The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-08
FINANCE AND TRADE
Financial aud Com mrrciai ltems.

TuE VALUE OF \ BOND. An exchange
paper says: AS farmers are obliged 10
take ureenbacks for wheat, corn oats
and pork. why cannot bondh0lders take
qreenbacks for their bonds This in
curry, it would probably puzzle the
privileged class TO answer. Is bond
more valuable or sacred than any neces.
sary of life We cannot understand
why distinction should be made, and
would feel obliged for some Lucid expla-
nation on this subject
The New York Times says the business
in dry goods continues 10 show fair
/ improvement, and in general foreign
merchandise there is good trade going
on. The exports of domestic produce
were moderate last week, owing to the
continued light receipts by canal. The
receipts of cotton coastwlse Keep up
well for the advanced season. but
! liberal portion of these is taken Oft the
market for the New England mills. The
accounts of the harvest in the West con-
time uniformly encouraging. and the
heavy or continued rains experienced
along the seaboard appear not to have
! interiered with the gathering of the
grain crops in the interior.
The feature of the New York stock
market is the break down i'll Erie stock.
The Hrdld of Monday remarks that
the past week was dull one on the
Stock Exchange, up To Saturday at
noon, when it suddenly became weak
and excited to the verge of a panic, the
, immediate cause being Il break i'll Erie,
which carried the price Of the stock
from 75I down to 60. Such squall in
the midst of calm, was hardly ever
witnessed before in Wall street, aud the
entire railway list sympathized with
this unexpected turn i'll the course OF
Erie. The decline progressed apparent
| ~ without opposition, and this was all
the more surprising as Erie had pre-
viously been the mort firmly supported
of all the speculative shares. That the
bull element has suffered both in money
and prestige by the decline Of Saturday
is obvious, and although a reaction
| would be only natural, it is doubtful
whether the bulls can regain the ground
they have lost. Many of the profession
! al spectators have been crippled by
the fall, and there is no appearance of
fresh buyers 10 take their places. In
the whirligig of time and the mutations
| of Wall street, however, there Is no say
ing what may transpire: that the mar
ket was a vulnerable one the expert
ence Of yesterday plainly shows, hut
how far the bears are willing To push
their advantage is uncertain. OF one
thing, however, the public may be GER
tain, and that is that the effort 70 Dust
the present directors of the Erie Rail
way Company has proved iiasco.
! The Ige of Tuesday says: The pre-
vailins feeling of lassitude, the utter
and entire indisposition to operate in
any form of securities or stock, of course
is calculated to crush out any buoyancy
in prices, but the falling of is much
less than we would have reason to an
ticipatc under the circumstances. The
prevalent opinion that n revival in
business is only question of time,
counteracts any sudden falling off, and
preserves the steadiness Of the market.
! The sellers are more numerous than the
! buyers, and To this fact we attribute
! the partial decline which is perceptible.
| The fluctuations in governments from
day To day are but fractional, and ex
ercise no influence whatever npOn those
parties who have invested in them.
All the Indications upon this and upon
the other side of the water point to-
wards IN easy money market for some
time tn come. There. is a plethora of
idle capital in Europe, and the higher
rate of interest offering will naturally
attract il in this direction to aid in
swelling the volume of unemployed
funds at home. Even in the event of Il
Continental war between France and
Prussia, or any of the other great pow
ers, of which ut present there is no
probability, the movement of foreign
capital would have a tendency at least
to modify any causes tending towards
stringency.
The market presents but little activ-
ity to-day, either in financial or COM
mercial circles. Money is abundant,
and temporary loans Of capital are
freely offered at 4a5 per cent. on stock
collaterals, and ut 3ai per cent. upon
! government securities. The range of
discount for the best business paper is
6a1 per cent. per annum.