The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-05-25
FINANCE AND TRADE.

F1ra.cial and Commercial Items.
The last New York City Bank state
ment reveals the fact that, emitting tho
specie, nine of the leading institutions
are within 100000 of the legal limit,
and liable at any moment, by moder-
ate draft, to be thrown outside the law.
Business continues dull in Wall street.
and the Stock Exchange affords few OF
no attractions to the general puoiio'
Railway shares are neglected by all oa'
the professional spectators, and tine
lono expected rise seems as far Oft as
av.S Prices, however, show great
steadiness, considering the prevalRng
81 o~notion: and it is probable that
Mhssnsver there is revival of activity
there will be q recovery from the de-
~ression of the last six months. The
monetary conditions affecting the stock
market are favorable to Improvement,
and the earnings of the leading rail-
WAYS are, with few exceptions, larrr
than they were at this time last year.
The failure of Frazier, Trenholm &
Co., of Charleston and Liverpool, for
large amount, seems to be pretty gener-
ally confirmed. In addition to the cable
and other dispatches already published,
the Treasury Department at Washing
ton has received official advices of the
f,ct. The claims of the Government
srainst this house, as the agent of the
Confederacy during the war, to recover
vessels, munitions, cotton, &C., amount
to several millions of dollars, for which
suit is now pending in the English
courts; but it is understood that the
Government will incur no loss by the
failure of the firm, it being fully secured
by bonds covering the amount OF the
claims. The failure of the firm, says
the New York Tribune, excites unusual
remark. 1t was, without doubt, the
leading and trusted mercantile house OF
the South, and its failure must havea
disastrous effect upon large constitu-
ency, as we'll for the South as that pos
sessed by the Ohio Life and Trust Com
pany when it broke. During the war
one of the partners, Mr.. Trenholm, was
Secretary of the Confederate Treasury,
and the profits of the house were report
ed during the troubles at S6,OOO,OOO.
The New York Times adds that their
bills have had considerable currency in
the New York market, and that the ef-
feet of the suspension is to disturb the
foreign exchanges on this side. They
have a branch house at Charleston, and
some of their bills are also understood
to bear the endorsement of the Georgia
banks.
The New York Tribune notices nice
question as likely to arise as the liqui-
dation now in progress becomes more
severe. New York banks are daily
lending money on call by the mere ex'
change for cashiers check for an en-
velope containing securities, without
paving the least attention to the law
which requires that "any memorandum,
check, receipt, or other written or print
ed evidence of an amount of money to
be paid on demand, or at u time desig-
d; shall have stamp, for sum not
exceeding 500, of five cents; and for ev-
cry additional 500, five cents" The
banks explain their neglect of the law
by saying that they take no "memoran-
dunn, cheek, receipt, or other written
evidence" &c, but trust to the honor
of the borrower. This is all very we'll
so far as the parties themselves are con-
cerned; but it is clearly a fraud on the
Government, which ought to get five
cents on every 500 of such loans. One
ofthese days, in ono of the panics which
are in store, some careless bank may
| find its debtor use this stamp question
as an effectual reply to demand for
repayment of n call loan.
The subjoined is scale of the rate of
interest our national securities yield,
calculated by Thursdays quotations,
and gold at about So per cent. premium
for interest accrued on bond, bnt not yet
dina.