The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-21
HEARD FROM MAINE
iG0NSEQUENT1.Y THERE is MARKED
RECLAMATION ON THE STRAIN
IN FINANCES.
REVIVAL OF COMMERCE.
REMARKABLE IMPROVE
AIIsNT,
But WALL. STREET Is SENSITIVE.
sFereisn Conditions Operate to De-
press StOcks-Henry CIewS'
Weekly Review.
Special to the Globe.

optCldl u the Nlobe
NEW YORK, Sept. 20.-In his weekly
review OF the financial situation Henry
Clews says:
The second great political symptom for
which Wall street has been waiting-the
Maine election-brought even stronger evil
dence of the coming overthrow OF silver than
came with the Vermont election. The I'M
precetiented Republican majority in state
once strongly tainted with greenbackism and
suspected OF being seriously infected with
the silver hereSy. is something more than
was expected even by those most familiar
with the politics of the state. Its foreshadow-
ings are the more conclusive because the
verdict related to no mere local issues, put
turned entirely upon the silver question SO
far. therefore. as the drift OF national sentl-
ment may be inferred from the last cleo
tions in New England, the evidence from
these two states is most decisively 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 like vote in Vermont, mas
produced marked relaxation OF uhe sus-
syeuse in prospect of the election, and the
merchandise markets show more confidence
and the beginnings of a revival in operations
Contrary, however, to what might nave oeen
expected Wall street showed no advance In
prices. On the contrary, the event has been
followed by a fall in stocks. This seemingly
inconsistent result is due to the TACT that
spectators had generally anticipated the vote
and therefore had bought stocks freely IN ad-
vance. which Trey sold Immediately upon the
first flush of the news; and, in the absence Oh
Outside" speculative buying, prices fell where
under other circumstances they would have
advanced-a very common kind of occurrence
when the market is in entire control OF pro-
fessional spectators When the full effect
of the Maine decision is realized, an i'm
portant recovery in prices may be looked for;
it certainly is strong bull factor in the
present situation.
The local money market owing to the
large demand for currency from the interior,
has been slower than was expected In re-
spending to the large receipts of gold from
Europe, and the rate for money has been
discouragingly unyielding. The large ship
ments of gold to the United Staes and the
consequent advance in the Bank of England
discount rate have caused considerable dis
tHrbances of loans at Paris and Berlin, which
naturally unsettfeS the continental bourses
generally, and preciPitates realizing on spec
ulatiye 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 apparent possibility that England
may take independent action in connection
with that situation, involving danger to the
European equilibrium, matters to which
the European bourseS are extremely sensi-
tive. Added to these sources of caution is the
prospective visit OF the car, first to England
and then to France; for. although 1t is
natural to hope for good results from friendly
interchanges between the heads of govern
ments, yet In the cars visit to England
matters of the utmost Importance and deli
with pacific or disturbing results cannot be
fOreseen. Still another source of uneasiness
O. at the foreign 4centers lies in the fact that
owing TO recent loans Russia, japan and
China have it In their power to make large
drafts on London 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-
n G fha. 81
btlity of departure from the exceptionally
low rates of interest current in Europe for
the last two or three years, and far it in
dlcates possibility OF lower prices for ONE
securities. These conditions also constitute
an obstacle to the foreign markets for Amer
lean securities responding 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 importa-
ton of gold nothing more, however, than
might be expected a temporary 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 1t 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 Sc
curities could check the movement The Au-
gust report of the bureau Of statistics affords
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 a bal
ance of $156, coo coo to the credit of this coun-
try. The volume of exports of merchandise
from the United States in August was $685.
652 667 and the volume for the eight months
ending with August was $3.50, 9S2, 453. The
corresponding figures for 1896 were $50, $50. GIG
for August and S499 1884, 400 for the eight
months The imports during August last were
$40 45S 1928 and for the eight months ending
with August. $471. 222 1874. The corresponding
figures for 1895 were ST, III. 94S for August and
$685.. 737 S19 for eight months. An excess Of
imports of sic 131, 224 for the month and $780,
359,A16 for eight months last year thus
turned into an excess of exports of SO, 1874. 342
for the month and $1O9. 760O19 for eight
months of this year. The net gold imports
OF August last were $2073,341, against net
exports in 1895 OF SIS. 1873. TO. net excess of
exports of $27. 6f5 734 for eight months of 1895
has been reduced to a net export balance of
S24. 793. 301 for the corresponding months of
this year. The exports of silver coin and
bullion showed an excess during August OF
S4S72 012 against like excess last year Of
SIS, 4S9 021. carrying the excess for eight months
to $685. 2i9 459 this year, against $27, o3o 74 last
year. The excess of imports of silver ore
amounted to So .0SS,5e Tor eight months OF
1895. against 81, SO, 3ss for the same months
of 1896.