The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-07-02
COMMERCIAL AND FINANCIAL.
Money and Business Mt Cincinnati
md the HYent.
From the Cincinnati Ga-ene Of Resteydzy.


From the Cincinnati Gazette Of Yesterday. -
There is no Improvement as yet in
general business. Merchants are COM
Paratively idle. Freight traffic on the
railroads is of course light. Business
and pleasure travel is corresponding
ly small. The latter promises to be as
trihing as in 1861, when every interest
has been Frustrated by the war. Peo-
Pile now, as then, feel poor. The ma
jority have been living on their capital.
This is not favorable to pleasure travel.
Railroads and watering places will.
therefore, experience large falling of
in their summer business. In SO far us
regards the watering places, this will
be gain rather than loss toal except
the proprietors. People whose health
required an absence from the city du-
ring the midsummer months, are eS-
tablishing themselves in the rural dis
tricts near home, and many are dis
covering that this Is much better for
health than life at the fashionable
places of resort.
In our money market on Saturday
there was no material change. Curren-
cy continued scarce, and the demand
for loa ms, though small, was sparingly
met. Rates ofinterest on good paper
range from to II per cent. The New
York bank statement shows a large inA
crease in deposits. From this II is seen
where the money has gone. Thegreen-
back and National Bank currency
amount 10 1868, 600, 900. Ofthis nearly
$500, O00, 600 Is now hold by the New
York banks and the United States
Treasurer. Whenever, therefore, the
crops begin to move, the whole country
will draw for currency upon New York
add other Eastern cities, and until this
movement takes place we shall have a
scarcity OF money at the West. Owing
to the stagnatiOn in business, and the
frrfnN n mi 70 IN mr.
ey, the locking up OF $50, 600, 600 in two
months by the Secretary of the Treasu-
ry, and the withdrawal at the same
time of over SIC, 100000 of COM
pound interest bearing notes,
mas not been seriously felt, but
as soon as money is called for
to move the crops, there will be pinch
ing time. The deposits in the Cincin-
natl banks are lower now-very much
lower, than at any previous time in the
last four years. The same is true of
other western cities. Those who had
money awaiting a revival of business,
sent IL to New York, to be invested in
Government securities, or deposited in
bank at interest, the banks of western
cities paying no interest on deposits,
except in a few cases. The time will
come when the Government bonds then
held will be sent back to New York for
sale, and when western money deposit
ed at interest in New York banks will
be drawn out. Mr.. McCulloch, there
fore, unless he desires to see the revival
of business prevented or delayed by a
money panic, should not shape his con-
traction policy by the plethora of
money now in New York. The New
York banks are not near so strong as
they seem. They are loaded with rail-
road securities, deposited as collaterals
for loans, and they will be- loaded
with government securities whenever
those who have invested temporarily in
the latter, need money in their regular
business. This is what we may expect,
and in view thereof, Mr.. McCulloch
should aim to let the currency alone.