The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-10-20
FINANCE AND BUSINESS.
No Lack of Money Available at
Reasonable Rates in New
York.
Prevailing Tone Of the Stock Mar
ket Is Steadiness, Confidence
Maintained.
Trade Indications Entirely Favorable
business In All Lines Flourishing-
Stocks Decreasing.

New YoRK, Oct. 19.-[Special. The last
circular issued by the banking house OF
Henry Clews 81 Co., II, ID and 10 Broad
street. and 30 Wall street. says: Business on
the stock exchange was of course much in
terrupted by the Columbus celebration.
Hence there was little opportunity for any
real display of sendsnoies. The prevailing
tone of the market was steadiness; and, If
there was no general movement for n rise,
there was certainly no loss of confidence.
The only feature OF the week was the sharp
advances in the industrials. circumstance
favoring manipulation in this quarter.
The amount of securities of these concerns
ia relatively small; consequently they are
easily controlled and worked up or down at
the will of the insiders. Many OF them,
too. are practically m~onopolies. or SO nearly
80 as to enable them to make large profits.
Big dividends and comparative low prices
are supposed tobe an irresistible attraction to
the average speculator and investor, and not
a few of the original holders of industrials,
having stock for sale, appear to be taking
advantage of such conditions to market
surplus stock. Time, however, has yet to
prove the stability of investments which
are carrying such a copious amount of
water; often earning profits so unusual that
they may not be maintained, and many OK
them managed under such seoretiys meth
DDS as to impair instead of inviting conf
dence. The outlook is for considerable
speculative activity, however, in this de-
partment of the stock exchange; and, If
such proves to be the case, quick, shrewd
operators are likely to make profitable
turns. As permanent investments, how
ever, they are not quite yet settled to the
credit whioh they may deserve when man
ayers take the public into closer confidence
and adopt ~strioter financial methods.
As a class, no investments are now more
worthy of attention than railroad stocks
and bonds. In many important respects
the railroad interests of the country are in
n sounder condition than ever before.
While transportation and travel Is un-
usually heavy, exceeding last years extra
ordinary results and likely to continue with
the stimulus of the Chicago exposition In
p aspect, rates are we'll maintained and
hostility between the great systems has
been reduced to a minimum. The result IL
heavy gross earnings. enabling liberal ex-
penditures for imp ovements which ought
soon to permit of greater economy in oper-
ating expenses and consequently better net
results than heretofore. Another impor-
tant factor. from the purely railroad point
of view. is the wholesome restraint of CON-
petition and the restricted building OF new
lines. The best authorities estimate that
not more than 4, 200 miles of new road will
be constructed in 1892, which will be the
smallest total of any year since 1885. Con
sidering the rapid increase of population
and traffic, it certainly looks as if railroad
development was not keeping pace with the
natural growth of the country.
Another important factor favoring the
stock market is the sound condition of bus
mess. The volume of trade is large; fail
ures are few; collections good; speculation
comparatively quiet; prices low; labor we'll
employees; wages high; in short, the masses
are prosperous. In all the textile indus
tries. for instance. trade has been psrticu-
larly good; and many cotton, wool and silk
mills have a larger number of advance or
ders on hand than ever before. A further
illustration of activity in c~onsumptive
channels is the continued heavy imports:
not only of dry goo g, but of necessities
and Injuries of all sorts; the increased rev.
enue from which has proved a boon to our
nearly depleted treasury. There is o lit
tie fear but that Secretary Foster will be
able to meet all likely obligations on a gold
basis. The money market is work.
ing closer. and call money may be
subjected to sharp fluctuations; but
there ia no lack of time money available
at reasonable rates. Foreign exchange dis
plays q weaker tendency, due to larger
offerings Of commercial bills; and London,
it may be noted. shows a more favorable
disposition to American stocks. This,
however, is more likely to result in lessened
selling than in renewed large buying, unless
business and financial conditions in Europe
undergo an early Improvement.
The crop situation is favorable. in that
the diminished yield of wheat, corn and
cotton was desirable, considering the large
supplies carried over and the prospective
diminished foreign demand for cotton and
wheat. Another heavy yield of these three
products would have done moro injury,
through over-production and low prices,
than any abundance could have compen-
stated for. The approach of the elections
may tend to restrict business; but this OBJ
struction is proving notably less than in
former presidential compalgns.