The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-06-06

time named, IL VIII 70 e0on, oo HeAse
large, only six and half millions less
than the receipts in the same time. The
exhibit covers the first quarter of the
eurrent year, when the expenditures
were much lighter than they have been
since. Indeed, during the month Of
April, and the forepart of the month OF
MAY, Just closed, the outgoes from
the Treasury through the War Depart,
ment for bounties, the suppression OF
the Indian war, ETC., were 30 enormous
as to, create alarm as to the .conse-
quences. The expenditures are ilgnter
now. though there 10 still some sollcl-
tnde manifested in relation to the prob
able demands for disbursements Ttnas
the months of June and July. noso
demands have been estimateo, a.u Pr
sent the following result: rol i an ooa
on 1905 due June 18th, "'"nt So'WV,-
600: do July 18th, about .'a",oO com,
nound interest notes due June l0th and
JuIy 18th, with three years interest,
abont ga 600, 900 for the purposes emu
merated. It is understood that about
one hundred millions of 1905 mature
in August. but the principal Of these
will probably be exchanged for 5-2o
bonds.
The New York money market is not
characterized by any positive stringen-
cy, although the call rate is advanced
tot per cent. on colisterals. This ad-
vance is attributed tothe absorption of
currency by the Sob Treasury in prepar-
alton for the payment of the June and
July interest on the Seven-Thirty loan
and the redemption of the compound
interest notes. The Herald says: About
a hundred millions of the latter ma
ture during the present year, and the
Treasury has authority to Issue only
fifty millions of new three per cent. GER
tificates in exchange therefor, the bal
ance having to be provided for In cur.
rency or by an issue of fresh compound
interest notes. As it is matter OF
great importance to the Treasury, how
ever, that monetary ease should Do pre-
served without interruption at its centre
il may be considered certain that strin
geney will be avoided, although
healthy activity may give employment
to the volume of funds seeking such.
As vet the internal exchanges are still
in onr favor, but it is reasonable to sup
pose that the current will set in the OPP
posite direction when the crops are
ready to be moved; but should these
prove abuadant, as they are likely to
do, such an impetus will be thereby
impaired to trade, that the benefits
arising from this will more than conn
teract the effect of increased monetary
activity in Wall street. We have al.
ready seen that a cheap money market
does not necessarily impart buoyancy
to securities, and we have frequently
seen stocks advance in the face of posi-
tive stringency. What is most wanted
to promote o rise is speculative feeling
and capital on the bull side. For sever
al months past the market has been
tame, and has at the same time had lit
tie or no outside support.
A few days since we gave an explana-
ton of the technical phrases used in
gold operations, clipped from the New
York Journal Of Commerce, and below
will be found from the same source the
technical terms employed in stock tran
sactions: E..
A sale marked (cash) is for money
down, and the stock must be delivered
and the payment made on the day it &C.
ours. Where no mark is given, or con-
ditions prescribed, the sale is under
stood to be regular in this case the
stock is deliverable and the cash pay
able the day following. A sale "buyer
three" Cor b3, as it is always printed,)
gives the buyer the privilege of calling
for the stock at any time within three
DAYS without notice; if not demanded
before, it il deliverable at the end of
the time, and is always payable on de-
livery. Where the condition is "seller
three" (s3), the seller at his option, may
deliver it and demand payment without
notice, during the time specified, and
must deliver it at the close if not
before. When the contract is to run
beyond three days it is governed
by different rules. By rule adopt
ed several years ago, the Board of
Brokers agreed not to recognize a con-
tract for more than sixty days. Previ-
ons to this, engagements were made to
run four, six, nine, and even twelve
months. All contracts for more than
three days carry interest at six per cent
per annum on the amount paid for the
stock, which accrues to the seller, wheth-
or the engagement is Oh buyers or sellers
option. Whichever party has the OPP
ton may avail himself of it precisely as
on three days sale, except that he must
give one days notice in writing. Thus,
buyer five, ten, thirty, or sixty days,
gives the buyer the privilege of calling
for stock on one days notice, at any
time during the running of the contract,
when he must be prepared to pay for it,
with interest on. the amount to that
date. And, seller, five, ten, thirty, or
sixty days gives the seller the option to
deliver during this time, upon one days
notice, when he is entitled to the pay
ment of the price and interest.
The phrase "long" in stocks is nothing
more than to express the fact that the
operator has purchased supply, and
has them on hand. He may have
bought them to hold for rise, or to
prepare for future delivery. but he
holds the stocks as he would any other
property. To be "short" in stocks 10 to
sell or contract to deliver stocks which
the operator does not possess. He ex-
poets tc buy them in at price lower
than his contract, and thus to make a
profit out of the transaction. There is
usually q difference to / to Of one per
cent. between regular sales and time
contracts. Buyers options are usually
higher, and sellers options lower than
the rate for immediate delivery,