The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-04-13
COMMERCIAL AND FINANCIAI.
Miscellaneous.

COMMERCIAL AND FINANCIAL.
,eaf- Miscellaneous.
Ia reaction has taken place intthe
New York financial market, and prices
show q considerable advance with a
more bnoyant feeling. We.are inform
ed as follows in regard to the tone:
The excitement abont the rumors OF
war in Europe has passed away as sud
denly as 1t arose, and a better feeling
prevails In financial circles; the impress
sion being that q general improvement
must soon be developed. The opinion
Is founded on the anticipations of an
easier money market, on the low prices
OF almost all descriptions of securities,
and on the fact that Notwithstanding
the heavy losses of the past four days
nota single failure of moment has oc-
CURED" -
Speaking of iron matters up at Pitts.
burgh, the Gazette of that city saw:
,"The resumption of operations by
the iron masters of Wheeling will in no
wise improve the chances OF the strikers
here, as the union Of mill owners have
determined to hold ont till the last ditch
Is reached. The resumption In Wheel
ing is made conditional, we believe,
subject to theresult u Ultimately reached
here" .f.s-.i..i Il, 800 80, :
The large decline in the shares of the
Western Union Telegraph Company is
ascribed in good part to the orgariza-
ton the Atlantic and Pacific Com
RRs o9E. organized under the laws Of New
The meeting ofthe Directors of the
Cleveland and Pittsburgh road, at
Pittsburgh, adjourned on Wednesday,
after recommending that general
meeting OF the stockholders be called
at an early day to decide upon the cues
ton of dividing the Surplus Income
standing to their credit on the books OF
the company, equal, we understand. to
3OC9S5 per cent on the present capital of
3 100000. The finances of the COM
pany are wholly free of debt, and
the estimates for traffic, for the current
year, made by the President, Mr.. Nc
Cu!loch, equal to dividend of at least
eight per cent upon the capital.
Arebel newspaper makes the follow
ing comments on the subject Of specie
payments:
Specie payments would now produce
a convulsion unsurpassed for its sever
ity and comprehensiveness It would
indeed be a godsend for the South-as
It would sweep the great Mammon OF
the North, whose greed and rapacity
has been the chief cause of our oppres-
stons into the wide gulf of irretrievable
ruin. 1t would bring down tShoddy'
to his proper level, and make him in
deed an humber and better man. But
none OF these, neither Mammon nor
his worshippers, including the corrupt
Congress, will listen to Mr.. McCullocb.
His suggestions and reasons ON the
subject will excite little more than q
diabolical smile. The time Is not vet,
The cup is not, full. The vessels d
wrath are not yet Drumming. Wait 4
little, McCnlloch. When the harvest Is
ripe We shall have the advent OF all the
agencies to gather it in. 1t will be a
mimic Judgment day on a small scale.
.Ihere VIII be weeping and wailing and
gnashing of teeth ~ No.
Speaking of the possibilities of a Eu.
lopean war and its financial conse-
quences to his.eountry, The Cincinnati
Gazette remarks as follows:
"There is nothing in the present as.
pect of European affairs, even should a
war take place, which is not immedi-
ately certain, to warrant the conclusion
that the course of our markets will be
materially different now from what
they were year ago. Upon the ru-
mors OF war then, 5.20's declined in
London, and apprehensions that our
securities would be largely returned
caused panic In the New York
market. This danger, however, was
removed by the advance in gold, and
large Disbursements by the Govern
ment, In order to give ease to the
money market. Gold Is now advancing.
and the Government is exerting itself
TO ease the money market, The Secre-
tary of the Treasury is forced to this
course in order to prevent panic in
Government securities. Thus necessity
stops the contraction of the CURRENCY,
and the panic results immedi Ia an
easy money market. This illustrates
one ofthe very few advantages Of an
irredeemable paper currency. II the
banks were paying specie, the re-
suit of this panic would be veFv
different; and the liability, shown
70 exist of being thrown into ex-
element by European disturbances,
exhibits the folly Of talking about re-.
turning to specie payments while we
have an Immense debt floating between
this country and England! three or
four hundred millions Of which may be
thrown Dack at any time upon our
markets. live could hold orr bonds
at home our progress toward specie
Payments would be much easierthan
it6an be made while we are exposed to
the consequences of the ofrzrecurrfnp
political troubles ofthe Old World. SO
liar as regards our money market the
bonds held in EurOpea are equivalent to
call loans, and the danger Of these be-
ing sent home has, for the moment, as
bad an ehect as II they were really
shipped. But against this the premium
on g6ld4 atsafegn Ard.1G - lalss