The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-03-16
THE FINANCIAL REVIEW.
Developments in New England and
ST. Paul Make the Market
Unsettled.
Indisputable Fact That Business
Results Are Falling Short
of Expectations.
ties-Certain Points That Explain tho
Anomalous Movement.

NEW York, March 15.- Especial. The
latest circular issued by the banking house
of Henry Clsws g. Co. II, IS and Is Broad
street, and IS Wall street, says: The stock
market has been in an unsettled and fever
ish condition during the week, chiefly owing
to Developments in st. Paul and Nsw Eng
land. There are conditions strongly favor
ing an advance in values, and these have
beon reinforced through tho concentration
of stocks by heavy capitalists who are
actively enlisted On the bull side. At the
same time the bull campaign will have to
be conducted against difficulties which did
not exist a few weeks or months ago. It
Haust mot be overlooked that business re-
sulta are falling rather short of sxpecta-
tiona; that the south has received Il sewers
shock from cheap cotton; that tho iron
trade is in pool shape and lower prices arc
threatened; that wheat is much lower thar
a year ago in spite OF large foreign demand,
and that the bad state of trade in Europe
must. in o measure, net dotrimentally here,
These are drawbacks from which we cannot
escape; and they partly explain the disap-
pointment often seen just now in mer-
camille circles. Ii to these set
backs VIC add the disturbance of
confidence by the present silver agitation,
it 10 easy to see that the onward march of
the bulls, however promising it may seen,
IL likely to encounter opposition of more or
less Effectiveness. Their chief strength has
thus far been in the Rrangers, which prsfted
largely both directly and indirectly from
good crops. The earning and high credit
of this Vanderbilt properties also enabled
them to manipulate these in a must aston
ishing manner; while the conl stocks, not
withstanding last weeks liquidation, have
been absorbed by strong parties who nrs
not likoly to u%nload&yory freely, except ut
higher than at present values, or in case of
unfavorabls developments in the coal stu
ation. Values of these several Glasses are
nav higher than for some years past. If
Europe would cease returning our stocks.
the bulls would be greatly relieved; but. If
ON the contrary. securities continue com
ing westward while gold goes eastward,
their task may become much moss difficult.
The outflow of gold to Europe contrib
ptes, with other influences. to check the
upward tendency in the prices of securi-
ties. With the almost unprecedented OK
cess OF exports over imports during the last
faw months, preceded by an eitlux Of gold
40 extraordinary that it has been taken for /
granted much OF it would yet flow back, it
has boom assumed without question that !
the current would turn again in this direc- I
ton Mt an early day. The Iesult, however, /
disappoints all these calculations; and al I
though no one fears an extent of drain that !
would produce any real stringenoy of |
money At this center, yet in WOW of tho !
III which silver Liquidation has /
placed M or may ret place us. it suggests /
somo serious thoughts to $50 gold leaving
the country 80 continuously and il many