The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-02-24
THE FINANCIAL REVIEW.
Abatement of the Hurricane Of Ex-
element Raised by the
Reading Deal.
The Immense Sum Added to the
List of Experimental Sc y
,curities.
INV Relations With the London Market
Not Materially acknowledgements
ON the Silver Question.

Nrw YosK, Feb. 2~s.-lspecial. THE last
circular issued by the banking mouse o.
Henry Clsws & Co., II. l3 and 10 broaa
strast, and 30 Wall street, says; Inv
hurricane of excitement raised by lAse
weeks announcement of the anthrac1te
combination has abated. ~oftunatei ie
has left bekind no wrecks; nor mas II mueA
distr had the even tenor of securlt1es no1
directly affected by the operation. enc
.nthraoite issues themselves, however, are
left in anything but a settled position. Inc
,erc. holders Of them directly associated
With the ~amslpaRnation no doubt expected
to unload the major portion OF their hola
ines upon outsiders; but the very mashih-
cence of the scheme alarmed ratnes tnan
fascinated ordinary operators, ana ts4'
ceptinc perhaps 3 few unwary room trao-
.rsl thu rank and file have p~rndently pre-
ferred to wait until they better understand
what the surprise really means aud what IS
ntalv to be its upshot-a fact which illus
tr.tes a conservatism Of current spec
ulation to which we have had Ire"
ouent occasion to refer. me syMp~
toms of q desire to unload tnsse
immense holdings have been very mshiless
IL . steady decline in Reading from Sixty
i've to ffty-ssven. The prevailing teelnp
IN Wall street towards the anthracite STOCKS
i naturally one of distrust. The amalga"
nation is regarded as a dubious experiment
It Is viewed rs a fresh attempt to galVah'ze
Reading into life, after the failure OF one
euoslly sanctioned by great Names DOT
stored BY splendid promises and executed
at = coat of sone millions four years ago.
In fact. after many years. experience IN re-
varnped corporations. Wall street has come
~ raoard all tinkered railroads with severe
,.rt;on ss not one in five of them realize
tho large promises made for them By the
highly reputable g~alvanizers. Added TO
this. the aim of his combination has peen
to create, if not q trust, yet a virtual mo-
nopoly; and it has been found IN almost
every instance Of monopolistio organlza-
tions That thew tend to dangerous imitation
of issues and, by the their operation.
work their own uitiiAate defeat, MANY OF
these industrial organizations to-day sIanu
ont as a distinctly diseredited group OF IN
yestruents on the exchange, too venture
some for transient operators and tho last to
he thought of for prudent Investment. Inc
formation of this anthracite combination
adds S33CC2, 500, 600 to this experimental llst
of security issues. That fact Will IN future
range these properties among the most
Auctnatiup and uncertain OF the market.
and for that reason they may be expected
10 promote an increase in speculative trans
actions u impart additional activity TO
the market. But that result can only be
expected when the quotations. possess less
transparent manipulation than at present,
ana when the present powerful holders
have unloaded. In judging when these
stocks May be expected to prove an attract
i've speculative purchase, 1t must be taken
into account that the intrinsic weakness OF
the scheme will not be developed forthwith.
and that, for possibly one or moro years.
affairs may be SO managed as to mako the
results approximate the promises now made
by the promoters of the combination. The
freouent violent fluctuations of the anthra-
cite stocks may attract speculative pur-
chages; but, excepting On the important de-
clines, prudent operators are likely TO ols-
card buying them.
To this extent, the excitement connected
with the coal properties is calculated to
produce some contraction of speculation
in that particular set of stocks; but the
symptoms are that other stocks will pro-
vide ample material for an active market.
The majority Of operators while neRleotlne
the c~oalers, arc giving correspondence
more attention to the remainder OF the
list, and present Indications favor this
prospect of a healthy tone of business dur.
ing the spring months. Rumors are cur.
rent of Contemplated amalgamatlons. a IL
Reading. between certain largo western
roads; bat it is impossible to authenticate
the reports: and, in view of the difficult,
experienced by the promoters of the Goa
operation in getting rio of the Immense
load of stocks they have accumulated. i
seems as likely that the Reading case woult
discourage any other huge combination
until that one is safely out of the way.
The Reading excitement has not mate
rally affected our relations with tht
London market. Some orders for thos
securities have been received here. but tn
sales at the high prices q good deal NOR
than Offset the purchases. The Londol
market shows more steadiness and som
symptoms of returning confidence in th
Barring group of Investments. The tota
amount Of new loans and new com panic
brought out in London since January l.
falls about $40, 00O,0 @ below that for tn
same period of 1914 change which woul
seem favorable to an increased demand fo
foreign Investments: but it may be exp ecte
that England will discriminate agains
American issues until it becomes NOR
apparent what is to be the future basis q
our currency system.
WILL NOT BURY HIS WIFE.