The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-07-06
The FINANCIAL REVIEW.
Small Changes Have Taken Place,
And They Have Been Toward 7
improvement
No Further Uneasiness Respecting
Gold ahipments. Which Must
Soon Cease.
ConAitions More Favorable to Higher Than
- Lower Prices. In View Of tho
Late Decline,

NEW YoRK, July 6.-[Special. Tho las
oircnlar issued BY the banking house o.
Henry Clews Il Co., II, - and 10 Broae
street, and IS Wall street. says: me
financial situation has undergone little
change since my last advices. Unfavor-
able crop reports from a few sections; re-
ports Of destructive floods in Others, and
continued gold shipments to Europe
checked the rowling spirit showna week
aRo. But these influences have been about
discounted, and the outlook remains none
The less encouraging. In fact, any enangs
that may have taken place has really been
howard Improvement. There Is no further
cause for uneasiness respecting the money
situation, because gold shipments must
soon bo suspended by q larger supply or
produce bills; and in the course OF q few
months We shall DO importing instead OF
exporting tho precious metal; q continRency
already anticipated on the London money
market. There is, moreover, NO further
reason for apprehension about the treasury
being able to meet it's obligations. secre-
tary Foster has lone a deal of close sailing
IN The last fsw months, and he deserves
full credit for the skillful manner in which
he has handled the financial helm.
It ID a most fortunate circumstance that
the money market has required no assist
ance from the government this year; for.
singularly enough. the government has
been forced TO ask the assistance OF New
York bankers in maintaining its gold re-
serve. However there 10 nothing to awaken
anxiety about the future of the money
market daring the summer months; the re-
can't frming mp being rather of q whole
some character than otherwise. Rates are
j~A;11 400 ~oor for tho o0kiufoCfinr nf Ian1ara
and quite easy enough for all legitimate Dor
rowing. At the west there il also q super
abundance of funds; so the westward cur
rency movement ia likely to be deferred.
In Europe, too. low rates prevail. which il
important 40 bearing upon the gold move
paying securities. During the month of
July considerably over 500, oOo,O 600 in diyi-
dend and interest payments will be dis
tributed at the three cities of New York.
Boston and Philadelphia, a considerable
portion Of which will AZ usual be reinvestsd
ors always takes out OF the street" q
good many Of the more desirable stocks and
bonds; and the diminution Of supply nat
urally exerts a favorable effect upon the
values Of 'good, bad and indifferent.
Railroad earnings are not making suoh
favorable reports a. a week or two ago, due
TO a falling off in passenger n grain
traffic. The latter has been indirectly in
jured BY the %anti-option bill. Grain was
depressed by fears of this measure, and
farmers consequently made slower deliver
ies. being in a better position to hold the
remainder of their crops than usual. Ad-
vices about the corn crop have not been
very encouraging; but. with plenty of hot
weather stiIl to come, there is excellent
chance of Improvement. Cotton 10 hardly
: factor in the situation at present. and
further opinions concerning the crop situa-
tion must be deferred until the depart
mspt's monthly report. about June 10.
The probable disinteRration of tho Rich
Terminal system had no effect upon
the general market. The worst concerning
this property ia known; and the losses have
been distributed without disaster. None OF
the southern or southwestern properties are
in favor At this time; the low price of cot
ton having effected business detrimentally
throuRhout the cotton belt. The future of
these roads depends very largely upon
prices realized for the next crop and the
of the Richmond Terminal reor-
which Dre1el, Morgan d Co..
have declined to undertake except upon,
terms which those at present in control
show no disposition to accept. In the GOAL
shares a frmer tone exists. due to the ad-
vance in prices, which it must be remem-
bered are much more easily maintained
since the combination went into effect.
Readings May statement was somewhat of
. disappointment considering this fact. In
August next the voting trust expires by
limitation. |
In the absence OF new influences for the
better, prices may show slight Irregular
tiles. But there are few Inducements
on the short side of the market; and con-
ditions are certainly more favorable to
higher than to lower prices, especially in
view of the decline since Jan. l.