The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-10-03
THE BUSINESS WORLD.
The Importation of Gold at the Elk
penso of the Banlsa
BUT IT HAS BEEN CHECKED
BY Natural Processes--.The Idle Bal
anccs in Europc-.-Improvcd Crop
Prospects International Silver
Conference 80 The Wool Market.
Bradstreet's Review OF tho Trade
Situation.


Situation.
New YoRx, Oct. 1.-The financial cir
cular OF Henry Clews says: The general
drift of conditions, during tho second
half of the past month, has been more
favorable to Wall street interests; md
the effect on stocks has been apparent
in firmer tone and some advance in
prices, and in more cautious attitude
and some covering Of "shorts" on tho
"bearp side. These changes, though
not OF an imposing character, are oil a
substantial nature. The virtual stamp
ing out of the cholera both in the bar
Dor and the city and its comparatively
rapid abatement in Europe has had a
gratifying effect in removing the partial
paralysis that had seized upon i'm
portant interests. The trade Of this
city has undoubtedly suffered some
transient diversion to other markets,
through exaggerated notions OF the
HDIGhu Vi lllG 0lhGbl10 SuA AAAhNsSf SNS
that is now thing of the past, and our
merchants are called upon to re-supply
the markets at which distant retailers
have been making their purchases in-
stead of coming Us usual to New YORK.
The cessation for two weeks in the ro-
duction OF the surplus reserves OF the
Associated banks has had an assuring
effect upon the money market. The
moro so as the general tenor OF advices
from Chicago and other interior CEN
tres fayors the expectation that the agrl.
cultural sections will not need and will
not BIO in position to draw from this
city SO much currency rs in former
years. Indeed, it becomes more appar-
emit every year that Chicago and St
Louis are attracting the balances OF the
Western banks which accu mulate dur
ing the summer and have been wont to
rest in the Now York banks. The ten.
dency is a natural one and is likely to
gain force in the future; and whatever
disadvantages it may have for this
city it will certainly have the advan-
tage OF tending to make our money and
investment market moro stable than
formerly during the second halfof the
year. The drain on this city during the
last six or eight weeks has consisted
largely in the exports OF gold, which
have been made entirely at the expense
of the banks. But for this, the surplus
reserves would now stand higher than
usual for this season Of the year.
As foreshadoweds gin our advices OF
two weeks ago, tho outflow Of gold to
Europe has been checked by natural
process. The rise in the local rate OF
interest has made New York the best
market for the employment OF the
large Improbable idle balances OF
Europe, and the result has been free
lending by the correspondents OF for
eien bankers, which has checked the
rising tendency OF rates among our
banks. How far this drift may yet run
remains to be seen. The excessive ease
OF money at London and Paris still con-
tinues; and, with difference OF 8 per
cent between those cities and New
York and the usual large fall remit
tances to DO made hither on account OF
cotton, it Seems probably that the
European markets will keep money
comparatively easy at New York for
: some time to come. This tendency
must be regarded as accounting Tor the
marked change towards lower rates in
the foreign exchange market.
London continues to show restrict
ed interest in American securities. The
return of our investments from that
quarter has come to n pause, but there
is no disposition at present to buy them
back. Those who have been alarmed
by our silver policy seem to have part
ed with all they want to sell, and now
no doubt think all the better OF us from
the fact that we have digGsted and alb
sorbed two hundred millions OF them
without vince and with little visible
effect upon prices. The remaining
holders no doubt are blessed with spe.
officially gold bearing obligations, about
which they need have no misgivings.
The future attitude OF European coun-
tries towards our securities may be nat
urally expected to be one OF waiting for
tho result OF the silver conference, and
also to ascertain the probable drift OF
our legislation relative to silver coinage.
During that interval OF some months,
London may venture upon some transl.
emit speculative operations, but is not
likely to be either buyer or seller on
permanent account.
Another factor, having an important
bearing upon q wide range OF stocks,
has come to the front in the improved
prospects OF the corn crop. The fear
that lateness OF the planting season
might throw the maturing OF the crop
into tho period of frost has been in u
large measure removed. Tho crop is
maturing rapidly and we'll and, taken
as whole, may be considered as having
reached q point at which light frost
would benefit rather than iniure it,
This is very gratifying assurance to
our vast corn belt, and places in a better
position the large railroad interests de-
pendent upon this cereal.
We look forward to the early awaken
ing, in the financial markets, ofincreas-
ed interest in tho International Silver
n