thing as an assurance of a liberal hatvest;
for the s%lackening Of the European demand
for our grain and its falling price show that
the wants of that part Of the world nave
been largely satisfied; and we shall there
fore enter the next crop year with a surplus
10 large that, even should our crops prove
light, We shall nave about an average sup
ply available for export. This is an assur-
ance Of no small value to the country at
large and especially to the railroad inter
sst.
In respect to the loan market, scarcely =
doubt il entertained in any quarter as to
the continuance of the prevailing ease
throughout the summer. The low prices OF
a wide range Of products diminish the
amount Of money required for handling
them, while the issue of $4,5OO,O0O OF new
money eaoh month Inc the unusually nigh
range Of the reserves Of the banks fore
shadow Easy rates all ever the country.
It is not easy to forecast the course of
months. For the last month, the tendency
has been towards an increase OF our I'M
uorts and a decrease in our exports-uhich
ia n distinct change from the course of the
preceding months. The truth IL that the
depression of business in Europe has
checked the demand for our products from
that part Of the world. while on the other
hand low prices abroad and q necessity
among foreign producers to sell have
tended to swell our imports. In this way.
the anticipated effects of our extraordinary
crops have been thwarted and We nave beeu
exporting gold when we g expected to be i'm
porting it in large quantities; it remalns to
be seen how much farther this tendency
will run during the spring and summer.
Very much must no doubt depend on what
may be done in respect to the silver ques-
ton and on the effect of such action upon
our securities held in Europe.
The course to be taken by tho leading
governments in the way of establishing BIZ
metallism upon a broad international basis
is perhaps by far the most important fac
tor at present affecting tho financial mar
kets of the world. The ehance OF efficient
action being taken perhaps depend chiefly
upon the attitude assumed at the beginning
by the parties initiating the proposed con-
ference. Too distinct formulation of OBJ
iects and methods might easily prejudice
the chances for getting the governments
together, and much diplomatic prudence
may therefore be required in the first
steps. It would seem. however, that there
10 more than a fair chance for the calling
of q conferences; for the favorable disposi-
ton OF England is unquestionable and the
president of the bank of Germany has de-
clared that Germany would follow England
in the matter; and the cooperation of
those two countries being assured, all other
really nsedful alliances would follow as a
matter of course. It is hardly needful to
say that the success of such q conference
would give an impetus to confidence and to
enterprise the whole world over, and IN no
country more 80 than in the United States.
The effect would be especially important as
= means of restoring foreign confidence in
such of our securities as are not made pay
able specifically in gold.