The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-21

So far. therefore as the drift of national
sentiment may be inferred from the last
elections in New England the evidence
from these two States is most dee'sivalv in
favor of a sweeping triumph Of the sound
money cause at the November election
In business circles at large, this result
in Maine, confirming d like vote in YER
mont has produced Il marked relaxation OF
and the merchandise markets show more
confidence and the beginnings of a revival
in operations. Contrary, however, TO what
might have been expected Wall street
showed no advance in prices. On the con-
fall in stock. This seemingly inconsistent
result is due to the fact that spectators
had generally anticipated large Repub-
lfcan vote and therefore had bought stocks
freely in advance, which they sold iian,e-
diately upon the first flush of the news
and in the absence of outside speculative
buying. prices fell where under other cir
cumstanees they would have advanced "A
very common kind of occurrence when tbe
market is in entire control of professional
specua tors. When the full effect Of the
Maine decision is realized; an important re-
covery in prices may be looked for: il GER
tainly is a strong bull factor in the present
situation.
THE local money market owing to the
large demand for currency from the in
terror. has been slower than expected
in responding to the large receipts of gold
from Europe, and the rate for money has
been discouragingly unyielding. The large
shipments of gold to the United States
and the consequent advance in the Bank of
cradle disturbances of loans at Paris and
Berlin, which naturally unsettles the Con-
tinental bourses generally and precipitates
realizing on speculative holdings, and the
more SO. in this case, because it is taken
for granted that the amount Of gold yet TO
be sent here may equal that already
shipped. The dangers connected with the
situation IN Constantinople and the appar-
ent possibility that England may take in
dependent action in connection with that
situation, involving danger to the European
equilibrium, are matters to which the fu-
Added TO these sources of caution IS the
prospective visit of the Car, first to Eng
land and then to France, for although II IS
natural to hope for good results from
friendly interchanges between the heads of
governments, yet in the Cars visit to
England matters of the utmost importance
and delicacy are likely to be considered,
and whether with pacific or disturbing re
suits cannot be foreseen. Still another
source of uneasness al the foreign CEN
tiers lies in the fact that, owing to recen:
loans, Russia Japan and China have it in
don and the continental centerS, and some
solicitude is felt lest such demands should
be made while the large Withdrawals of
gold to the United States are in process.
China and Japan would, of course, be paid
in silver, but the silver would have to be
imported and paid for in gold. This con-
currence of circumstances suggests the
possibility of a departure from the eX-
ceptionally low rates of interest current in
Europe for the last two or three years,
and so far it indicates a possibility of
lower prices for home securities. These
foreign markets for American securities re-
spending to the assuring prospect of the
November election delivering the. country
from the dangers of free-silver coinage.
There has been some abatement during
the week of the engagements for the inn
portaton of gold; nothing more. however
than might have been expected as a tenn
porary effect of the advance of the Bank
of England rate of discount. That advance
was intended less to avert the drain to the
United States than to provide for il by
drawing gold from other centerS; for our
demand. being due to entirely commercial
causes. must of necessity be met, and only
causes inducing return OF our securities
could check the movement. The August re-
port of the Bureau of statistics afford
ample explanation of the large sums OF
gold now coming to us from Europe, the
balance of exports and imports for the last
eight months on the items of merchandise
gold, silver and the precious ores showing
balance of $l56, 900, 900 to the credit of this
chandise from the United States in August
was $68. 652, 667, and the volume for the eight
months ending with August was $3.50 $3.50 9s2 49S
The corresponding figures for 1885, were
500 $780, 19 for August and $499 3S7. 405 for the
eight months, The imports during August
last We're 4945S,325. and for the eight
months ending with August 471,222 434. The
corresponding figures for 1888 Were Snll,-
943 for August and $3.50 %. Slg Tor g, eight lSl
224 for the month and $36,350. 416 for eight
months last year was thus turned into an
and 500 100. 019 for eight months of this
year. The net gold imports of August last
were g o73 341 against net exports in 1885
$27. So, 734 for eight months of 1895 has been
reduced to a net export balance of S24, 793,- |
3O1 for the corresponding months of this |
year. The exports of silver coin and bullion |
showed excess during August of A3l2,- |
012 against u like excess last year of So 1884,
$33. 2f9 459 this year, against S27 065.1i5 last
year. The excess of imports of silver ore
1895. against $l1 $50, 3Ss for the same months
of 1885,.