The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-17
COMMERCIAL AND FINANCIAL.

COMMERCIAL AND FINANCIAL.
MONEY continues to grow easy at the
Eastern centres, but still the quotations
for general trade are very sluggish and
do not materially improve. Gold is ur
and down one per cent. a d ay on vari,
Gus rumors of cotton failures, bank
disturbances, and heavy shipments OF
coin, but there is lack of confidence
in its present price. The last furry
has been over bank failure at New
Orleans, the First National, rotten
concern, as it is said, from the outset,
got up and owned by cotton Spectators
of limited means.
The trifling effect that the New Or
leans failures had upon the public,
makes prominent one of the best feat
ures of the National Banking system.
Under the State bank system those dis
asterS would have caused a general
run on banks throughout the country,
by note holders: Nothing OF this is OBJ
servable now. Holders of National
Bank currency are aware that the note
OF a broken bank is better than the note
of sound bank; consequently people
are not concerned when they hear of a
bank failure. In other words the cir
| culation is amply secured, and the Gov
eminent is responsible for its redemp-
ton. Therefore, it is as good as the
Government.
The Cincinnati Gazette of last night
reports that "the country banks are
beginning to draw down their balances
for the purpose of moving the wool
clip. This will absorb good deal of
currency for time, but we shall, as
result, have autobiography fexchange
and in the course of few weeks the
flow of bank notes will be from the
East to the West. Rates of interest be-
tween bankers and depositors range
from to 10 per cent, and in the open
| market 10 to 10. The market works
close, and it Is difficult to negotiate
other than first class names. People
prefer to invest surplus means in
Government securities, and the conse-
quence IS these are being widely dis
trlbuted, while currency is rapidly ac-
cumulating in New York"
The Commercial says that there is no
confinement to note in the spirit of
trade. Nearly all that is doing refers
to reduced consnmptive, demand. In
regard TO the flour market, the Gazette
speaks as follows:
"Flour is more freely offered, and it is
selling i'll limited quantities toa fair
extent, but, although concessions can
be obtained on round lots; there is little
disposition to operate largely. It is sta
ted that 5000 bushels of wheat are in
transit from California to New York;
this is probably an over estimate, but
the quantity is large, and that fact is
Keeping rates from advancing to fam
inc prices in the Eastern cities. Wheat
is irregular and unsettled. Local buy
ers are offering about l0c per bushel
less than holders are willing to accept,
andscountryi millers are getting she
most of the wheat, as they are obliged
to have it at whatever price it COSTS"
In regard to the present financial con-
ditton in the East, the Philadelphia In
qwirer of Wednesday observes as fol-
lows:
1.-The present condition of finances is
anomalous in the extreme. Money
was never more abundanH and BUSH
ness seldom SO stagnant. There Is no
real danger to be apprehended from the
future, at least none that can be pre-
dicted on the present condition of
affairs. Changes may be made i'll the
national debt, but none that will inter-
tere with or embarruSS the business of
the country are likel V TO be entertained.
Our monetary affairs are in a healthy
and sound conditions; there has been no
over trading nor reckless speculation;
and "a modification of the present rates
ofintereSt paid blythe government on its
loans will benefit all the interests of
the nation. The changes that may be
made i'll this direction will be for the
better, and no hppre tensions need be
entertained on this account. The pres
ent extreme care and caution exercised
by capitalists and business men renders
financial revulsiOn almost i'm possible.
PanicS have ever followed close upon
undue speculation and heavy OVERHEAD
ing. We have been entirely free from
these faults for the past two years. a
tight money market has ever been the
precursor OF, financial revulsion, 10
which all who remember the great panic
of'5T can readily bear testimony. But
now money is abundant and cheap.
Prudence and caution are the invariable
rules. observed among the majority of
business men. With the general aspect
of affairs so healthy and encouraging,
it is advisable to take a cheerful
view of the future even though bus.
mess is not as brisk as it might
be, nor wealth amused as rapidly as it
mas Deen IN the past years OF our his
tory. Our affairs have been changed
very much by the late war, and we are
now but preparing to start anew on a
course that will lead us to opulence
greater than ever before. There is no.
thing so necessary to the attainment of
success ms proper and judicious start.
Let us, therefore, not murmur at the
preparations necessary for the outset;
but, on the contrary, assist in making
them with great care and profound de-
liberation.