The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-03-23
The FINANCIAL REVIEW
Though Dull and Irregular, the
Market Has Exhibited q Firm
Undertone.
Expected to Pass Into q More
Favorable Phase Early in
April.
The Factors That VIII Soon BE Occupying
Attsntion-Low Prices, Heavy Prod
uot, Crop Prospects.

NEW YORK, n1hIGA 49, AAfeSI
latest circular issued by the banking house
of Henry Clsws & Co.. IL, Is and 10 broau
street, and 35 Wall street. SAYS: Although
dull and irregular, the stock market mas
shown \ firm undertone during the weeA'
Confidence has been somewhat disturbed
by che questioned legality of the coal aea''
and, until this point is finally settled an
important group Of stocks wlll 20 sup1sss
to more or less uncertainty. IN monet"f'
circles there is also a c~autionary 1eeainR,
arising mainly from silver ag'tat1on' gov
shipments, the Boring sea dispute Wv ~
posed international conference Anu Wv
approach of April settlements. nus nono
of these contingencies are OF serious "
immediate nature. 80 that their enscs IL
sesn in caution more than concern. Inc
Richmond terminal scheme was followed
nv a decline in thu securities of that organ
~izstion. the chief advantages Of which were
the scaling down Of fixed charges ans the
proposed economies in mansgemehe ohe"p
cotton and reaction from over-dsveloplnehe
Of industries in the south havo lnluteu
nearly all southern railroad properties. Aha
the conflicting interests IN YET
minsl properties may as wNll deelde 70
ACCEPT the best conditions they oar set. u
tho reorganization goes through IT WI
remove N important hindrance to the Duh
campaign.
But we are now dealing more with the
future than the present. After the first
week Of April, the market will pass into :
nav ana probably more favorable phase.
The outflow of gold will probably have
ceased; the usual temporary transfers OF
currency to the country for the April yearly
settlements will have been e%ffected; and the
silver agitation will passed intoa stage
al deve!opmsnt which will afford a clearer
foresight a. to its ultimate Issue. The fac
tors which, TIRES weeks hence, are likely 70
be chiefly occupying the attention Of the
market will be mainly the following. IN
the first place, the very low prices OF a Few
leading staples, especially iron and cotton;
as, however. those declines are not Que 10
anv lack of demand but to an extrao!-
dinary increase in supply. they are likely
to be construed "a on the whole beneficial
to business at large. though unfavorable TO
profits in those special interests. Next,
will come the prospects Of the new crors.
So far, the condition Of winter wheat IS
upon the whole favorable; and should the
present outlook be maintained, the erect
AZ the west will be unusually heltfui, 70:
the crop conditions Oh tbs continent. o.
Europe a:e anything out encouraging
while Russia can hardly fail TO Yield THIS
YEAR another short crops 80 that a second
GOOD harvest in the United States would 90
likely to meet q ready foreign demand at
cood prices; besides which, it IS 70
Be- considered that our stocks of both
wheat and corn still on hand are equal to
--- IA -o-A - M D r u a nT0n which
leaves unprecedented supplies for eyt ort
between now and next harvest. These
facts have a very direct bearing upon the
prospects of the railroads for the next
twelve month";. Another favorable factor
will appear, at the time Indicated IN CON
neetion with the silver problem. Even
though the vote of congress- on the measure
now pending should be affirmative, 1t would
certainly be annulled by the presidents
veto. which would make free coinage i'm
possible until q new president and new
members of congress were elected. should
tbs next president happen to be a repab!1-
can. it is removable to assume That ne
would veto any free coinage bill that might
20 passed by congress during his term of
Ifice, Should a democrat be elected to the
: presidency, the indications are daily ac-
cumulnting that he would be e1- Presldent
Cleveland, whose record warrants our as
suminp that he would equally resist the
policy Of the silver faction. Thus the
probabilities la gsly favor the prospects Of
the defeat Of future attempts to torce tree
coinage upon the country. 1t IS also proper
to take into account the possibility, not to
saw tho fair degree of probability, that at
no distant day the European powers may
consent to meet our government in confer
euce to consider measures looking to the for
nation of a ne y bi-metallic union, which, if
successful. would have Immense results in
tho general restoration of confidence and
in removing from our securities the stigma
which now rests upon them III European
estimation of possibly becoming payable in
a deprecated currency. Further, it ia to be
considered that tho moderation of oar i'm.
ports and the continued lergeness OF Oul
exports of cereals are calculated to keeI
the balance of trade literally IN ouc favor
for some time to come and may turn the
movement of gold towards the United
States at q later stage of the year. These
are some of the considerations that will oe.
eupy the attention of Wall street with the
opening of April; and assuming that mone5
will remain easy until the fall aud that tht
forwarding of the unprecedented roseryei
of grain will keep up the increased rate o1
earnings of tie railroads, it seemsr eason'
able to expect that tho stock market viii
then recover from it's present comparative
quiet. Between now and then, however
the conditions are likely to encourage de
Torment of large speculative buying; ane
purchasing only on fair reactions ant
realizing on moderate profits.
Pronounced Hopeless, Yet Saved.
From a letter written by Mrs. Ada +