The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-09-19

OF finance have returned from their
summer recreations prepared for new
ventures; the results OF the seasons
crops have been excepting that Of In
dian corn,) definitely ascertainod; the
conditions and prospects Of the various
branches of trade have been weighed;
monetary movements are distinctly
marking out their future drift; and gen
orally the conditions that are to shape
the next few months OF investment OPP
erations should now be we'll under
stood. Under ordinary circumstances,
the group OF normal conditions at pres
ent existing would be regarded as en-
couraging to investment and favorable
to higher prices.
At present, however, ali calculations
OF investment values are unsettled by
the Intervention OF . plague which, in
its effects upon public confidence, is lit
tie less serious than all outbreak OF war
In Europe and Asia, the cholera has as.
sumei dimensions equal to those Of
great historic pestilences, and we are
protecting ourselves against its invasion
only by exercising tile sternest vigil
lance. Measured by its interruption OF
trade, Its disturbance OF confidence, its
damage or destruction Of imported goods
and its check upon exports, this pre-
ventive vigilance is but little less costly
than the actual spread of the epidemic
itself would be. The principal differ
ence between the mere dread OF the dis
ease and its actual prevalence is that
in the former case, panic and paralysis
arc escaped, while in the latter case
both the evils are rampant.
So far, we have escaped as well as
could be expected, and the thorough.
ness OF our precautionary measures
daily strengthens the hope that we
may continue to do so to the end. But
all feel that, with such an insidious
enemy, there Is no such thing as as
cunning our safety until the vitality OF
the fatal microbe is extinguished by
frost. We have therefore to anticipate
yet some weeks OF exposure to this
danger; and during that period the
markets must be expected to remain
unsettled from this cause. In estimat-
ing this prospect it is to be remem-
bered that it is not case OF misfortune
coming upon IN intrinsically weak
market. 1t is rather case OF transient
check upon series OF prosperous con-
ditions, which, ii uninterrupted, would
naturally produce au active demand for
investments and advancing prices. 1t
is simply an instance OF arrest OF
wholesome and prosperous tendencies,
with little real probability that the
pestilence will get foothold and de-
velop into widespread calamity, and
with certainty tina. the dangers will
disappear in the course Of few weeks.
1t is hardly reasonable TO expect that
under such limitations this element OF
tear will cause the large and wealthy
owners who now are the principal own
ers OF stocks to part with their holdings
at any important. sacrifice Of price. The
conditions will undoubtedly be favora-
BILE to professional "bear" operators,
but the outside element in the market
is so light that they cannot hope to
force out much stock from that source,
while the capitalist holders may be
trusted to take care OF themselves.
1t will no doubt be urged that the
low condition OF the bank reserves and
the possibility OF further exports OF
gold suggest the possibility OF a string
ent money market. There is unde-
niably some truth in this; but let that
factor be taken ut iLs proper value and
it will not be found 10 be the bugbear
that some picture. The late extra
ordinary ease in money has been favor
able TO the procurement OF long loans,
and a large proportion OF those loans
have yet sonfe time to run before they
mature, the result being that most OF
these holders OF stocks are protected
until about the end OF the time for
which the plague can be expected to
continue. Again, it is not to be OK
pected that. with call money Mt SOS
per cent at New York and at 1@l! per
cent in London and with trade so de-
pressed in Great Britain as to keep the
London market extremely easy prob
ably for months to come, this centre
will fail TO become an early borrower
in London. As the situation now
stands, London is likely indeed to find
temporary loans in New York the best
means OF employing its idle balances.
We shall probably be told that Eu-
ropean suspicion towards our securities,
created by our silver policy, will act as
an impediment to our borrowing in for
eign markets. This might conceivably
be the case ii we had no uDquestionable
gold bearing securities available for col
lateral; that, however, is opposite OF
being the fact, Nor do we think it
probable that, as matters now stand,
there is much probability that foreign
holders OF our stocks and bonds will
carry this discrimination much farther,
except upon some new provocation.
Europe is getting to better understand
our national attitude on the silver ques-
ton. 1t has Just seen the silver faction
distinctly defeated in Congress; IL has
the spectacle of both political parties
appealing TO the people on strictly
conservative attitude towards silver; IL
sees the press prepared 10 demand a
suspension Of silver coinage in .he event
ii the silver conference failing 10 eatab-
lish syele.n OF international !.es coin
aye; and it begins to SEQ how, in the
evenL oil such failure, the unitod States
may prove quite as competent to take
conservative caro- OF its metallic cur
rcncy MS any other nation. These lea
lures III our relation TO the silver ques-
ton aye likely to be still better under
stood abroad under the discussion which
| the approaching conference will excite;
and We are for these reasons disposed to
conclude that Europe is likely to sus.
pend its return OF our obligations until
1t becomes more apparent what is likely
to be our permanent policy on this
question.
While, upon the grounds above speci-
fed, we can see no sufficient reason for
expecting that the eholera alarm will