The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-02-03
Irregular Movements in the Stock
Market the Outcome Of
Bear Raids.
London No Longer Selling and
Gold Shipments to America
Have Ceased.
rora,,ions That Tend to Induce a Healthy
and Active Marietta GoldbuG ON
Free Coinage.

H. NEW YORK., feDs ~ L0RoeA"A
cIroulsr issued by the banking house o.
Henry Clews & Co., IL, IS and 10 Broad
street, and SIS Wall street, says: Inc pasS
week in Wall street has been one OF lrfeRu.
lar movements, the outcome OF the DEAF
raids of the previous week. The late "bear"
demonstrations produced q good deal OF
dislocation of speculative interests ana
hava developed a considerable amount OF
...hort, contracts; which has prolonged sne
ro,;cv of attack and caused, within the
,nst week. a succession of smart sklrmlshes
hatvesn thu two sides. The tactics OF the
"bears's have been confined to TENTS anu
surprises, the Gillian affair having oesn
freely drawn upon for unsettlinR rumors,
xuch an q story OF the ASSASSINATION Oh
Minister Egan, q canard about q ohalian
vessel having fred upon the 1orkto"n.
etc.-the incredibility of which only sno"eo
the desperateness of the position OF sne
o~rieinators of tho alarms.
The course of external happenings mas
favored the "bull'' interest. The prssenta-
tion to congress of the Gillian correspon-
deuce was followed by offers OF concession
from the offending country whlcn are re-
ported to be satisfactory to our govern
ment, SO that this question may be con.
sidered as having passed the stage OF
danger and can no longer be counted upon
by the .'heara'' as q source OF sensational
alarms. This dsprives the opposition 81 It's
last effective card. Among other favorable
incidents, there has been a buying move
ment in some of the Gould stocks. especl-
ally Manhattan. The GOAL stocks have been
more settled, under active buying OF Della
ware d Lackawanna and reports OF a more
amicable feeling among that group Of COM
panies on the question of spportionnent OF
anthracite production. There has also
been a good feeling among the Granger
stocks. in sympathy with the claim that
Omaha common may DO considered entitled
to the rank among the DIVIDEND
naysrs. The Southwestern system
Of roads has been alphabetically bene-
fted bv the introduction OF an acceptable
nlan for disposing of the embarrassments
If the International g. Great Northern.
which will be advantageous alike to the
Gonld lines and the Missouri, Kansas d
Texas. although both will have to pay an
assessment on the stock of the international
d. Great Northern, which is equally helo
by those interests.
London is no longer a sellsr-.e1cepting
some small rcalizings on Louisville q
Nashville in sympathy with last weeks
~earnings-and that market Is now a moo
crate buyer of most of the shares on inc
English list. The reduction OF the Bank OF
ENGLAND rate OF interest and the nominal
ratio of three-fourths per cent IN the open
market. together with the absence of ship
ments of gold to the United States, are
having a ~revivine effect upon the London
stock market, which may be expected to
develop into freer buying at a later stage;
lL---L -~n1J- anSIva RnArJ1l1t1nn 0G t0At
center seems likely to occur for some time
to come. Money still continues to flow into
the Now York banks from the interior and
the sub. treasury, and tho reserves have
now reached a point which assures decided
ease in loans for q long time ahead ana
exceptionally low rates OF interest.
This group of occurrences has naturally
strengthened the "bull'' side Us against the
''bear:'' with the result of u good deal OF
tactical maneuvering among the room
traders TO get out of their short" commit
ments, in which they have but partly sue
actual improvement in the speculative po-
sition, it has not yet produced any large
adyanc CO in prices. The truth is that while
operators are convinced that values nave a
very sound and safe basis, yet they are I'M
der the control of a conservative feeling.
There is no Juror, no excessive sanguine-
ness; and, in tho absence of that speclous
kind of support, holders prudently incline
to take moderate profits and wait for re-
actions to buy in upon. 80 long as the
situation is intrinsicnlly a strong one, this
is the most satisfactory and most profitable
attitude to maintain, for it involves
the minimum of risk and sends to
prolong the maintenance of q
healthy and active condition of the market.
At the samo time the prolongatlon of such
u situation tends to q steady growth OF
confidence, and that sort of gain mems IN
rlt,,pata 6nynlnpnaOt of q mora sAnpulDe
feeling, higher prices and speculative OK
Citoment, which ses1ns to as to be an Ill
most inevitable result at some later stage
of the campaign. The main thing to be
hoped is that this final phase may not coma
prematurely or in any other way thar
through a gradual rise.
One noticeable feature of the market il
the absence of any definite expectations at
TO the future Of the foreign markets TO
American securities. If any arc returned
they do not affect prices here, for the rsa
son that the local abundance of monel
creates an extraordinary carrying power
and because that power Is likely to bS lon;
maintained. Az to the chances of any i'm
portant foreign demand, that is little cal
culated upon as an element in this mar
ket. The feeling seems to be unani
nous that. so long as the position
of silver in our currency SUSTAIN remain
undetermined, there 10 quitea rs much chanc
for foreigners selling our securlties az 70
their buyiGg them: for if silver money is tt
be forced down to it's nero bullion value. !
is impossible to say what mas be the vaiU
of the returns from investments not paya
Bile specifically in gold. Foreigners nttacl
much greater importance to this element i!
the value OF our stocks than we do; an
therefore any movements of public opinion
or of congressional action which cast
shadow on the prospects of our silye
money put an immediate check upon tn
disposition of foreign Investors To ho'd an,
of our securities which do not promise pay
ment in gold. To this extent Wall stree
follows with interest the current vancouver
of the two parties in congress relative t
the silver question. That interest ia modet
ated by this general conviction that no nc,
legislation on the question will be- foun
practicable at tho present session
nnd vet congressional discussio
has an importance to Wall stree
from the fact that it materiali
affects public opinion in countries wher
tho situation Is imperfectly understood
OF one thing there can be little question
that if it ware thought likely that the coun
try will be- ultimately committed to til
free coinage of silver, without any internr
tional cooperation to restora and maintai
it's vaiuo. it would send II thrill of appr,
hsnsion through all the great lntersstst III;
center in Wall street and produce all III
parallsled pgostration of confidence
everything financial. 1t must not be il
ferred from Wall streets silence on tn
question that it is in any sense inditIerel