The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-07-20
THE FINANCIAL REVIEW.
The Situation Is Regarded as
Steadily Improving in the
a Money Centers.
The Fall Will Open With a situa-
tion Favorable to Higher
Prices.
Harvest Prospects, Are Very Reass"rlng-
Money Ia Looking for Investments
Higher Values for Securities.

New YoRx, July la.-[Spccial. THE last
circular iasued by the banking house OF
Henry Clews j. Co., II. - and IL Broad
street, and So Wall street, says: The
situation in Wall street is unusually devoid
Of features of active interest. The two
sides to speculation appear to be SO evenly
balanced, % to force and advantage. that
neither one cares TO undertake my move
mcnts Of importance. The bears" II il
true, are, a. always, On the ontlook for q
chance for q skirmish or RAID. but they find
the positions of the bulls" 30 we'll guarded
that such demonstration are cautious and
feeble, and any damage they may intict
upon prices is soon repaired. The absence
Of special occasions for excitement affords
an unusual induceMent to operators for
taking a liberal summer vacation; and both
professional and outside operators are con-
s~equently maintaining a passive attitude,
though prepared to defend any outstand-
ing interests they may have left behind.
Probably the amount of stocks resting in
this position ia by no means inconsiderable;
but such holdings nre chung to with conn
denoe. for the reason that the situation il
regarded as steadily improving. and be-
cause it is therefore expected that the fall
will open with a situstion favorable TO
higher prices.
This impression appears to be very gen
erAl-and we think the event ia likely to
show that it il we'll founded-that the series
OF r%eactionary influences which set in with
the Batings suspension have now, after an
interval of about two years. worked out
their worst results. and that hsnceforth
whatever changes may arise in the general
situation are likely to be for the better.
Indeed, already, traces Of steady recovery
are apparent both in the old world and the
new. Though capital is still cautious, yet
1t begins to show anxiety for employment.
Thu willingness Of the London Rothsohilds
to undertake a loan Of $50. 600, 900 for the
1ransvaal government is a significant
symptom of tho disposition OF London
capital to return to investment in foreign
enterprises. aud it will have is effect in
prise in other quarters. 1t Is the
keynote of the beginning OF financial
revival i'll Europe. Even thus early
also, there are signs of the return OF life
among the dry bones left in the wake of
the destruction of credit and enterprise in
mass of obligations which had SO enor-
mously overdiscounted the resources of that
fertile country are now finding buyers at
advancing prices, while the premium on
gold is steadily declining. The harvest
prospects in all European countries, except
ing considerable areas OF Russia, are hope
full: which-taken together with the proba-
bility of a surplus of close upon 200, 600. 600
bushels of wheat being available from ex-
port from the United States-means a year
of cheap bread for the millions Of European
populations factor which. in that pat OF
the world, always contributes to popular
content and encouragement Of trade.
The aforementioned symptoms warrant
the hope of a steady recovery of trade and
finance in the nations Of the world. This
ID the more important to the United States
because the foreign financial depression of
the last two years has been attended with
the return of large amounts of securities to
this country, n with large drains. upon
our stock of goid--movements which would
naturally be reversed in the event of recov-
cry abroad. 1t is doubtful. however,
whether sufficient Importance has been at
tached to the significant fact that we have
go little felt the pressure arising from this i
unprecedented return of Our obligations
and the withdrawal of our best money. 1t
has caused no perceptible check upon our
on this market of a large amount of new
corporate loans; and had it not been
for the fears excited by the in
sane silver agitation, this exemption
from sympathy with European causes
of trouble would have been still more
Hafkec. IAEt tuere IL Il steauy, not TO say
large, improvement in the volume of homo
trade now going forward. is made clear
from the fact that the clearings at tho COM
bined clearing houses of tho country, for
the first half of the wear. show an increase
of Ii per cent. Notwithstanding that the
transactions at the New York clearing house
have been largely curtailed by the creation
of the stock exchange clearing house.
Under the general conditions above cited,
and in view of a clearer as~certainment of
the results of the harvest-which still re-
mains 4 matter of uncertain %estimate-it
seems reasonable to infer that, after tbs
quiet Of tho summer recreation, the men of
Wall street will awake to the appreciation
of a situation exceptionally favorable to