The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-13
COMMERCIAL AND FINANCIAL.
A Few Financial Found.
Wen what arelyour no,nt. =,

/
I A Few FIpanciaI Points.
From The N. Y. Independent
WeilzWhat are'your points ?"
4hls Is question that we hear m
4 eH .sTS sl9e every day in Wan street.
49,, 1netes going to be a bull market
Wen what are your points?" eager.
u ~ demands another. 80
"B9y Rock Island" one coufidins
friend whispers in the ear of auOther'
What Is your potht2" is the uuich
rejoiuder. -'N'
the publiC-the only friend, by the way
we ever have anything TO do with her,
that we believe there is going to be (
firm market on the Stock Exchange fol
some time to come; and here are oul
points.
A very shrewd and experienced oper
ator said. ten days ago, If he could on
ly ascertain whether the Treasury re-
port for April would exhibit no con,
traction OF currency, he would be will.
ing to guarantee rise of ten per cent
on the whole list OF speculative stocks
within thirty days. Well the Treasury
report has appeared; and it not only
exhibits no contraction, in reality
though apparently to a small amount
1t may seem to do so-but an actual In
crease of Sl,S9s, 1852 so, while the de-
crease OF currency in the Treasury
amounts to $3.50, 269 %, and the increase
in coinis equal to S, 292 966 81.
The decrease on the public debt, less
cash in the Treasury, is but 1851, 974.
10, as compared with the April state
ment. We look upon this as the most
favorable and encouraging statement
that has been presented blythe Secreta-
~ OF the Treasury, for the business in
teFests ofthe country, since the close OF
the war. 1t Is not only a highly favor
able statement in itself; but It's chief
importance lies In the promise which
1t gives otthe future course f the de-
partment. Mr.. McCulloeh Seems 10
have been forced to the conclusion thai,
ne could not carry out the policy which
ne SO unwtsely announced, ofdestroy-
ing the currency by converting a nom
Interest bearing debt into collaborating
bonds, without so disarranging the bu-
siness ofthe country as to bankrupt
the Treasury. The constant fear which
troubled the minds OF the mercantile
community, and produced Temporary
paralysis OF trade and industry viii
now be removed. There is no longer
any danger ofan insane attempt to Re-
turn to specie payments before the
financial condition of the country will
warrant such a measure.
Money Is not only abundant now.
and readily obtained for all Legitimate
business purposes; but the favorable
condition OF our banks, as shown in the
weekly statements, gives assurance of
abundance all through the summer,
Call loans are made at per cent; and
for thirty days at 5; and, while this is
the case, railroad stocks, like Fort
Wayne and Rock Island, which paw 10
per cent. dividends, cannot long remain
below par-particularly when they
happen TO be largely oversold.
Notwithstanding the general COM
plants that have been made this sea-
son OF dizziness in all departments of
business, the earnings of the great lines
OF railroads, which afford an unerring
indication OF the business prosperity OF
the country, show large gains over the
receipts OF the corresponding months
OF 1866. The Erie, New York Central,
and Hudson River show very large
gains. The latter road, which seldom
favors the public with any insight into
Its business, Is earning the present sea-
son two Thousand dollars a day more
than 1t did last year; while its expenses
have decreased nearly twenty per cent.
And yet, with certainly of its paying
eight per cent, dividends on its whole
stock, it has only advanced from ninety
TO ntnety-siX dollars a share during the
past week.
Another very important point, which
must exert very decided influence in
railroad values, as we'll as In. the gem
eral business of the country, is the uni
formly favorable reports OF the grain
crops which are received from every
section of the Union. In thirty DAYS
from this date they will be gathering
in their wheat crop in Georgia and the
Gulf States Tr-ar r-y3 1911
q There is nothing in all these points
which need to give rise to any anticipa-
tions of inflated prices; but they all go
to show that there must necessarily be
healthful advance in the current
values of stocks and securities whose
dividends depend upon the general
prosperity of the country y -aggE
Those who imagine that prices de-
pend upon the currency need entertain
no fears OF imitation, because the cur
rency cannot be inflated. 1t cannot be
Increased without an act of Congress.
But, though the law fixes the volume
of our greenbacks, It has no-power- to
restrict the production of gold and the
yearly product of the precious metals
in this country has been ascertained,
by GovernmentSco commission, to be at
least one hundred millions a wear,
Here is big thing for the people who
talk about currency imitation TO put in
their pipes and smoke. While our pa
per money remains stationary, our gold
and silver increases at the rate Of a
hundred millions year from our own
mines alone. Is 1t not sheer lunacy to
look for decline of prices under such
financial conditions as these. fss FF
But these are not all our points {;
though we shall offer no more this
week.