The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-18

the latest symptoms from Washington
are favorable; and on that accoun, our
government may be expected to refrain
M least from any immediate interpOsi-
ton; In brief the new situation means
postponemept. The yellow fever begins
10 show some abatement: It isnow well
under quarantine regulation and the
needless interference OF shot gun meth
DDS VI protection Is being so controlled
ms to prevent unnecessary interference
with trade and transportation, which
which has run Into ipeXcusable excuses
Really, at present, there is no serious
quarantine embargo upon the traffic of
any Important railroads, The Interior.
ence with the market arising from the
city election canvass Is, after all, chiefly
a matter Of sentiment and has no direct
relation to the value of the properties
represented on the stock exchange. Thu
hears cXagGeTate this factor by mag
nlfying the chances Of candidates whose
election would be least conducive to the
interests Of the city; but they do not
succeed In concealing from Wall street
that the local interests OF Greater New.
York are not the interests OF the United
States.
In any event, each OF these three fac
tors has already been made to do duty
for the pesslmlsts much beyond what
their Intrinsic Importance warrants.
They have been used to force down
prices to a point which 1t would seem
must bring turn In the market The
men who are holding back important
buying orders have so far kept close
rank; but, should one or two OF them
be tempted by the prevailing low
prices, their action might easily pre-
cipitate buying movement that would
produce a sharp rally in prices. There
is an idea at the moment that the mar
ket Will continue in its present unset
tied condition until after the election.
We do not deny that possibility; but
there Is perhaps an equal chance that
a reaction from understanding the
three factors we have mentioned and
the strong temptation afforded by low
prices may start up buying move
ment that VIII bring out large opera
tors sooner than they have calculated
upon buying.
In the meantime, the condition OF the
railroads, which Is the commanding
consideration affecting the value Of Sc
curltes, passes as u silent factor. The
earnings in all sections continue at the
high rnte recently established, and the
September gross business will show
phenomenal figures. When the market
escapes from its present dumpy mood,
these facts will receive due considera-
ton and counterfeit the minor inilu-
ences that, for some days past, have
been invested with such exaggerated
Importance.
No further arrangements have been
made for the Importation Of gold.
Last weeks engagements, amounting
to S6,0O0OOO have induced efforts in
London to check the outflow. which for
the moment have diminished the move
ment; and on Thursday the Bank OF
England put up its rate from 2ia to 3
per cent7 Drawers here, however, have
reduced their rates and further en-
gugements 70" bringing gold from Lon
don or Paris may be expected; Unless
sterling bills should be bought up here
as temporary Investment. This is
not entirely improbable; as the banks
will soon be receiving back large
amounts of the currency sent to the
interior for moving the crops and do
not care to indefinitely increase their
stocks OF idle specie. The effect OF such
an arrangement would be to strengthen
the local rate Of interest, to ease the
London money market, and bridge over
foreign debts to this country for two
to three months and then to Offset
balances against the United States,
and thereby prevent exports of gold
which otherwise We should in the usual
course have 70 make, A year ago,
transactions OF this kind We're done to
the amount Of $S6OOO,0O0; and at'pres-
ent it looks likely that the operations
may be repeated. This method of ad-
justing international balances Is
wholesome, iRasmuGh as 1t tends TO
keep the money market on both sides
the Atlantic stable and prevents the
cost and Inconvenience of exchanging
large amounts OF gold between the two
continents,
The advance In the Bank of England
rate to per cent, is what / foreshad-
owed some time ago, and from appear
ances It is more than likely to go to 4
per cent. at least very soon. The bank
reserve is now $50, 100000 lower than 1t
has been for similar period since
1888: while its loans are $7,00O,O00 larger
than for any October month in eight
years. The Immediate future moves of
The Bank Of England viii be important
factors at all the great money centres,
and operators on this side viii have to
keep watch thereon for their guild
1'. HENRY CLEws.