The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-09
FINANCE AND TRADE.
Financial and Commercial items

Financial and Commercial Items.
The steps necessary IN effect the
mergin. ar consolidation of the Omn
National Bank into the Merchants
National have all been properly taken
IN accordance with the infinitely eX'
plicit instructions of the Department nj
Washington. The Ohio National cease,
To exist, and the capital stock of tn,
Merchants becomes. 10y the act, on,
uillion.-CiE. COM.
The Philadelphia North .lm'Ticdn. il
an article on the insurance business
SINS: IL Wa announced some time age
that the losses ofthe fire insurance com
panie> in the country ut large had be
come ~ serious aud so long continued Il.
to impair their capital, and one large
company had wound up business. 1t is
| proper 10 say that this does not result
| from LOSSES sustained i'll the Atlantic
cities, where property is substantially
built and the streets well lighted and
poliCed. But in the interior, where the
towns ana cities, built mostly of wood,
are like finder boxes, the losses i'll the
insurance business have been umpre'
cedentcd. OF course, the corporation,
have 10y this time learned some useful
lessons in this respect, and they are
drawing their lines more tightly upon
their agents in all parts of the country
The journal Of Commerce of Wednes-
day says: The market presents a little
more animation, both in financial Ind
commercial circles. Prices of bread
stutiS havca downward tendency, but
most CLASSES of provisions are steadily
held. The dry goods trade has some
what improved, but is not yet very ac-
tive, although values of most descrip-
tons of staple productions are well
maintained. Money continues in liber-
al supply; call loans are readily OBJ
tanned ON acceptable stock collaterals
at 5a6 per cent, and upon government
securities ut 3a4 per cent. The range
vt discount for strictly tirst-class bust
ness paper is 6a7 per cent. ner annum.
The official statement III tine public
debt OF the United States "n lac first
instant - published. There was no
statement issued Oh the LIST ot July, but
We lind that during the last two months
the debt bearing coin interest has ill.,
creased S76,262,75n; rhe debf bearing
currency interest decreased SS0,126,9 l0;
ma ured debt not presented for pay
meut increased sJ,923,s%I ~: and debt
bearing no interest decreased Sl,el4,-
20 IS. This makes the apparent de-
crease OF the total debt during the last
two months SSll, 623 ~; but the coin in
the Treasury during the same period
has increased S4,li6,a6 30, while the
currency has only decreased Sl9l, SOS 6u;
| So that the 4, tual reduction of the pub
lie deOt from June LIST TO August LIST
amounts Ia SI,3p9 $40 o.. This is "a
more gratifying exhibit of our financial
7 condition than was expected some time
since, rs ii was unprecedented that the
statement might show an increase of
, the debt. The net decrease of the pub
lie debt since the statement of August
LIST, 1866, is Si2l, 792 $50: since Au-
gust 3lst, 1855, when the National debt
reached it's highest point (S2,.I ISL
$50, the decrease has been S2I6, I74 ,.63.
The Financial Chronicle lays down the
following as true. What is said is not
only true, Int timely, and ought TO lie
needed.
/ The contracting of the volume of our
redundant paper money is an indispen-
sable condition of restoration of our
currency 'oa specie basis, is now, we
believe, universally mknowledg ed. An
over issue of paper money caused il 10
depreciate, and further oyer-issne
would certainly cause it 70 depreciate