The Helena independent., 1892-08-03
TIT FINANCIAL REVIEW.
Iii Spite Of Dizziness and Heat Prices
Ars Maintained and Ad-
@ Il vancing.
Mioven Satisfactory Reasons That
Justify This Confidence In
the Market.
MAtf % Many Advsrss to Any Improve.
,nant-Labor Strikes the Most Serious
to he Confronted.

Nxw YoRK, Aug. 2-[Speoial. The los
circular issued BY the banking house
Henry Clsws d Co.. II, l3 and ID bros
street. and 36 Wall street, says: III
presant temper OF the market confirms on
advicss Of week ago. In spite OF dullnes
and excessive heat. prices were we'll main
tanned and exhibited persistent advanoinI
tendency. Briefly stated, the reasons tha
Justify confidence In the market are ~ fol
lows: (1) There will be NO silver bill thi
season. (2) There will be no treasury do
ficik (8) There will be no anti option bill
(4) Th,,.e will be no tight money. %!
There will be no further large gold exports
after this weak. t6) Congress il about to
adjourn. "a Railroad earnings are still
very encouraging. considering the heavy re-
turAs Of last year with which they are nov
comparing. 49, Traffic 10 ample, and there
are smaller inducements than usual for out
ting rates. {9) Recent trade combinations
and larger resulting profits are beginning
TO inspire big capitalists with greater con-
fidencs, as reelected in present movements
Of The "Industrials." (l0) General business
la sound, failures being few and the volume
OF business large in spite of complaints.
Some branches of manufacturing
are especially active: and many OF our best
cotton, silk and wooden mills can show
vast improvement over this time last year.
j1l1 The coal combination gives powerful
support TO an important group OF stocks.
and is doubtless the basis Of an extended
speculation which may or may not prove
successful. These eleven reasons include
the chief influences favoring better mar
kst. ....
On the other h&nd, there are elements
which, in the opinion Of many, are adverse
to any improvement. These may be sum-
mar:zed as follows: a. The presidential
campaign. (2) Smaller crops than last
year. ca Probable decreased aggregate
earnings for present year as compared with
the last. (4) Possibility OF decline in our
breadstutfs exports next season. 10y Labor
strikes. (6) Restricted public buying. %
The disruption of tho Western Ira flo
association. The Importance attached to
individual. in my Judgment they will be
greatly overbalanced BY the f1rst-mentionsd
considerations. As for the presidential
election, that is likely to be conducted with
less acrimony than usual. 1t seems highly
probable that the contest will center upon
one OF Two le6u9S Oh au dCUHU3ulC CAd1nCsSIy
no that the bitterness of sectionalism and
personalities seems likely to be kept in the
background. When we remember, too,
shat we have larger population each year
to be fed, clothed. housed and warmed, we
shall probably conclude that. after all,
there is no good reason for anticipating
any actual curtailment of consumption or
production az result of the elections.
Next. concerning smaller crops, in view of
last years overproduotion, this will in some
respects be an advantage instead of draw
back. There will certainly be wheat and
cotton enough left over to more than COM
pensate for this years smaller yield. More
over, Europe's necessities will be smaller
this year than last; and il the smaller crops
of this year result in better prices to the
farmer, they will prove benefit in disguise.
The labor strikes. II must be conceded, are
a serious question. the most serious of any
that are to be confronted Immediately.
Law and order are, however, being success
fully preserved; and, unfortunately for la
Dor, Its cause has lost greatly in public
sympathy through recent lawless develop
ments in Pennsylvania and Idaho. The
fact that there ID only moderate public buy
ing at the moment is of little Significance
Upward movements are invariably started
by speculative leaders or combined move
ments of some sort. The public enter as
buyers afterwards, and may sustain or pro-
long rising market, bat never inaugu-
rate it,