The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-11-02

From tbs w. FInanctdl Chronicle Of Saturday.
The anomalous condition OF the
money market Ia creating no small
anxiety Just now. Call loans are easi.
ly obtained on Government collaterals:
but for time-lOans Of all descriptions
our money-lenderA are unusually shy.
Nor are the reasons far to seek, The
money market, for some months, has
been subject 10 spasmOdiC jerks, and
we are just entering upon a period of
the year when such a Spasm might be
expected to happen. The months of
October and November are always crit
iCal. And hence, the red flag of danger
ahead 10 kept flying, and our financial
engineers move with extreme caution.
Now the question OF the hour Ia, whOth-
er this caution is demanded, and
whether our financial barque has not
almost passed. the chief point Of danger, ,
To answer this question, several things
have to be borne In mind. First, we
have safely traversed the present month,
and Notwithstanding the terrific shock
given 10 our monetary machinery by the
gold gamblers tiasco few weeks ago,
still there have been no symptoms what.
ever OF u general convulslon, Not go
much AZ solitary spAsm has moved
the home market during the whole
month. Secondly, there Is very little
expansion OF credit-much less than IL
usual-elther among the Wall Street
tinanclers or among our mercantile
firms. In both directions the banks
have been loauing with so much care
and reluctance, that the pabulum OF
expansion on which panic loves to
feed Is absent, aud there are few or no
materials for financial conflagratiou,
Thirdly, the artificial manipulatlons
which have always been heretofore
used when an opportune moment ar.
rived for tampering with the money
market, are mott be dreaded Just now,
as the specnlators who have usually
been ring. leaders In such movements,
are either disabled by their past losses,
or are 80 heavily loaded up with en-
gagements that 1t Is their interest to
keep money easy, or at least to refrain
from causing any apparent trouble.
| such are some OF the reasons for the
belief and hope which is beginning TO
gain ground, that, as we have got
through this month without trouble, 30
we may, perhaps, be next month equal.
y fortunate. But this Is not all. Tho
drain OF currency for the interior to
move the crops has so far fallen short
OF anticipation. We may account for
this on the theory that the crop move-
ment Itself has been retarded by the
low prices ruling for produce, or that
the West and South are better supplied
than formerly, both with currency and
capital. In either case. and whatever
may be the cause, the drain OF money
TO the interior has been less than we
had prepared ourselves to meet, and the
consequence is, that while our resources
to supply call loans are ample, our
banks are 80 uncertain as 10 b ow soon
the demand may arise, as 10 be
indisposed and unable to make loans
on time. There is also another point
which has attracted attention. In the
last debt statement, Mr.. Boutwell,
stated that the greenback reserve had
been drawn upon to the extent Of
million and o half In redemption OF
Clearing House Certificates; and In
Washington II IL currently reported
that the process will be repeated this
month TO the same extent or more.
Besides this, the slight income OF the
fractional currency which Is going on
tends to increase the condition OF mon
etary ease, or at least 10 ward of any
stringenoy which might arise during
the scarcity Of small notes. Moreover,
the issue OF small notes is now going
on with considerable rApidItY, and Ia