The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-06-07
THE FINANCIAL REVIEW.
Business in Wall Street Retains =
Part Of the Improved
Tone
Adverse Influences Are Very Cen
orally Regarded a. Transient
and Weak.
~rnprovement IN Some Liaes ct 1sads-
Railroads Report Increased EsrniHgs
Better Cenaitisn Of Credit.

-Better Condition Of Credit
New Yonx. Juno 4.-Ths last circular L.
sued BY tho banking house OF Henry Clsws
Il Co.,. II. IS and IL Broad street, and 50
Wall street, says: The tone Of business in
Wall street retains a part Al least Of tbs i'm
provsmsnt noted In our advioss Of last
week; but the feeling 10 still vsoillasinG.
Confidence IL, on the whole. gaining stead
lily, but cautiously and slowly. Slight ad-
vanoss are followed by realizing on the part
Of holders Of 'long'' stock. and BY selling
On the part of the 'bears." The London
market 10 cautious. which produces = ooEre-
spending conservatism here. There has
also been some tightening or closing Of 40
counts preparatory TO summer absences;
and merchants are still driven, BY the In.
suficiency OF discount accommodation, to
realize upon their securities which sources
are just now bringing quite an apprssiabls
supply OF stocks and bonds upon the
market.
These adverse influences. however, may be
regarded ~ transient; and there are others
coming into play which are calculated to
~nsutralixe their effect. In some branches
Of business. there 10 . noticeable improve
mont. especially in grocery and dry goods;
which 10 an indication Of returning vitality
in the staple departments OF trade. The re-
turns Of the railroads also show . very
gratifying improvement III gross earn
lhgs Of some forty roads reporting last week
chow an average increase Of nearly 10 Ger
ssnt-a fact whioh suggests tho inference
that The real contraction OF trade IL not 20
great % might b. supposed from common
report. The real trouble seems TO be less
in any actual falling of in the volume OF
business than in the prevalence Of . feel.
ing Of apprehension incident to the partial
interruption of discount Accommodations
throughout the country a large and TO
The failures arising frem that strinRsnoy.
This fear IL. Of course, . serious Injury
to business; for II not only abnormally
reduces prices and profits, but may easily
lead to entertainments and suspensions.
a. IL undoubtedly hiss within the last few
weeks. But there Is reason TO hope that
this phase Of feeling has passed it, climax.
The banks seem 70 be gaining sonnd.nee IN
the general %soundness OF commercial cred.
it, and. with the late large gains In their
reserves and the low rate Of inherent obtain
able on call loans. they are beginning to
show more disposition to Discount for their
customers.
II is easy. hewsvsr. to expect too much
stances. They cannot yet bs certain that
ths European drain upon our gold has
reached It's limit. The failures of which
ths Foster and Dwiggins suspensions are .
Syps hav3 brought TO light . certain sle-
mont OF local speculative enterprise In the
--Ai>h L. H~-~Ac{~A ~ Aark{Nns aud
there Is . possibility that the still existing
s~trinasncy at the west and south may bring
TO the suYfase other like cases; while, be-
youd all, there remains the grave question
a. TO what maj prove to DO the disposition
of tho now conQrsss on the silver question.
sncs Of = conservative policy on the part OF
tne banks. But. at the same time. there IL
no room for doubt that they now under
stand tina the general commercial situa-
ton 10 a sound ones and having
reached that conclusion, IL is reason
forth shows more liberal regard for tho
wants of commercial borrowers. Under
all the o~ireunstanoss, therefore, there
seems TO be good reason for expecting that
the present disturbed condition of credit
will gradually subside into . settled con
sentative attitude. awaiting the results of
the important legislation to be undertaken
by the next session of congress-; which 10
perhaps all that can DO expected under the
broad commercial and financial rsconstruo-
ton that must occupy the attention OF the
country for several months to como.
There are two other doubts which ought
TO bs removed from the public mind and so
aid in the restoration OF confidence. Ono
10 the apparent determination OF President
Cleveland TO force action on the silver bill,
and Reasonable congress In September next.
That 10 now the most probable date for ac-
tion. Public opinion has received some
pretty severe object lessons On the silve,
OF sentiment in the west can be depended
upon TO aid In repeating the sherman law.
Moreover, the great business centers Of the
west are not 10 silver crazy a. has been
peculiarly supposed in ths east. Another
Important element Of doubt has been taken
the tariff outlook. Business operations OK
tending into the future have often been ser
iously eurtailed through fear Of early tariff
revision. Such fears are entirely esoundlsss.
Congress will certainly not begin the tariff
question unsi the silver muddls 10 settled;
time as silver. il would DO late in the cur
rent year before any general plan of pro
ceduTe could be agreed upon. Months
Would be used in taking testimony, In oom-
piling schedules, in committee conferences;
and even should the question bs e1psdi-
tiOuGiy nonUl6u. WulC0 OOeb nos seeM AZ al
likely. several months would probably
elapss before the new bill became law; SO
that ii seems utterly impossible for any
change In the tariff to be put in foros within
ten or twelve months. II the business mind
we,s relieved OF these unnecessary n osY-
tRinties much would Be done towards a res
t~oYation of confidence. There are periods
whom sentiment carries prices much above
their intrinsic level; but this Is a time when
distruss has carried them as much below
their true level. This is particularly true
of good railroad shares which are beyond
the perils of reorganization.
Now Try This.
u will cost You nothing and will surely