The Washington herald., 1910-09-14

New York, Sept. Ia-Probably no one
in Wall street to-day considered that the
overwhelming Democratic victory in the
State OF Maine meant that the state
had gone H bent" against 1.-THE new ma
tionalism." yet It was perfectly obvious
that the increase OF strength and revival
OF animation in the stock market were
inspired by the news from Maine
Men who regarded the Democratic vic
tory as highly favorable development
granted that many issues. local and ma
tional. combined 10 determine all but
tho unprecedented result. but the new
nationalism' had IN the two weeks pre-
ceding the election been so conspicuous
IN all political discussion as TO render il
improbable that Maine voters could have
left II out Of consideration in electing
Members Of Congress and in choosing
a legislature which is 10 elect a United
States Senator.
The argument was that the method
in which Maine voters could rebuke the
new natioualism" was in the election
OF representatives opposing the party
which the proponent OF the new radical
ism processes or aims TO nominate. and
on this account great deal Of salts
faction was taken in the Maine result
Preferred to "New NatiOnaIism.v
The prospect OF a Democratic Congress
and the accompanying chance OF dead
lock between the President and Congress
may have seemed preferable 10 a Repub-
lican Congress dominated by the new
nationalism." From whatever reason or
from whatever strained construction OF
the returns, the Maine election had
greater effect upon the stock market than
has any other event, favorable or unfav-
orable, for more than a month.
The market was a trihe irregular in the
early trading. but soon steadied and then
advanced impressively throughout the re-
mainder Of the session. Total transac-
tins were twice as great as yesterday.
In bonds also the market was much more
active. sales exceeding 100000 for the
first time in many days. and embracing
greater number Of issues.
Though little was discussed beyond the
significance Of the Maine election. the
government report OF agricultural exports
for August and an improvement in condi-
lions in the corn belt. provided factors OF
unquestionably favorable character.
Comparative Exports.
The value Of agricultural exports for
August was shown 10 be S46O0O.OOO, as
compared with 100000 IN July. and $685.
10000 in August last year. As compared
with August, 1909, tho increased value OF
the exports OF cotton was So. 100000. while
the value OF the exported foodstuffs was
100000. so that II was to exports OF cot !
ton that practically all OF last months /
gain must be attributed Part Of the
cotton exports consisted OF the shipments !
10 Europe OF cotton previously exported, |
and then by cotton spectators, who had |
sold what they did not have at the time |
Of sale, and were obliged TO go to Europe
70 get it. These imports OF cotton for
the year amounted TO $1,000 bales. prac-
tically all Of which was returned to this
port in May. July, and August the three
months In which the cotton speculation
was, by far. the keenest. Undoubtedly
q great deal Of the cotton thus imported
was sold back TO Europe in August. so
that the import Of figures Of the month
may detract from the favorable character
OF the August exports.