The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-04-02
COMMERCIAL AND FINANCIAL.


The adjournment of Congress on Saturday
does not seem to have produced any marked
change in the New York quotations yester-
day. Stocks are steady and gold is a fraction
lower. Government securities hardly hold
their own. The effect of the adjournment had
been discounted last week. Perhaps after
the publication Of the bank statements to-
cay We shall hear OF more animation
Three of our city banks appear in our col
umns this morning with their quarterly
statements-viE: The National Bank OF
West Virginia, the First National Bank, and
the National Savings Bank. Their exhibits
will be scanned with considerable interest.
There is some prospect, Judging from an ar
ticle published elsewhere from the Pittsburgh
Gazette, that the Iron Mills will be in opera
ton again ere long.
It seems to be well understood says the
Philadelphia LEDGER that the Secretary of
the Treasury Will not contract the currency
faster than four millions per month in any
one month; at the same time there is no good
reason In anything that he has yet DONE for
believing that he Will not aim to cancel
that month. There may be found difficulties
in the way of his e9ecting this purpose, and
his next monthly statement may show that
ne has made no contraction in the month OF
March, ard the heavy payments from the
Treasury in the month of May may require a
similarly close outstanding of resources
through the month of April for that purpose.
There are other heavy payments all through
the year which may Interfere with contrac-
ton the greater part OF the time; still, the
Secretary OF the Treasury has given no init
nation that he will abate in effort to cancel
four millions per month The dulIness of
business generally throughout the country is
supposed by some persons TO arise from the
contraction Of the currency which has al
ready been made. 1t would probably be
more correct to attribute It to the contrac-
ton of credits than to the contraction OF the
currency. And existing arrangements have
been aggravated by the fear, the uncertainty
and the spaSmodic movements caused by the
methods Of contraction adopted. The loan
market Is less active than was In some quar-
demand for accommodation on call, with an
adequate supply OF capital seeking invest
ment. The partial increase OF activity re-
suits from the calling in OF loans by some of
the banks. But the supply OF available capi-
tai IS large, and in the inertneSs of business
likely to have little difficulty In obtaining
all the accommodation they require
The New York Tribune says reports are in
dustriously circulated that Secretary III cCul-
Ioch has determined to stop contraction, and
taken measures to ease the money market
by purchasing 1905 with his balances The
the other hand there is ample authority
for stating that funding and incidental
contraction will be pursued as steadily as
ever.
The report of the Comptroller OF the Cur
rency Of the State of Illinois, gives the fol-
lowing statement OF the condition of the
banks OF Illinois; Capital lin round hgures)
eleven millions; loans, seventeen millions;
deposits, tventy-one millions; legal tenders
six millions Massachusetts, has seven times
the banking capital OF Illinois, and five
times the net bank circulation of that State.