The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-04-06
Wall Street Holds the Defeat Of Free
Coinage Quite an lmpor-
tant Gain.
Henry Clews Says the Country
Will Never Land on q
Silver Basis.
Importance OF the Action OF Congress- to
the Stock Market-After April
Settlements.

New YORK, March 9.-GSpeclaf. l-Ine
last circular iasued by the, banking house
Of Henry Clews%& Co., II, 13s and ID Broad
street. and So Wall street, says: The
action of conRrasN ON the question OF free
coinage of silver is an Important gain IN
the direction of coincidence. The silver
faction in congress had summoned its
whole forces to the last nan, and its de-
feat puts Z auistus on the agitation, not
only for the present session, but III ali
probability for q ~permanency. 1t il likely
to be followed by q falling off in the adher-
encs of the class Of polsticians who have
mistakenly regarded it asia winning pollt-
ioal issue and who will have no use for 1T
now that neither politiealsparty can be ex-
peeted to commit themselves to it in the
oominc federal elections. The silver pro-
ducers, who have been the main movers Oh
the agitation, have met their Wateploo,
and a,s likely to accept the conclusion tina
their interest can he secured only by a pol
icy which links the SILVER interests OF tue
United States with those of the rest OF the
vorld-a policy which it ia passing strange
thew should have failed to long 4 adopt
as the only safe ana wholesome one Tor
their own branch Of industry.
The silver vote has other advantages tho
value Of which il would be difficult to over
estimate It means beyond all questlon
that there ID 4 point beyond which the
people of the United States are resolved
not to 90 in committing the country to the
silver basis. It means that there is no
longer any real danger Of our being landed
mon mn exclusive silver basls--whlch was
", 1&- - ~.-sA h1m isc,,a NJ tho Rt0n0
bill. And the Significance OF these aspects
OF the vote amounts to 8 very important
gain towards the ultimate consummatloh
of an international agreement Tor sne
maintenance of the double standard. SO
long as Europe saw a possibility OF this
country being committed to the coinage OF
whatever silver bullion the world might
see fit to send to our mints, there Was
naturally a disposition to postpone any sug-
%cestions looking to an lnternatlonal OIL
metallic conferences; for such action on our
mart would make it 'posalbie Tor IofelRn
conytries to procure our gold and thereby
act themselves up on the single gold basis
apolioy which would be no doubt very ac-
csutable to more than one important nation.
Now chat it is made plain to the world that
the United States is not to be oaug Mt IN
any such folly, an important factor OF IN
CorGalntV III LILO L4u4ORooA DANASN ~
orastion ia removed, and the chances for
m early International conference are SO
far improved. :.
not without its Importance to tina stock
market. In my previous weekly adVlcea, J
suppose that from l25. 600, 900 to l5O,OOO,O0
of eur securities have been returned IRON
Europe since the government purchases g
silver bullion were increased to b4,00O,UN
ounces Per year; the inference being tna'
foreigners regarded the drift of our leglsla-
tion as calculated to result IN our invest
ments becoming largely payable IN silver Of
uncertain value. This weeks congressional
declaration that Americans see the danger
and will avoid it is calculated to assure tor
eipn investors that the danger which hal
alarmed them 10 more apparent than real
and it ia therefore reasonable to expect ina
this rehux of securities viii halt, 1t, indeed
it NAV not be succeeded by a r~epurchase Of
stocks and bonds which have been son
home. Taking the vote on the silver ques.
ton as a whole, therefore, it is to be re-
earded as the most important gain toward
confidence that has befallen Wall stree
for q long period. -.
With these two drawbacks-the ailver bill
and the Boring sea question-temporarll,
out of the way at least. the market is lef
moro free to respond to natural Influences
The low prices of wheat, cotton, iron ane
silver discourage important interests ant
offset the advantageso Of abundance to man,
producers; but it should not be overlooked
that many other industries are likely to b
stimulated by cheap iron, and the grea
body of consumers benefit by cheap whea
and cotton. In truth, the masses ars pros
porous, being we'll paid and having cheal
living. This being 30. business must be &C
cepted as sound in spite of the complaint
of small profits. It is quite certain that n
legitimate cause for a decline in ~railroa'
stocks can be found, particularly Will
earnings continue 30 satisfactory, Their
is sound reason for confidence in the value
of many railroad shares, and either manip
ulation or outside buying will sooner G
later assert itself. The difficulty now is i
digesting the heavy amounts of securitie
returned from Europe. If this movement
continues we may be called upon to egai
export gold, rs the tendency of the mel
chandise movement is now towards in
creased i'm ports and diminished exports
The foreign demand for Americans will
therefore. be closely watched for SON
weeks to come. At the moment, the ma
ket is in a dull. but sensitive condition
The chances appear to favor improvement
after the April settlements are fully cou
pleted.
Gentle British Wife, Ickers.