The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-28
TRADE IS OUR WAY
CONDITIONS WHICH BUSINESS MEN
FAIL TO FULLY REAL
IzE.
EXPORTS EXCEL IMPORTS
ny OVER A HUNDRED MILLION
DOLLARS FOR EIGHT MONTHS
OF 1896.
REASON FoR GOLD COMING IN.
Europe Holding ON to Our Securi-
ties and Sending Cash in Set
Element.

NEW YORK. Sept. 27.-In his week
ly review of the financial conditions,
Henry Clews says:
The course of affairs at the
Stock Exchange. for the past
week, has been devoid of any
special features of interest. Conf
dence. in a conservative result of the
November election still continues to
strengthen, and the success of the
sound money cause has become vir-
g tually foregone conclusion. Still, the
composition and temper of the mar
ket are not such as to produce any
immediate speculative BOOM" In
Vestors are induced to employ their
funds temporarily, under the present
high rates Of interest in the open mar
ket, until money becomes easier and
prices show stronger upward ten
dency; when that source of demand
may be expected to act as sharp
stimulus to an advance. For the most
part, therefore, the market is in the
hands of professional spectators, who,
until the actual result of the election
is realized, prefer to pursue 4 hand-to-
mouth policy and follow the momenta-
ry changes in small circumstances.
Thus it comes about that, whilst the
conditions legldmately affecting values
are every day improving and show
an immense recovery as compared
with month or six weeks ago, prices
have not risen in proportion to the
bettered aspects Of the situation. But
even if it might be best that, for the
time being, matters should take this
strictly conservative course, it is not
to be lost sight Of that there is a bal
ance of probability almost amounting
q TO certainty that six weeks hence we
shall be launched upon a situation that
VIII surprise the country by It's prom
Use and its inspiration.
he h.
been discounting every element affect
ing securities at its very worst posi-
bilitieS; but when the silver agitation
has received it's quietus, the situation
will be relieved Of the danger in which
all these distrusts have conferred. The
enterprise which has been held in sus-
pense by that danger will resume it's
usual confidence, and will find no lack
of profitable employment. Ever since
the panic of 1898, production has beer
held in restraint, with the result of
unprecedentedly low stocks Of mer-
chandise. OutlayS of capital upon
large undertakings have been post
poned, and much meritorious enter
prise has been deferred until conf
dence returns. The chief cause Of all
this has been a monetary disturbance,
and when that obstacle is removed 1t
needs no prophet to foresee what meas
ure of revival Of business will result
All this is foreSeen and calculated upon
as all but a realized certainty, and
hence the underlying confidence among
holders Of securities and the inability
of room bears to make any impress
sion on prices. It is, however, by no
means unlikely, that there may be
some early abatement of the DISPOSE
ton to defer buying or selling upon
probabilities; and, with the probable
titles OF safe outcome of the election
gaining strength as they are daily,
1T seems only reasonable to expect that
this growing confidence should some
day soon get the better of the present
D. extreme caution and break out into
active buying. If the bears would
consistently back up their pessimistic
profession with really free selling, that
upward reaction would be quite likely
TO appear pretty quickly.
We have been so long accustomed
to dealing with unfavorable conditions
that the spirit Of hopefulness seems
to have lost ali its elasticity Now,
the current Of affairs has taken a
complete turn towards healthier condi-
tons. 1t is no merely transient sur
face change, but is one that goes deep
into matters that are fundamental
But either people don't see the tran
'S1tion or they refuse to believe their
eyes and want the evidence of a
miracle. A set of facts like the fol-
lowing scarcely moves them:
Exports OF mdse. since Jan. L.. $3.50, $50 600
Imports of mdse. since Jan. L.. Al ,222, 900
Excess Of exports for months 80 s1O9, $50 900
1895.
Exports of mdse. since Jan. L.. $499 3S8 GOO
Imports of mdse. since Jan. L.. 5S5, 1888 600
Excess of imports for 8 months $S6, 1850, 900
The balance of trade has turned
from SS6, $4,000 against us last year to
sos, $4,000 in our favor so far this
year, and it is highly probable that
this drift will continue for the bal
ance of the year, as Europe will re-
quire all the cotton and breadstuffs
we can send her. We are told this
is history, not the present" Take
then specimen of the immediate past
and the present: