The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-08-17

The plethora OF money in New York
continues and increases. While gen.
eral, legitimate business is dull, be-
cause OF the backwardness OF the fall
trade. speculation is firm and brisk.
The prices of stocks are unwarrantabIy
inflated in nearly every instance. Ope-
orators are claiming at high tide. Just
now the rage is for Government secu-
rites among the more solid business
people, and hence their very high and
still up@ard price. The advance yes
terday was decidedly marked. And
this. too, in the face of heavy shipments
of bonds from the interior to New
York. The market takes them all
easily, and without losing its buoyancy.
The shipments from the principal cities
West have been very heavy, especially
from Cincinnati. Even Wheeling and
the surrounding country here have
shipped great many.
II is generally supposed that the pres
ent high prices for securities cannot last.
The state OF the money market at
this season OF the year is unnatu-
raj. The fall trade must com
nence sooner or later, and when it
does, money will grow dCarer, and
prices of securities, held as temporary
Investments, will fall. The upward
tendency of the market is wholly ow-
ing to the fact of immense unemployed
balances in the East, on which the
owners are DESTROYS to make interest.
The foreign demand for government
securities is very inconsiderable just
now, and this mornings quota
tions show decline Of half per cent
in five-twenties in the London market
And yet in the face of this decline the
price advanced very decidedly in New
York yesterday. Such is the effect of
an almost unprecedented money mar
Eet.
Notwithstanding money is so plenty
and cheap in the East, the Pittsburgh
papers report that it is barely easy in
that market. We quote from one of
them as follows:
''There is no speculative demand for
money, although the principal places of
discount appear to have as much paper
offered as they are willing to take, even
at Whit "OuAu ut considered at New
York or any of the eastern financial
points, as extraordinary high rates.
When we read that money is easy at
I'VE per cent, and good commercial
paper taken at six or seven, and on call
AS low as three per cent, it sounds low
in contrast with the general ruling
rates here. Nine per cent is the rate
for the "purely gilt-edged," and as a
friend on the street calls "double-twist-
ed" paper, but such offerings are rare,
and the more usual figure for even first
class IL ten per cent. On the open mar
ket twelve Is the common rate, and
fifteen Is no uncommon figure, with
strong collateral to the back"
The New York Journal Of Commerce
states that no little anxiety is begin-
ming to be manifested among business
men as TO the developments of the next
few months in a financial and trade
way. The editor states that his table
sis covered with communications from
all parts of the country, asking advice
and counsel in regard to the future"
One ofthe leading questions is, "will
gold go to 80 or will it fail TO zero ~
And which 900 or zero) twill make it
most unsafe to continue in trade And,
"is it better now TO buy or sell, or dam
gerOus TO do either until financial mat
ters are moro settled? "Thesc," saws
the editor, "and hundred like cues
lions, form the burden ofcommunica-
tons that show the popular anxiety"
The answer returned by the Journal
or Commerce to these inquiries is as fol-
lows:
ToaIl of which there is but one an
swer-Go Forward Move with eau
ton to he sure, because the future is
uncertain; but hope not to escape any
threatened peril by turning TO lice, or
lying torpid until the storm is past.
There is always less danger in facing
dlhculty, because it may he seen and