The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-18
COMMERCIAL and FINANCIAL.

and higher this morning, and there is
easier and more bouyant market for
stocks OF all kinds is reported in New
York. There is strong demand for
the new Ffve-Twenties and also for the
Second and Third issues of the Seven
Thirties. The two latter show mark
ed advance yesterday and will proba-
bly, go higher II money keeps easy.
A correspondent of the Cincinnati Com-
merciGL ask for an explanation of the
points of difference in the four series OF
Five-Twenty bonds, and the financial
editor answers him as follows:
The Five-twenty Bonds of what is
known as the regular issue, bear date
May /, 1862. Novemb Der 1, 1854, and No
vember l, 1865. The interest, per
cent. per annum, in gold, being payable
on denominations of
five hundred dollars and upward, and
annually on the less sizes. The bonds
known as converted bonds" are those
in exchange for the first issue of Seven
thirties, maturing in August next.
These are dated July l, 1866, interest in
gold, payable July and January. In
all respects, excepting dates, these
bonds are alike.
Although the government mas LQe
option OF redeeming these bonds at
any time after five years from their
date of issue, 1t seems scarcely proba-
BILE that it will avail itself of the option,
and that they will remain out for
the full time of their date. This leaves
as basis for estimating their value a
calculation ofFwhat the bond will have
yielded at the time of maturity, and
makes those bonds that have the long
est time to run-al drawing the same
rate of interest-the most valuable.
The market price, however, of these
several issues varies widely, and in
obedience to no definite law of valua-
ton, seeming only to be governed by
some strange caprice which, in its alb
surd manifestations, places the bonds
that are intrinsically the least valua-
ble-because more than five years
OF their time has passed-at the highest
hgure. -... -f....
If our correspondent desires to make
a permanent investment in these securi
ties, he can readily see that by present
quotation, the "regularn issue Of 1885,
bearing date November l, is the cheap
est or most profitable bond, but If he
desires to speculate in them he will
have to do the best he can in fOllowin z
the strange whims of the market. II
he should find these whims having any
reasonable explanation, we should like
TO give it publicity. ID.
The money writer OF the Cincinnati
Gazette has the following remarks in
yesterdays issue OF that paper, on the
present condition of the currency:
At no time since the imitation of the
currency began has there been q greater
present time. The volume of business
has been largely reduced-fifty per
cent being a moderate estimate, and
there has besides been a reduction in
prices of thirty per cent on an average.
Thus, although the currency has been
prices have been reduced in a much
larger proportion. While, therefore,
trade and prices have fallen back to
yery near the ante-war standard, there
are three times as much paper money
now as there was then; and there is no
probability of any material decrease in
the volume of the latter, for some
tary of the Treasury will not
continue to carry S75,oOO,OOo of
currency in the Treasury. A large
proportion of this must soon be dis
bursed, when it will be added to the
already superabundant supply. The
scarcity of money in the West, 1t must
be borne in mind, is not caused by de-
ficiency of currency in the country, but
by poverty in resources, resulting in
crop failures; and the want OF conf
dence in financial and business circles,
which follows, has stopped the flow OF
money. This is the explanation of the
apparent scarcity. Those who have
It cannot be invested in reliable bust
ness paper because there Is compare
lively little reliable business paper in
which to invest. Those who make the
latter are generally idle or nearly so:
and those who require borrowed capital
at this time to carry old engagements or
contract new ones, are not looked
portion of capital in active use Ia
comparatively small, and as evil
deuce of this we may refer to the move
ment OF New York banks toward abol-
ishing the system of paying interest on
deposits. This state of things must
continue until business gets new
start, and this start will be made when
shape OF good crops, Then money will
be found sufficiently abundant because
capital, which is now stagnant, will be
set in motion. 1n:the European mar
kets money is also very abundant, and
extraordinarily cheap. There, as here,
the depression in business and general
want Of confidence is the causej for
money is not cheap except to first class
borrowers, and 1t Is choap to the latter
because of the smallness of their num-
Der.
In SO far, therefore, as regards money
the element of activity exists in very
large degree, and this will be devel.
oped whenever the basis Of trade shall
be made strong by good harvest.
-%0$--
MARKETS BY TELEGRAPH.