The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-12
CHECK IN EXPORTS
TEMPORARY SETBACK EXPERT
ENCED LAST WEEK In THE
MARKET ADVANCE.
CONDITIONS IMPROVE AGAIN,
THOUGH NO PERMANENT GAIN
CAN BE EXPECTED BEFORE
ELECTION.
HENRY LEws' WEEKLY REVIEW.
In 1t the Financier Points Out Other
Dangers Than That In the
Money Question.
CONDITIONS IMPROVE AGAIN,
HENRY CLEws' WEEKLY REVIEW

Special to the Globe.
NEW YORK, Oct. lin his weekly re-
view Of the financial situation, Henry CIews
says:
The past week in Wall street has been, to
a certain extent a reactionary one. During
the week previous, there was decided buy
ing movement, and the consequent rise in
prices offered generally handsome profits.
Naturally, therefore, there has been, for the
last few days, extensive realizing, attended
with irregularity in prices and a general
decline. On Thursday, this tendency was
helped by reports of the embarrassment Of
important financial house in Paris and the
result Of the Georgia state election. There
has, however, been no change in the real
undertone of strength; but as there are yet
three weeks before the effect of the national
operators see chances for fluctuations during
the interval and those who have sold out
are quite willing to help any tendency that
would enable them to buy in again at lower
prices; and for that reason the usual street
tactics of pessimistic rumor and talk are
resorted to.
The foreign exchanges are drifting back
towards a position admitting Of exports of
gold. The sterling loans made about three
months ago, to get relief to the then pre-
yailing stringency in money have now been
entirely liquidated, and the relation between
supply and demand Of bills, which caused the
large imports Of gold, has been virtually re-
stored. Temporarily, the amount of export
bills coming on the market is checked by the
uncertainty about getting berth room for
produce awaiting shipment; but the early ar
rival of vessels delayed by unfavorable wealth
er may be expected to abate this obstacle
when an active resumption Of gold imports
will be in order. Already, 1t has been found
possible to arrange for the shipment Of
amounts variously stated between 81 SOC, 600
and $2,000,000 Of the metal from London.
These prospective arrivals Of gold will help
the growing tendency towards ease in the
local money market. Last weeks bank
statement showed an increase Of 81, 300 900 in
the surplus reserve, with a corresponding
gain in the loans and discounts; and the
prospect Of the early return Of currency from
gold can hardly fail to have favorable ef-
feet upon Wall street time loans, as well as
upon the disposition to discount commercial
paper.
There is no abatement In Wall street of the
settled conviction that the November verdict
will dispose OF the dangers of the free silver
agitation There may be differences of opin-
ion to the dimensions OF the conservative
victory; but 1t Is assumed for granted that
the election will give the country a presI-
dent and house of representatives which
may be safely trusted to protect the gold
standard. The best evidence OF this convic-
ton Is afforded by the unanimity with which
the banks and other credit institutions show
their increasing readiness to grant credit
about which they would have had serious
misgivings one or two months ago The
managers OF our leading corporations are
above all others concerned in having O. sound
basis for judging to the probable out
come of the election. The best sources OF
estimate are within their reach, and they can
not afford to act upon dubious information
When. therefore, these administrators of
finance show confidence not merely by their
words, but at the same time in their actions
and by the assumption of increased respon-
siDilfties, 1t may be taken for granted that
the political prospect is reasonably sure for
sound money.
But notwithstanding this confidence, it is
perhaps not likely that Wall street will go
much further than 1t already has in pre-
diseounting the outcome Of the election
Even those who are expecting great results
from a sound money verdict will regard the
next three weeks not so much as a time for
forcing up prices as an opportunity for buy
ing goods, and they may therefore be ex-
pected to encourage downward tone rather
than an advance. In this connection, 1t is
also to be considered that stage has been
reached in the election canvass at which
there is always much conflict Of claims about